Private Wealth Management (PWM)

Private Wealth Management (PWM) Definition: Private wealth management is providing financial and investment advisory services to high net worth individuals and families, as opposed to companies or institutions. 

There is significant overlap between Private Wealth Management and Private Banking (PB).   PWM focuses on achieving the holistic wealth objectives of the client, whereas PB is more centered around providing exclusive banking services to High Net Worth Individuals (HNWIs).

For the purpose of this article, the terms are interchangeable. 

There are 3 main pathways to a career in Private Banking, which are:

1. Move up through the consumer banking and private wealth management hierarchy
2. Start out as a Private Banker’s assistant
3. Move in from another area in finance

Private Banking careers involve much more than attending cocktail parties and polo matches.  In this article, Private Banking: Make Bank without Selling Your Soul or Imprisoning Yourself in a Cubicle 80 Hours per Week?, we examine:

• What you do in Private Banking
• Roles in Private Banking
• Private Banking vs Investment Banking
• A Case History about breaking into PB
• A day in the life
• Salaries and compensation
• Exit opportunities

Many professionals go into Private Banking for lifestyle reasons.  While the pay isn’t nearly as high as investment banking, the hours are much more reasonable and the work is more relationship-driven, especially at the higher levels.

Here’s an interview where we compare Private Banking at a Family Office vs at a Bulge Bracket Bank.  The short version is that Private banking in Miami is a lot more laid back than walking the beat in a big NYC institution!

A strong grasp of financial concepts is vital for most careers in Private Banking or Private Wealth Management – especially at the junior levels.

That’s where professional courses from Mergers & Inquisitions and Breaking Into Wall Street can help.  Some of our most relevant courses include: