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April 30, 2024
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Hey Person123, the following topics might be helpful:
If we're lucky, maybe I can guilt some users to help you out: DannnyPhatom freshnoodles MapleMagic
Fingers crossed that one of those helps you.
Should've gone to Northeastern. A solid co-op will shoe you in at plenty of BDs and wealth managers...
In seriousness, though, check out Boston Private and First Republic. Both have pretty solid internship opportunities, and companies tend to see these roles as a talent pipeline. It's not insanely hard to break into, although there are significantly fewer opportunities at a private bank versus a wealth management shop or a BD like Merrill or Hancock.
Thanks for the advice man, I appreciate it. I had been thinking of a relationship manager role in the future, given their work/life balance and earnings potential.
There are a number of strong platforms for private banking/wealth in Boston. Larger, well-known firms include Brown Brothers Harriman, Goldman Sachs, JPM, MS. and BNY. More boutique players include SCS, Ballentine Wealth and others. There are also a number of family offices, though you'd likely need more experience before applying to those.
As to how difficult it is to break in, most of the well known firms require knowing someone to get your foot in the door. At a junior level, your real value is the ability to answer phone calls and respond professionally. The work isn't too analytical and you'll have a limited role in business development. All that said, it is a relatively easier area to find a first job in versus other more traditional positions discussed on this site (banking, trading, ER, etc.).
Most of my peers working in wealth management in the Boston area started as analysts either out of school or quickly transitioned to those roles after spending 0-12 months in ops roles at BNY, BBH, or State Street.
Hope this helps.
Thank you for the advice; I will look more into the aforementioned companies for next summer. Although, I thought MS and Goldman were primarily wealth management in Boston rather than private banking (such as BBH or JPM), no? Not sure of BNY though.
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