My older brother just got out of law school and is making, well, a ton of money. His law firm works with Citi’s private bank in offering their services to their lawyers. Generally, I know private banks offer the advantage of being able to offer insurance/investment/tax/etc related advice, which is what he needs. Does Citi have a good group? (this is in Chicago if that matters). Should I recommend he go to a different bank or different money management strategy in general? Thanks for any insights.
some of the targeted shops like northern trust have the advantage of being fairly independant (in terms of products), and less prone to all this volatility. Bessemer Trust is also a good shop. these places tend to be pretty UHNW, so gotta make the cut.
I am guessing if he is just out of school he is not at a Bessemer level, or JPM either. I dont know much about the Citi shop…which in my opinion means they can’t be too great (I used to be in private wealth). Some of the bigger banks like that have private banks for people with less money, so that type might be his only option…Citi, BoA, WFC, etc.
yeah, i mean he is making a couple hundred K a year at least and that will go up quickly i know. I guess it should do for now at least. He def. needs someone to handle money mgt and tax issues so until he really starts to roll I guess there could be worse options to be stuck with.
How does one make a couple of hundred k right out of law school? What was your brother? Top of his class at Harvard with serious connections? I know a recent UVa law school grad who graduated in the top 10% of his class and is making no where near enough to need a private wealth manager–actually, he needs debt consolidation.
yeah, I have a upenn law grad friend nowhere near that high, sounds fishy
Top law firms now pay at least $150k as a first year associate, not to mention fairly substantial 5-figure signing bonuses, end of year bonuses, bonuses for clerking for a federal judge for a year, etc. And yes, he was near the top of his class at a very good school. scoring in the 99th Percentile on the LSAT helps with stuff like that. If it sounds fishy, find out what the top law firms are then look up the salaries (public info) here are some links to help you out http://www.vault.com/nr/lawrankings.jsp?law2006=2&top100=3&ch_id=242 http://www.infirmation.com/shared/insider/payscale.tcl?state=IL
yup, didn’t read the post carefully enough… given his limited capital postion (irrespective of income) he is constrained to “Mass Affluent” type shops, keep in mind even these look for at least 500K in assets usually. lawyers make more $$ right out of the gate (vs. MBA Finance jobs), but the growth curve is flatter and capped (several million for a partner is a lot, even at a top law firm). Those associates get crushed with big workloads and long hours too.