In 2018, what Firm has the best Ultra High Net Worth wealth management training program?

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Anonymous Monkey

It seems after searching on the forums, PWM (private wealth management) has been thrown around a lot and used for the term of regular wealth management - Financial Advisor, financial advising. Where you start up an account at 100k, average account size might be 250k to a few million.

But what I'm looking for is true Ultra High Net Worth Wealth Management. Where relationships may start upwards of $10 million and ideal clients are in the 30mm and even higher - Private Wealth Advisor.

I'm imagining Goldman Sachs, MS PWM, Merrill Lynch Private Bank and Investment Group, and UBS PWM.

If anyone has some insights of what the best programs are and why I'd really appreciate it!

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Comments (22)

Sep 25, 2018

Citi PB. Moved to ICG a few years ago. Smaller than the others but aims for family offices and 20+mm individuals almost exclusively.

Sep 25, 2018

Interesting I forgot about Citi and I have heard that they do deal with extremely wealthy. Especially overseas in asia

Sep 27, 2018

even here, in the states, they seem to deal with mostly UHNW. Website says Law, Family Off, and UHNW. Know people that bank with Citi PB and are very happy. Analyst program is rotational, so while it may not allow you to focus on one thing specifically you can get see if RM or investments is where you want to be - which sounds great! That's all i know though. I'm not in PB so just speaking about what I've heard

Sep 25, 2018

those programs will be similar to IB in their selectivity and difficulty to get into. are you looking to make a change from the "FA" role to UHNW?

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Sep 25, 2018

Bessemer Trust, Northern Trust, Abbot Downing, Alliance Bernstein, Brown Brothers Harriman, Ascent (US Bank) and US Trust (BAML) come to mind.

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Sep 26, 2018
guyfromct:

Bessemer Trust, Northern Trust, Abbot Downing, Alliance Bernstein, Brown Brothers Harriman, Ascent (US Bank) and US Trust (BAML) come to mind.

Are any of these shops known for their training programs?

Oct 1, 2018

I'm pretty certain US Trust and Abbott Downing here analysts. BBH has an internship when I was in college and I believe Ascent hires analysts. I'm not that familiar though in terms of analyst programs.

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Sep 27, 2018

Credit Suisse are catching UBS

Sep 27, 2018

I read that in USA Credit Suisse has fully exited the PB business

Sep 28, 2018

I cant comment on the US im based in Europe but it's really pushing UBS here. Its one of the reasons UBS IB has been shrinking as they want to defend their share of PB

Sep 27, 2018

Any comment on JPM Asset Mgmt...?

Oct 2, 2018

top shop -- almost went there last cycle

Oct 2, 2018

There was a really good thread a while ago on the JPM Private Bank, in the US that seems to be the best place to start and the one that is hiring the most analysts.

https://www.wallstreetoasis.com/forums/jpmorgan-pr...

Oct 3, 2018

JPMorgan PB. Top shop with top talent and really great clients. I worked for a UHNW team for two years before making moves to IB. Word of warning though is their programs are significantly more selective than your UBS or ML wire house style firms.

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Oct 3, 2018

Great to hear thanks for your post

Would you say JP is viewed as more elite than Goldman in this Private Wealth market of wealth managers?

Oct 3, 2018

I would not say more elite.

In terms of product offerings, JP can offer more depository services to its clients as it has the Chase brand as well (JP Palladium Card which has no limits, clients can go to Private Client branches and take out $100,000 in cash, other things that an UHNW client would expect). These have historically not been available to Goldman clients (obviously available via 3rd party like Amex, etc.), but those are also changing as GS invests more into this line of business.

In terms of clients/talent, they're identical IMHO. Any UHNW client banks with 3-5 institutions minimum. The training at either firm will be top notch as they have a "Trust Bank" style of client assignment rather than the old school wire house style. See post history from @thebrofessor for his excellent breakdown on the types of PWM shops.

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Oct 18, 2018

JPM PB's training program is definitely the group I most often hear referenced as the top option. Emphasis on "hard to get into" but definitely go for it. Cool exit ops too, look into ICONIQ Capital (started by JPM guys).

Oct 16, 2018

UBS does have the global presence which will continue to benefit them as globalization progresses. MS absolutely kills it in the states. Jpm & citi as well as two mentioned above have good training programs. More white collared then ml and wf due to segment targets.

Array

Oct 18, 2018

BofA GWIM Program specifically through U.S. Trust

Dec 17, 2018

Anyone know the typical hours for PWM as a summer analyst at a BB?

Dec 17, 2018
Jan 2, 2019