What are some key things that employers are looking for, other than a good education and dressing well. Storko would like to thank the members of this board in advance.
discretionary investing is that what you are talking about? Hey here is a portfolio, run it however you want type of style (within guidelines)?
werd.
Well, I used to do this… Someone that can be trusted is key, able to sit across from a client and explain rationale for decisions, details on any investment they have, economy, etc. Understanding asset allocation, being able to work with liquidity needs(withdrawals, income needs) in choosing investments, and ability to run a portfolio that can perform…so investment selection/research/correct bets. I think a nice calloused back is good so they know you can handle the pressure or criticism of bad moves, the “been thru it before” mentality if you will.
may i ask why you left this job?
Currently in this field. Your absolutely 100% correct about dressing well. Keep your colours to navies, grays and blacks. Make sure your shirts are blues, whites, nothing too dark. I got reemed out by my boss for wearing a black shirt. Credentials go a LONG way. trust, honesty and transparency. This is so key in this business. The *sales" type approaches found in investment advisor/ brokerage operations DO NOT work with the high net worth field. Its all about building and maintaining the client relationship. I got to say I love it so far. The pay *absolute* wise isnt as much as the research/ I banking area. BUT the Pay/Work ratio is probably best in the business. 9-5 with no evening or weekend work, no laptop or blackberry making some decent coin. it’s a good gig
I’ve often thought I’d be good in the HNW arena - integrity, trust, responsiveness, explanatory abilities, and developing/checking a strategy - but I’m not good at running around building a book. Much better at maintaining and improving a relationship than going out and stealing clients from other people. Is there a way to move into HNW stuff without the cold calling to build your first book.
That sounds great, I like the client relationship aspect of it. I have an internship interview coming up, can you think of some questions they may ask Thank you
bchadwick Wrote: ------------------------------------------------------- > I’ve often thought I’d be good in the HNW arena - > integrity, trust, responsiveness, explanatory > abilities, and developing/checking a strategy - > but I’m not good at running around building a > book. Much better at maintaining and improving a > relationship than going out and stealing clients > from other people. > > Is there a way to move into HNW stuff without the > cold calling to build your first book. I am under the impression HNW is more on a referral basis, but of course some marketing involved.
It’s important to understand that the real value in HNW groups is bringing in the business. You can be a relationship manager or PM for a private bank, but you’ll never make more than $150k or so. The people who bring in these accounts are the ones who get paid. Any program that hands you clients is going to be crap, there is no such thing as a HNW group that just hands you $1million clients.
IH8FSA Wrote: ------------------------------------------------------- > Currently in this field. > > Your absolutely 100% correct about dressing well. > Keep your colours to navies, grays and blacks. > Make sure your shirts are blues, whites, nothing > too dark. I got reemed out by my boss for wearing > a black shirt. > > Credentials go a LONG way. > > trust, honesty and transparency. This is so key > in this business. > > The *sales" type approaches found in investment > advisor/ brokerage operations DO NOT work with the > high net worth field. Its all about building and > maintaining the client relationship. > > > I got to say I love it so far. The pay *absolute* > wise isnt as much as the research/ I banking area. > BUT the Pay/Work ratio is probably best in the > business. > > 9-5 with no evening or weekend work, no laptop or > blackberry making some decent coin. > > it’s a good gig how did you get into this field, its exactly where I want to be.
T2 Wrote: ------------------------------------------------------- > It’s important to understand that the real value > in HNW groups is bringing in the business. You can > be a relationship manager or PM for a private > bank, but you’ll never make more than $150k or so. > The people who bring in these accounts are the > ones who get paid. Any program that hands you > clients is going to be crap, there is no such > thing as a HNW group that just hands you $1million > clients. This is more or less what I expected; I just wanted to check, because it looked like there might be other routes I hadn’t considered. I do think that after a bit of time with an existing client book, I actually could grow thru referrals or even direct marketing, but starting from zero doesn’t sound like something I’d be competitive at.
