Anyone here working in this field? What does the day to day actually involve? Am looking at exit opps and I want to get the nitty gritty.
depends on shop.
At a money center bank it involves being a primary contact for all aspects of the financial planning process. Your job is mainly to develope relationships and uncover opportunities. You will partner with other internal partners for execution. You will work closely with the private wealth management group, referring asset management. You will work with insurance, referring annuities, business insurance, long term care etc You will work with financial advisors/brokers You will work with lending partners for non-vanilla loans You will work with business banking to handle clients business relationships and business treasury management Its very much a generalist position, where you build relationships, uncover opportunities and bring in an expert.
Thanks 1morelevel, that’s helpful. More specifically, i’m interested to hear what the Swiss style Private Bankers do for UHNWIs. Is it complete 360 portfolio management or just directing them towards inhouse fee products and asset raising. More interested in setting up a decent portfolio.
I was a banker before and agree completely with 1morelevel. I thought about going further in that direction but it’s definitely not an intellectual job. You wouldn’t need a CFA to become one but they highly recommend having your 7. The 7 wouldn’t be for investment management but to share commissions when you work with brokers. I currently sit with a fixed income group that deals with the highest levels of bankers at my bank and they don’t do any sort of investment management at all.