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PRIVATE
WEALTH MANAGEMENT/PRIVATE CLIENT SERVICES
Functional Description
About the Banks
Job Description
Critical
Skills, Traits and Behaviors
What You Should
Know
Officer's
Email Address
Recommended Books
Recommended Web
Links
Functional Description
Private banking and
wealth management is the coordinated delivery of banking, asset
management, insurance and fiduciary and tax services to high net worth
individuals through a network of highly trained private bankers,
investment managers and other specialists. The private banking and wealth
management market continues to grow. Over the last decade the number of
affluent individuals has risen at the greatest rate in human history. The
total wealth held by affluent individuals has increased steadily around
the world producing an unprecedented number of wealthy individuals.
This fact has not
gone unnoticed by the bulge bracket firms and money management
institutions that recognize the value of the stable revenue stream a
private wealth management practice can provide. These institutions,
seeking to capture a greater portion of the highly fragmented asset
management business, have put a greater emphasis on developing a stronger
private banking practice. This had made private wealth management the
fastest growing segment of most investment banks.
Private wealth
managers interface with multiple divisions of investment firms and are
able to offer clients resources and services that sophisticated
institutional investors have traditionally enjoyed. Offerings include
investments in initial public offerings (IPOs), new issues, derivatives,
and proprietary products. Private wealth managers also deliver an
institutional level of research, advisory services, and execution to
investors.
About the Banks
There are a number of
private banks and asset management boutiques that are respected for their
level of personal service and advice. However the conventional
wisdom is to rank firms by assets under management. The top firms are
generally considered to be Morgan Stanley, Merrill Lynch, JP Morgan, Goldman Sachs and Lehman
Brothers.
Job Description
The traditional role
of a private banker is to be the primary conduit for their clients with
the bank. The banker’s role can differ considerably from one institution
to another, however most banks expect that wealth managers will:
- Develop and manage
relationships with wealthy investors.
- Exercise entrepreneurial
skills to expand their client base and grow their business.
- Market the investment
services of the firm to perspective and existing clients.
- Stay abreast of events in
equity markets.
- Analyze client
portfolios.
- Maintain interaction with
firm professionals in other service lines, such investment research
and equities for insight into investment opportunities.
- Advise clients on
investment opportunities.
- Assist with product
development.
Critical Skills, Traits and
Behaviors
- Entrepreneurial,
Interpersonal, Sales, Organizational.
- Knowledge of Markets
- Passion for Financial
Services.
What You Should Know
Persistence,
Salesmanship, and Ability to Overcome Rejection is Critical
Officer's Email Address
Jenny Fung Pisillo
jennyf@umich.edu
Recommended Books
Trader Vic--Methods of a Wall Street
Master by Victor Sperandeo
A Random walk down
Wall Street by Burton Gordon Malkiel
Stocks for the
Long Run by Jeremy J. Siegel
Common Stocks and
Uncommon Profits by Philip A. Fisher
Recommended Web Links
http://www.iiwealthmanagement.com/About.asp
http://www.bloomberg.com/wealth/0601/jun.ft.survey_analysis.pdf
http://www.levanco.com/economistsurvey.htm
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