IH8FSA, How do you find your clients? Is it different from firm to firm? What kind of questions did they ask you at your interview? Thank you
Doing it now. It is a marketing game! Having CFA helps, but is not necessary, client relationship is THE most important aspect of the job. Hardest thing is to stay in front of your client ALL the time (good time and bad time). You want to be active in your local community, working with HNW is not so much about investment, it is more about understanding their needs and wants. Good questions to ask during interview. 1.How is my performance measured? (dollar production? New business expansion or business retention?) 2.Where do I fit in overall firm? (direct contact with client? or working with PM, relationship manangers to provide client specific solutions? 3.At beginning, is there a book given to me to work and expand? or here is the phone book? 4.Ask them how this role fit into their overall wealth stragety, how you can contribute and progress. Do your homework before you go into the interview, understand the firm more than the interviewing manager will score big points for you. Good luck!!!
bchadwick, You can become an investment manager for your firm’s wealth department; then you job is to sell your investment ideas and portfolio to your fellows relationship managers who have direct client contact. Basically you will become in the in-house 3rd party account manager for your own firm’s various other area (trust, private bank, wealth managment). That is a behind-the-scene way to build your book.
bchadwick Wrote: ------------------------------------------------------- > I’ve often thought I’d be good in the HNW arena - > integrity, trust, responsiveness, explanatory > abilities, and developing/checking a strategy - > but I’m not good at running around building a > book. Much better at maintaining and improving a > relationship than going out and stealing clients > from other people. > > Is there a way to move into HNW stuff without the > cold calling to build your first book. BChadwick. Before I got the job in HNW, I was in the same boat. Interested in the markets, CFA/ finance background, but NOT a genius/nerd. Very sociable and trustworthy, open and honest but not the salesman type approach. When I got here and found out that we dont have to cold call anything, we actually have a slaes force that brings in assets for us to manage, the HNW pm’s job is pretty much client retention, most of the business comes from referrals through other partners in the branch. Sure we may inquire with EXISTING cleints if they have other assets at other firms if they ould like to bring over. But the building of book, sales stuff is really the financial planning business. Discount brokerage/ financial advisors etc. Get in on the Discretionary Wealth Management with a big firm and its pretty sweet deal.
T2 Wrote: ------------------------------------------------------- > It’s important to understand that the real value > in HNW groups is bringing in the business. You can > be a relationship manager or PM for a private > bank, but you’ll never make more than $150k or so. > The people who bring in these accounts are the > ones who get paid. Any program that hands you > clients is going to be crap, there is no such > thing as a HNW group that just hands you $1million > clients. You would be surprised. I may be lucky for the bank I work. We have a dedicated sales force who sweep the retail level and extrnal channels for clients. Once they find appropriate clients and introduce them to our offering and are interested. ONLY THEN would they phone us to meet the client. So I dont think you can call that “sales” on our part. I eman the client was already found, and is already interested in us, so 2/3’rds of the sales process is done. Run of the mill guys with an average book , yes your right $150k or so. During good times with a growing book, down the road with slaray and bonus maybe $250k. Like i said before, in *absolute* dollars might not be the best. But to work 9-5 with no evening or weekend work, going for lunches, interesting conferences, and kept up to date and gain valuable knowledge for your own personal investments, and not having much stress is a very high Pay/Work ratio. *** Make sure you ask them about their business model, if your lucky enough to find a firm with their own sales force that looks for new business like I did, then your focus will be on client retention, and new business will mostly be referral based as it is with most HNW reputable firms. Always keep in mind the difference between Investment Advisors/ Financial Planners/ Financial Advisors… With those of the Discretionary Investment Managers. 2 very different things.
IH8FSA Wrote: ------------------------------------------------------- > > Always keep in mind the difference between > Investment Advisors/ Financial Planners/ Financial > Advisors… With those of the Discretionary > Investment Managers. 2 very different things. Thanks IH8FSA, That’s worth investigating. Who are some of the major names in this area? I assume that the BB (or ex-BB) firms tend to have a Private Wealth/Private Banking division. Who else? BTW, IH8FSA too.
