If you’re looking for a career in Finance but are uninterested in the financial products offered to organisations, then you should give serious consideration to entering Private Wealth Management. Here, it’s all about getting the best return for investment. It’s a simple goal, but exciting challenges stand in its way. So, here’s our guide to this career to get you started.
What is it?
While most Banking divisions handle finances of companies and organisations, Wealth Management is only concerned with growing the money of private, high-net-worth clients. In return, banks charge fees for their services, which will either be solely advice on how to invest, or complete management of the portfolio.
What’s it used for?
Private wealth is very different to corporate finance. Many services, such as M&A, simply don’t apply to individuals, yet the value of the portfolios is often higher than many businesses – and usually very international. With so many assets, individuals need the proper expert advice to manage them beyond a current account in the high street.
Why is it a good career?
Thanks to London’s positioning as the top financial services hub, Private Wealth Management is a huge slice of cake. What’s more, there are two main responsibilities for a professional here. One is the role of managing the client’s portfolio and growing it. The other is to manage the relationship with clients and win new business. Therefore, it balances a mix of valuable and transferable client relationships with in-depth knowledge of complex financial instruments.
Who would enjoy it?
A graduate who’ll love this career has to be one who loves money. Money has to be a huge motivation, as your life will revolve around getting more, whether it's for you or your clients. It’s also a fairly meritocratic career, as your results will be black and white, growth or loss. If you like that pressure and transparency, then you’ll enjoy the responsibility. As the clients are the cornerstone of the business, a graduate who enjoys forging relationships has great potential too, it’s not a career for introverts.
How to impress on an application
Strong proof of your analytical skills is a must. On top of that, you need to build a portfolio of experiences which prove your success at managing customer relationships – either in an internship or by forging relationships between societies and third parties. When at interview, your communication and comportment will be scrutinised very carefully. You’ll need to be confident and likeable to be a stand-out candidate.
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