How wealth management back office works?

Hi everyone,

I would be very grateful if someone here help to explain me this question…

I currently have an job opportunity in a prestigious bank in that position, I know how a traditional bank back office works but not a wealth management back office, I feel a little confused.

You’re going to be stuck processing corporate actions and sending out marketing materials all day.

Wealth Management (inside of a large bank) operation is pretty boring. Mostly involves money movement, statement printing, search function, funding new accounts, securities processing. At end of day, it is not client-facing and since they are far from rev, very susceptible to layoffs.

you’re processing data pretty much all day with no real intuitive meaning (because someone else is doing that). So basically you’re piecing the crumbs together for someone else to take the cookie home.

^ I do come up with great analogies don’t I :slight_smile:

I would recommend checking out some software that can help you organize and be more efficient.

Well, it puts food on the table and keeps you from having to sell your butt.

It depends largely on the business model. I’m not familiar with a bank office but the prior description seems about right. I’m a solo financial planner so I do all of my back office work or outsource it to my vendors who are asset managers, and my platform providers. Before this I was registered rep and IAR at an insurance company. I still did my own back office work or used the vendors provided to me by my B/D & RIA. It’s not boring if it’s your fees and commissions.

As an independent, I do more “private wealth management” type services. I have a new client that’s a real estate investor and he wants me to evaluate his deals. So I’m going to charge an annual business planning fee which is comprehensive planning with small business strategic advisory services on top. Over all it’s pretty exciting but doing the spread sheets will probably feel tedious for me. I’ll just think about the money I’m making and about how I can find more HNW clients like him.

Talking from experience here, I worked for some time in IB BO. I loved it. I guess most people don’t like it but I loved it. Short and relaxed hours with decent pay when comparing to other administration level jobs. Back then I was preparing for lvl1 and could do most of studying at the office. I also learned a lot. We were heavily involved with compliance and regulatory matters and got to see how the front office worked. Obviously, it gets repetitive after a while and it’s not a place to stay if you really want to be involved in finance or banking. But it’s a choice that everyone has to make.

But to think the FO would be some sort of a dreamland is also pretty ludicrous.

I know this one middle-aged FO guy who makes a shitload of $, works his ass of 80h per week and considers himself to be the embodiment of success. However, he is 3x divorcee (2x with the same woman) and has a few kids whom he barely knows. Family life in shambles, so to speak.

As with so many other things in life, success is a matter of perspective!