Is anyone here is a private banker and want to share his/her experience?
steal candy from children and become werewolves during full moons actualy I have no clue
All are very big serial killers now.
For ultra wealth client, kiss their hands, wipe their butts.
I currently work with 2 ex-private bankers from the retail side. its essentially high end teller.
It really depends on what group you’re in…
I’m your private banker…banking for monneeyy… I think there’s a song about it.
Pretend you have $1B. You want to do something with it – maybe give it to a charity, maybe buy an island, maybe give some to your stepson. You need a person whom you trust; with access to a wealth management platform; who will advise you what happens when heirs receive large sums of money; with access to tax, estate-planning, investment expertise; and with a track record of handling this kind of wealth.
ws Wrote: ------------------------------------------------------- > For ultra wealth client, kiss their hands, wipe > their butts. More like kiss their butts…
I would assume that they are very sociable, good at schmoozing, appear trustful, and understand how to conservatively invest money…and the multitude of tax implications/shelters that go along with it. Having great connections helps too.
Super I Wrote: ------------------------------------------------------- > ws Wrote: > -------------------------------------------------- > ----- > > For ultra wealth client, kiss their hands, wipe > > their butts. > > > More like kiss their butts… Isnt that (more or less) what everyone in the FO does?
It’s typically a sales role. Retain and increase AUM. Private banking just means that you are working with high net worth people.
“It’s typically a sales role. Retain and increase AUM. Private banking just means that you are working with high net worth people.” I think that is “Private Client”. Private Banker is a tellar to HNWs.
Ahhh…thanks for the correction. I get those confused. I remember interviewing for a private client position and it was all sales.
Private Banking is usually under the institution’s Private Client Division. I had one internship in a BB investment bank’s private banking division, and worked with a couple of financial analysts and financial planners under two financial advisors. The role of a financial analyst in a private bank, or those some refer to as private banking analysts, is not such a technical role. They just simply look at presentations from mutual funds and hedge funds and make recommendations to the HNW clients. If the clients accepts the proposal and makes the trade the analyst gets a commission. Close to 80% of the day they are on the phone with clients reporting changes in their portfolios and digging through the pile of presentations that they will be sending out to clients. The other 20% of the time, binding those presentations themselves. The financial planner’s role is reconciling the client’s investment accounts and other things like helping the client plan for retirement. You never want to do this. The financial advisors are the managers of the assets under management. They are the salespeople who pay the salaries of the financial analysts and the planners working under them. They are always at meeting with potential clients to try to get more new clients to give in their money. The term private banker usually refers to these financial advisors. It’s a 100% sales role. There are also a few people with the title of Client Associates who simply answer calls from the clients and running errands for them like making a hotel reservation or travel arrangement. I felt that I don’t have the personality for any of these roles and left immediately after I got a full-time offer in consulting.
jobsearch Wrote: ------------------------------------------------------- > I’m your private banker…banking for > monneeyy… > > I think there’s a song about it. by tina turner…