Bchadwick, Im in Canada, I dont know how the states works. But here is a list of the Discretionary Wealth Managers in Canada. Note that discretionary managers are also known as “Investment Counsellor’s” Like I said, make sure you distinguish this from Planners/Advisors. http://www.investmentcounsel.org/FirmSearch/FirmResults.aspx?MODE=SEARCH Results FID Firm 461 AIC Investment Services 25 Aldersley Securities Inc. 483 Avenue Investment Management Inc. 194 Barclays Global Investors Canada Limited 268 Barrantagh Investment Management Inc. 389 Baskin Financial Services Inc. 438 Beaujolais Private Investment Management 50 Beutel, Goodman & Company Ltd. 406 BMO Harris Investment Management Inc. 527 Bull Capital Management Inc. 439 Burgundy Asset Management Ltd. 364 C.F.G Heward Investment Management Ltd. 352 Canso Investment Counsel Ltd. 390 Cardinal Capital Management, Inc. 129 CIBC Global Asset Management Inc. 27 Cockfield Porretti Cunningham Investment Counsel Inc. 396 Coleford Investment Management Ltd. 133 Connor, Clark & Lunn Investment Management Ltd. 510 Cougar Global Investments 392 Cranston, Gaskin, O’Reilly & Vernon Investment Counsel 468 Crystal Wealth Management System Limited 58 Cypress Capital Management Ltd. 132 Davis - Rea Ltd. 424 Doherty & Associates Investment Counsel Ltd. 566 Echlin Investment Management Limited 403 Evans Investment Counsel 412 Foyston, Gordon & Payne Inc. 398 Genova Private Management 553 Genus Capital Management Inc. 462 Greystone Managed Investments Inc. 577 Gryphon Investment Counsel Inc. 416 Guardian Capital LP 36 GWL Investment Management Ltd. 440 Heathbridge Capital Management 320 Hesperian Capital Management Ltd. 410 Highstreet Asset Management Inc. 187 Hillsdale Investment Management Inc. 407 Howard, Barclay & Associates Limited 125 HSBC Investments (Canada) Limited 542 IA Clarington Investments Inc. 418 Independent Accountants’ Investment Counsel Inc. 570 Integra Capital Limited 574 Jones Collombin Investment Counsel Inc. 325 KBSH Capital Management Inc. 491 LDIC Inc. 511 Legg Mason Canada Inc. 265 Leith Wheeler Investment Counsel Ltd. 431 Leon Frazer & Associates Inc. 430 Magna Vista Investment Management 234 Manitou Investment Management Limited 374 Marquest Asset Management Inc. 183 Martin, Lucas & Seagram Ltd. 572 Mawer Investment Management Ltd. 281 McLean Budden Limited 123 MD Private Investment Management Inc. 393 MFC Global Investment Management (Canada) 381 Milestone Investment Counsel Inc. 171 Morgan Meighen & Associates Limited 136 Mulvihill Capital Management Inc. 173 Nexus Investment Management Inc. 275 Northwood Stephens Private Counsel Inc. 369 Phillips, Hager & North Investment Management Ltd. 473 Portfolio Management Corp. 487 PUR Investing Inc. 181 Rae & Lipskie Investment Counsel Inc. 137 RBC Private Counsel, Inc. 138 Rogan Investment Management Limited 575 Sceptre Investment Counsel Limited 272 Scotia Cassels Investment Counsel Limited 385 Sionna Investment Managers 348 Sprung & Co. Investment Counsel Inc. 415 State Street Global Advisors, Ltd. 175 TD Asset Management Inc. 152 TD Waterhouse Private Investment Counsel Inc. 215 TFP Investment Counsel Corp. 429 Thornmark Asset Management Inc. 523 Tulett, Matthews & Assoc. Inc. 326 Venable Park Investment Counsel Inc. 547 Watson Di Primio Steel (WDS) Investment Management Ltd. 492 Wise Capital Management Inc.
IH8FSA is providing good info-definitely inquire on client acquisition. There are plenty of firms that dont require a PM to build a book, that are not crap places. The crap places in my opinion are the ones that want their PMs to be running around looking for clients instead of focusing on asset management(this is a financial advisor type model, asset gathering rather than good management). A place that has a Relationship Manager/Controller/QB type of role should be bringing in the clients, you just manage the money, explain things to them in the meetings, and thats that. Agree on the salary/lifestyle stuff, although with good performance and experience you can end up quite higher.