Private banking and wealth management

 

Individuals who have large amounts of assets or wealth to invest fall under the title of private banking and will have their own relationship manager who will individually advise them on matters related to investment, asset management and some basic taxation advice. Large assets refer to either high-net-individuals (over $1million in assets) or ultra-high-net-worth individuals ($10-30million in assets). Capgemini and Merrill Lynch estimate private banking and wealth management is worth $43trillion a year.

Private banking is a potential growth area with the expectations of clients changing in recent years in the current economic climate, with them becoming more conscious of their finances, taking more control and exercising more caution. Clients expect excellent customer service and value for money. America and Europe currently lead the private banking market with growth in Asia. Private banking occurs in banks, large financial institutions, boutiques and private practices.

Find out more

  • Get more industry insights from downloadable Vault: Career insider guides to Private wealth management
  • See the CFA Society website for qualifications professionals normally have to take while training: the CFA
  • Keep up-to-date with Wealth Briefing and EU Banking for news on private banking

Useful Information

Routes in

Internships and graduate training schemes

As well as identifying if private banking is right for you, an internship is a good opportunity to gain relevant experience, and even to be fast tracked onto an interview for a graduate training scheme. Some companies who offer interns and graduate training schemes in private banking include:

Insight days

Many banks and financial service firms now run insight days for first year undergraduate students (check the requirements, you may be able to attend as a non-first year). They are a great opportunity to find out more about banking (and private banking more specifically) to help you decide if it is the right career for you. As well as talks, presentations and workshops you will have the opportunity to network with current employees. Impress at an insight day and you may well be fast tracked to an internship interview.

Other experience

This is a competitive sector and as such other experience is necessary (either in place of or as well as an internship). Other experience might include extra curricular activities, LSE societies, volunteering or other positions of responsibility.

Job roles

Analyst

Similar roles to in an investment bank or asset management role, analysts will be expected to analyse data related to the best tax products, hedge fund investment etc. and report this to the private banker. Clients may demand this information at short notice, so analysts need to identify the most important information quickly, resulting in long hours to complete work on time and to the highest standards. These are entry level positions for graduates (undergraduate and masters level).

Private banker or associate

This is a client facing role which requires close relationships to be built and maintained. When playing with thousands or millions of pounds worth of assets or investments a strong relationship is key, especially when an investment or deal does not work out as expected. The private banker is also responsible for generating new clients and making new contacts. An MBA or PhD would attract attention to a recruiter, and all the more so if you have three years or more of work experience but this will be dependent on the size of the organisation.

Useful links