![]() ![]() Also, how successful you are – especially if you decide to go the Merrill or MSSB route – will depend on how much you put into your prospecting efforts (networking events on the weekends and evenings, cold calling non-stop, researching prospects, etc). However, you are always at the whim of your clients and nothing typifies being on the sell-side any more than being a financial advisor. ![]() If you don't hit your minimums, you're out! But, if you are well connected and a good salesperson, this is the shorter path to take as far as making more money. On the other end of the spectrum, you have firms like Merrill Lynch and Morgan Stanley Smith Barney where you come in as a "Financial Advisor", go through a short training program, and then are tasked to start developing your own book of business. So when you start as an Analyst, you are not tasked with brining in clients (which is difficult for a kid coming straight from college). Morgan, there is the traditional Analyst > Associate > VP, etc route. What is most important is what kind of program for career progression each firm has and how you prefer to develop your career. For example, at Goldman Sachs they call it " Private Wealth Management" however, their minimum account is ~$10MM, which many consider "Private Banking". You have to earn their trust to be successful and a lot of what you do will be a team effort. It's a sales job, the difference is you're selling to a few people that are rich as fuck. If you're in, say, Kansas City, that may be lower (less HNW and UHNW clients, cost of living is much cheaper so you may not get as much in base, that kinda thing). If you're in NYC, that's probably a pretty good guess. The reason certain people make that much money is maintaining relationships with clients and bringing new ones on. You may have to entertain clients on the weekend occasionally.ģ) Sure you can, but it's also a matter of making it 10 years in the business. That's not including entertaining clients, I don't think. ![]() And it's a lot more of a flat structure in PWM.Ģ) I've heard numbers around 50 hours/week, depending on the week. PWM does, too, though if you're at a small bank the progression might not matter for shit. The "real" private banks usually have a structured progression. Some "Private Banks" will require liquid assets of $500k+, others (the "real" private banks) may require $2mm, $10mm, or even $30mm. I'm a student, this is what I've heard about it:ġ) Depends on the firm. Is this accurate? (I know that in Private Wealth Management, where one deals with less wealthy clients, that while this is possible it is not by any means typical). The Vault Career Guide to PWM (which I assume really is talking about Private Banking) suggests that it is typical to be making $500,000 a year within 10 years in the field. Is this correct?ģ) Pay: My understanding is that the pay in Private Banking, while lower than that of other careers in finance is still very high. My understanding is that Private Banking has a decent lifestyle with 9-10 hour days and basically no weekends. Am I getting this right?Ģ) Lifestyle: I am looking for a career with a good lifestyle (therefore I probably won't go for IB/ HF/PE). Then there is Private Banking which has a career progression similar to IB (analyst>associate>VP>MD) and this field seems to be much more lucrative. PWM's seem to deal with less wealthy people, and there seems to be no career progression from analyst>associate>VP>MD, but rather they start out building their own book and are just called financial advisers (or something like that). There are PWM's and then Private Bankers. Here are my questions, I would appreciate if someone could answer them.ġ) Nature of Private Banking: My understanding is, that there are two similar fields in the Financial Advising sector. So far there seems to be a dearth of information about that field scattered throughout the site. I am an undergraduate student considering going into Private Banking.
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