Private Wealth Management - GS London

Water Cooler Careers
#1

Hi all,

I’m seriously considering to send my application for a position in PWM at GS. I don’t know if I would have any chance to get in, since my experience is maybe too “simple” for GS:

  • 4 month internship in Wealth Management in a prestigious boutique

  • Almost 3 years at a B4 in Europe (2 years in 1 country and then I moved to another EU country).

I am trying to get out of what I currently do and I really enjoyed my internship at the wealth management firm. I am also a L2 candidate (waiting for results) so if I eventually pass, this could increase my chances I guess… Any opinions on how difficult it is to break into this group, and the type of job that is done at GS PWD? Any insight would be much appreciated!! For your reference, below the job description. Thanks a lot!!

Job Summary & Responsibilities

Private Wealth Management (PWM) secures, develops and manages relationships with high net worth individuals, their families, family offices and foundations. PWM assists clients with building and preserving their financial wealth by creating and implementing long-term asset allocation within the context of each client’s particular risk tolerance, and by providing access to innovative investment ideas and opportunities. PWM professionals develop customized investment strategies and offer a full array of wealth management products and services, including private banking and trust company services. Job Summary & Responsibilities: Private Wealth Management (PWM) sources, secures, develops and manages relationships with high net worth individuals, their families, family offices and foundations. PWM assists clients with building and preserving their financial wealth by creating and implementing long-term asset allocation within the context of each client’s particular risk tolerance, and by providing access to innovative investment ideas and opportunities. PWM professionals develop customized investment strategies and offer a full array of wealth management products and services, including private banking and trust company services. Private Wealth Advisors (PWAs) serve as trusted advisors to their clients, including wealthy individuals and families, corporate executives, entrepreneurs, and select institutions, including foundations and endowments. PWAs and their teams offer specialized support and advice tailored to meet the specific needs and goals of each client. This investment advice is based on analytic rigor, taking into account a client’s investment objectives, liquidity needs, and risk tolerance Preferred Qualifications: • Record of academic and professional achievement • Entrepreneurial spirit coupled with a desire to work in a team-oriented environment • Excellent interpersonal skills and ability to build and foster a strong network of relationships • Demonstrated interest in and knowledge of financial, economic and global capital markets • Strong client focus, business development and relationship management skills • Strong analytical and communication (oral and written) skills • Creative approach to problem solving and developing innovative solutions for clients • Commitment to excellence and a high level integrity • Prior sales, marketing or investing experience a plus, but not required • Advanced degree a plus, but not required

#2

Is this a junior level position you are applying for?

My understanding is that the teams are split up on a geographical basis so the fact that you speak a few languages may work in your favour. I’d expect it to be a competitive process. Likely be a lot of applicants.

Would be a good role to land if you could. Expect to be busy for your first couple of years if you do get in, but the people who i know that work in GS generally seem to have a positive view of the place. Obviously looks great on the CV too.

#3

I think the offer says analyst/associate (I’ll have a look) so I guess there is a difference like for IBD and they’re recruiting for both, aren’t they?

Just as a general question, when you have my years of experience (i.e. almost 3) and you’re not going through b-school, do you have to apply for an analyst position or you have to apply for an associate?

At the end it’s 3 years of unrelated experience so might be considered as zero…

Any insight on changing career to wealth management in Europe would be much appreciated!

Cheers

#4

It doesn’t seem like too big a stretch to go from 3 years at a big 4 to junior PWM. Certainly not so much to be prohibitive. I guess it depends on exactly what your previous job entailed, but if you look at the list of preferred qualities from Goldman, most are about attitude rather than any particularly specific skillset.

A successful PWM person will have a good general knowledge of finance and be prepared to work hard, but more than anything must be a real people person. It’s front office sell side, so ultimately you will need to keep clients happy and flog product to succeed.

#5

Yes, I completely agree that it’ll worth it, but my question is: can you actually apply for junior positions when you already have 2.5 years of exp? As far as I know the junior/analyst positions are normally filled with the graduates program no?

Thanks for your help.

Cheers