Private wealth managers - requirements and life
By squaretile
@squaretile (3778)
Singapore
May 30, 2007 2:50am CST
I'm talking about those people hired by banks to service clients who have at least $250,000 cash to invest. Sometimes they are called relationship managers, sometimes private bankers, sometimes private wealth managers.
Basically, I've heard that they need to be able to socialise well, and fit in with the lifestyle of the well-heeled. They need to be able to play golf, know their wines, and dress and speak very well. However, apart from the glam side, I've also heard that some private bankers have to walk dogs for their clients! If they need you to babysit, you babysit.
That to me is bringing 'service excellence' to extremes. Is that true? anyone knows from experience or from a close friends' experience?
On the other hand, what are the necessary qualifications for getting such a job? apart from the aesthetics and the high-class hob-nobbing potential, must one have a CFA or at least a degree in financial engineering? Or will a degree in economics or accountancy suffice? then everything else can be picked up on the job?
Is a private wealth mangers' principal task to keep the client happy with the bank, or is it to really arrange the portfolio and take the flak when certain products don't do well?
3 responses
@sunslinger (474)
• Singapore
30 May 07
Hi squaretile,
From your line of thoughts, it seems that you are interested in the wonderful world of finance as well. Welcome to the club! I had thought of joining of Private Banking but at the moment I'm gearing up to push myself into investment banking instead.
About babysitting your clients dog, there is some truth in it. Sometimes, it can get kinda seedy, but that's life. And as far as I know, you do not CFA for Private Banking. CFA is more useful if you want to join Investment Banking like what I plan to do. The end result will see you becoming an investment analyst.
Should you want to know more about the difference between the two or about making a career switch, do send me a private message. I'll be glad to share what I know.
1 person likes this
@squaretile (3778)
• Singapore
5 Jun 07
thanks! no lah, wasn't interested in a career switch. Just inquisitive and wanted to find out more about this glamourous job.
Yes investment banking is more lucrative. However terribly draining, from what I observe. I think I'll just end up becoming an overqualified housewife haha.
@friendship (2084)
• Canada
11 Jun 07
I don't think private wealth managers have to walk dogs for their clients as what you've described. I am not sure if it has a different situation in Singapore. But of course, they should be able to "know" or "socialize" with their clients. Thus, they can understand their clients' investment objectives. But it is often that private wealth managers can do some questionnaires in order to know their client's objective.
In my opinion, a wealth manager should balance his tasks so that he can keep his client happy and at the same time, he should sell investment products that are fit to their clients.
With regard to a degree, I think most company prefer to have a CFA. But perhaps, there are some companies that don't require a CFA as long as a candidate has a combination between a Financial/Accounting degree and work experience related to investment areas.
@Norstar (694)
• India
30 May 07
I do not think that a relationship manager is required to walk client's dog and things like that. This seems to be an exaggerated part.
A relationship manager should feel at ease with the clients who have lot of money that they can give to the bank for bank to handle it for the clients. He should know many aspects of banking, government regulations, income tax rules and the like so as to be able to clarify the doubts that a client may have. If he can successfully satisfy the customer that he can advise the client on his financial requirements properly, the customer would give the bank a good business.
