Private wealth management client assets have proven very fruitful, ending 2020 at an all-time high, despite the global pandemic. Asset management consolidation continues to reshape the industry, which is resulting in more wealth management companies adding to their asset divisions, resulting in more role vacancies.
As mergers and acquisitions in wealth management and the private banking industry increases, a number of key locations globally are emerging as new players, while the traditional regions are still going from strength to strength. The US is a global hotspot for M&A dealmaking, but interestingly South American countries, such as Brazil, have seen an uptick in activity. The UK is still a hotbed of movements, no matter Brexit, while India and China are locations of note.
The responsibilities of professionals within the private wealth management space is to find solutions for their clients, to better spend, borrow, invest, and save. This can include managing a vast array of portfolios, such as real estate and business ventures, but also handling taxes, philanthropic initiatives and much more. It’s best broken down into three sections to understand the service PWM typically offers:
Private Banking Offering – Mainly Credit, Lending, Banking, Mortgages, Loans
Wealth Management/Brokerage – Investments (typically in a family office & an RIA)
Trust & Fiduciary – Legal, Planning – trust, estate, wealth & financial planning, Multi-Generational Trusts
Often PWM is split into two disciplines, advisory and discretionary. The differentiation here is the service offered to the customer, and very much depends on how hands on the clientele wants to be. A private banker can present opportunities to clients, with the final say being with the client when within an advisory relationship. A discretionary service often suits a client who will initially discuss the strategy they wish to take, with their private banker then managing the client’s portfolio on their behalf.
There are a number of divisions within private banking, with investment the most obvious as these individual specialists offer the expertise to clients. Relationship management is key to PWM, and then there are supportive roles, such as compliance for example, which help transactions and activity to be carried out as smoothly and efficiently as possible.
At Selby Jennings, we cover the following sector roles within private wealth management:
Private Banking (Relationship Managers, Investment Advisors, Portfolio Managers, Wealth Planners, Business Development Officers, Team leader/Managers, Chief Investment Officers)
Wealth Management/Brokerage/RIA (Financial Advisors, Investment Managers, Portfolio Managers, BDO’s, Producing Managers, CIO’s)
Trust & Fiduciary/Family Offices (Trust Officers, Legal Specialists, Wealth Planners, Chief Fiduciary Officer, Business Development Officer’s)
Browse our private banking and wealth management jobs and career opportunities here