Would love some insight from someone who is or has been a PM within private banking. I want a gig at a bank such as B of A, PNC, US Bank, Northern Trust, etc… I am a CFP and level II candidate and have been at a small investment advisory/ financial planning firm as portfolfio manager for the past three years. Prior to that was financial consultant at a bank for three years. Have undergrad in Finance, all securities licenses, CFP and am pursuing CFA. My current role entails managing around 60 million in discretionary personal assets, so all the research, due diligence, recommendations, trading, and strategy are on my shoulders. Most of these positions prefer MBA and/ or CFA and 7-10 years in the investment field. So I’m curious if CFA and experience are really enough or do they also really want some sort of analytical background? Does my experience in my current position equate to what the private client groups look for? I appreciate any insight from anyone currently or previous working in private banking! Thanks
private banking is a glorified sales job…you push loans, you push securities etc. Basically a financial advisor that does more with the debt side. Nothing analytical about.
yep… I am a Financial Advisor for ML (or BofA…). We do have a Private Banking division. As much as I hate to admit, CFA Jay is correct. I currently have about $120Mil of AUM. The only difference between me and those guys is the account size & the fact they work more the right side of the balance sheet. Oh… and their shoes are shinier… That being said, some of those Ultra High Net worth group do have in house ‘analyst’ that basically work on the client reporting side… etc. You are not on the sales side (which is good) but you do not make nearly what they make (which is bad).
Thanks guys. I have a very good grasp on how private client teams work. It’s not all liability side. It’s a comprehensive team approach to managing wealth, so there are bankers, trust advisors, attorneys, sometimes CPAs, and portfolio managers. Not to mention the relationship manager. Every aspect of a wealthy client’s finances are covered. Anyways, I need someone with first hand experience to let me know what they generally look for in the portfolio manager positions. Thanks
I worked for northen in a junior pm role and enjoyed it. I however left to be a trader
Goldenboy, what backgrounds do they want to see? How did you land the job?
LincolnLogs, Why do you want to switch? Seems like you have a good gig now.
Murphy, to make more money and to deal with more sophisticated investors. I also want experience from a recognizable firm, not a small independent firm. I also want the work environment that a private client group has instead of working in a small quiet office with three other people. Various reasons but the driver is to make more $$.
el bumpo