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Who needs private banking or wealth management?

by All about Careers
20 November, 2020 - Updated on 25 August, 2021
in Career Path

So you have a lot of money. A LOT of money! You are looking to invest it, protect it, grow it and generally help it double, triple and quadruple in value. If this is the case, it would be best to seek advice from the private banking and wealth management divisions of the many, many banks out there.

If you work in this division, your responsibility is to advise high net worth individuals (i.e. very rich people) on what they should be doing with their money. Discretion is the key here, as the phrase ‘private banking’ indicates. It’s an exclusive club that will expect service on a more personal basis.

Contents

  • The difference between discretionary and advisory services
  • How can I get into private banking?
  • A step-by-step of private banking/wealth management

The difference between discretionary and advisory services

Put simply, there are a lot of people in the world that have a lot of money. These individuals are not your usual ‘over the counter’ type customer – they require highly-specialised advice and demand complete privacy for their business. Generally, this subsector has two clear segments to it: discretionary and advisory.

The discretionary approach is where the bank takes on all of the responsibility and manages their client’s portfolio. The client is briefed on every aspect of the process, but it is the bank that makes the ultimate decision on where to put the money.

The advisory service is a little more consultative, with the client being presented the various options before making the final call themselves.

Given that the sums you could be playing with might be upwards of 20 million pounds, there is a huge amount of responsibility associated with a career in this area. Since the recession though, the diversification of many banks and their business models has led to private banks taking on clients with anything from half a million upwards.

Check ➤  Why get into theatre?

How can I get into private banking?

To be a success in wealth management, there is quite the checklist. You must have:

  • Excellent communication skills, including the ability to convey complex financial systems in a straightforward manner
  • The ability to build strong relationships quickly
  • A strong talent for analysing investment opportunities, and spotting the most useful ones for your clients.

Unlike most other areas of the banking sector, it is likely that you will have a particularly ‘pally’ relationship with your client – such is the nature of private banking. If you lose them a lot of money, it’s not a faceless entity you are dealing with: it’s an individual that you know very well.

A step-by-step of private banking/wealth management

As with most areas of banking, there are three distinct aspects to the process: analysing opportunities, managing client relationships, and providing the administration to deliver the first two effectively. The first step in the process, assessing where to invest, requires analysts, statisticians and any other body that can decipher the many opportunities out there, and identify which are the most appropriate and likely to reap the biggest rewards.

Managing the client is fairly straightforward: you need to understand what they are looking to achieve and ensure it’s done. As with any service, if you are able to deliver on their expectations, you will see them coming back again and again.

With all of this though, there is an enormous amount of ‘stuff’ that needs to be done to make a decision translate into an action. This is commonly referred to as ‘compliance’. In this area alone, there are many career opportunities, and you may find yourself focusing on the legal aspect of things, HR, operations or general accounting.

Check ➤  Why become a tour guide?

Working in this sector marries the thrill and excitement of dealing with enormous stacks of money with having a rewarding, friendly relationship with your clients. It’s essentially like having ‘friends with benefits’!

One of the best ways to start a career in private banking is to get some work experience under your belt. If you still have questions that we haven’t covered, check out our sister site AllAboutFinanceCareers to have all your finance queries answered.

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      • Sample thank you email after interview
      • You were fired on an application
    • Job Application
      • Kohl’s Job Application
      • Baskin Robbins Hiring Age
      • Subway Hiring Age
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      • Golf Caddy
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      • How to Pay my TJ Maxx Credit Card?
      • How To Apply For Dicks Sporting Goods Credit Card?
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      • How to make Furniture Row credit card payment?
      • Bed Bath & Beyond’s Credit Card Payment Process
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    • Trial deposit Amazon Creditbuilder
    • Transfer Money From EDD Card to a Bank Account
    • Credit online shopping
    • Transfer funds with Routing and Account Number
  • Student loans
    • Increase Total Loan Balance
    • Bad Credit Loans Urban BCL
    • Reduce Total Loan Cost
    • Canceling Student Loan Debt
    • Unsubsidized Student Loan
    • Borrow money from a millionaire
    • H&R block Emerald Advance
    • Chevy offer 0 Financing
    • Days Mortgage Approval
    • Mortgage on 1 million
  • Insurance
    • Subscriber Id Insurance Card
    • United American Insurance Provider Portal
    • Unregistered Vehicle with Insurance
    • Home Insurance Claim Adjuster Secret Tactics
    • Agi renters condo insurance
    • Walgreens accepted insurance
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    • Redpoint county mutual insurance company
    • Insurance walgreens accepts
    • Cricket wireless insurance claim
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    • Stop paying child support
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    • Beat contempt of court for child support
    • Medical Schools that don’t require mcat
    • Social security Recipients Stimulus check
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