Career Paths in Private Wealth Management
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In private wealth management, private banker has the main role to play. Private banker is also called the investment or financial advisor. He is responsible for assessing financial condition of clients, suggests firm investments plans, and assists in the fiduciary aspects of customers' financial records.
Following are the different career paths in private wealth management sector:
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Analysts:
In most of the major corporate banks, the career path for the private banker is relatively cut and dry. Under graduate students coming into this field are called analysts. As like the sales and trading division, analysts are also in private wealth management.
As an analyst at a private bank, your role is similar role as in trading and investment banking. If a client is looking for a hedge fund investment with particular strategy then as analyst, you have to offer various the banker or relationship manager options. Analysts get salaries in the range of $45,000 to $60,000 per annum along with incentives and bonus.
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Associates:
In the smaller firms, they are also known as private banker. Associates are responsible for assisting clients, draw new trade and for the clients he is the real face of the private bank. In this career, you not only serve the clients but also create new clients.
Associates work directly with clients to develop financial strategy on a whole. It includes strategies regarding investment, budget, income management, real estate holdings, business partnerships, taxes, estate planning and even paying household bills.
Vice Presidents:
Another career path in private wealth management is vice presidents. As a vice president, you are responsible for supervising team of associates, or also a regional office. On the other hand, an associate who has dedicated in unique investment opportunities or has helped come up with new products can branch. They may end up as market strategist by adding a smaller piece of personal clients' business.
Annual salaries for motivated, skilled and trusted vice presidents can be up to $500,000 including bonus and incentives. However, to reach this position you should have five to eight years experience.
Managing Directors:
Lastly, after serving as flourishing, industrialist and client-driven vice president for many years, one is promoted to a managing director. As a managing director, you are in charge of associates in a major branch office, or headquarters city also. They are responsible for handling high profile and most clients, or the clients whose wealth is too precious to lose for the firm.
In some specific situations, managing director might be chief investment officer of private bank, general counsel or chief fiduciary officer. Generally, MDs within private wealth management firm are often on the executive committees of the firm.
