You'll find all of our listings for wealth management and private banking jobs in this section.
Private bankers and wealth managers assist high net worth people with managing their money. Careers in wealth management are usually in one of two categories:
Private bankers - Private bankers provide a more personalized level of service to wealthy clients than is available to typical customers. They help clients invest their money carefully to avoid risk that could shrink the value of their assets. They also supply advice on tax and retirement funds, help clients develop a strategy for donations to charity and advise them on the best strategies for leaving their wealth to their descendents.
Wealth Managers/Financial Advisors - Wealth Managers and Financial Advisors help clients buy and sell financial products, develop financial and investment plans and provide portfolio management, usually for a fee.
Clients of private bankers and wealth managers range from high net worth clients who have at least $1 million to liquid assets to invest to ultra high net worth individuals who can invest $10 million or more. Some banks apply an even higher minimum such as $30 million to an exclusive ultra high net group.
During a private banking career, you'll probably perform one of three wide categories of job: invest money for current clients, building relationships, or handling back-office functions like human resources or accounting.
Private bankers who work on the investment side usually either invest their clients' money themselves or provide their clients with extensive advice so they can invest their own money. These bankers are usually product specialists with expertise in a certain asset class, like fixed income, equities, structured products or investments in the private equity and hedge fund sectors.
Private bankers working in relationship management have a more sales-focused position, as they spend most of their time taking advance of connections with clients and selling the bank's services.
Relationship private banking often requires a lot of traveling and maintaining close contact with fascinating, unusual and demanding people. After a relationship private banker has come to understand a client's unique requirements, investment specialists are contacted to put a more detailed investment plan together.
Wealth Managers and Financial Advisors, on the other hand, will create and sometimes manage a client's investment plan. In the past, Financial Advisors were not required to have an MBA or a BA in finance. But that appears to be changing as more and more people entering this field do have financial and business degrees and this is becoming the norm.
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