Posted in: Experienced, Switching Sectors July 1 2009 10 answers
Anonymous

Question: Why is it so difficult to break into the Private Banking Industry?

I have been working in corporate governance for 3 years and I’m looking to move into a more client facing role. I have been searching for over 18 months now with no success and I would like to make this move before I’m 30. Is there a reason for this?

Answers (10)

  1. Because there’s no particular overlap of skills and its the worst recession (dare I say it depression given GDP figures) in 70 odd years. If you really want it, go retail and try and get into the various mass affluent schemes run by Barclays, HSBC and then work your way up. Do IMC so you can give clients advice/sell clients stuff.
    Additionally try the Analyst/Associate schemes of the various banks. For private banking they’re happy to recruit older and are much more eclectic, it’s all people skills, connections and languages.

  2. Private banking is famous about who you know…not what you know. If you have the right background…Eton, oxbridge, guards…then you have a great chance of entering and being succesful. The mega wealthy like to be served by people of the correct breeding…toodlepip!!

  3. Its perfectly possible to try and switch to work as an assistant to a wealth manager / private banker, but without a client list thats about all you can hope for.

    For once ZLTE017 is right (or partially right anyway). Old fashioned private banks will want a certain class of person to deal with their clients, and if you don’t fit that mould you don’t have much of a chance.

    For more modern / European / US wealth managers this isn’t going to be an issue as long as you can do the job.

  4. Yes – unless you are coming in with your own client portfolio no one will be bothered with you. To become a private banker usually takes a few years unless you are very well connected.

  5. “If you have the right background…Eton, oxbridge, guards…”

    That’s why Swiss lead in private banking field. They all went to Eton :) I work for a private bank and we have guys from all over the place. They certainly did not all go Oxbridge.

    ZLTE017, where do you work? Certainly not in a bank.

  6. ZLTE017……………is spot on.

  7. difficult to private banking???!!! heheheheehee

    I suggest go for an MBA in a reputable uni (IESE, LBS, INSEAD)…this will help you to build your connections with City banking firms…

  8. An MBA is as useful for private banking as an NVQ in Gardening. Indeed an NVQ in Gardening means you could probably rustle up some business at Chelsea Flower Show from cash rich fogies. PB is all about who you know, you would be better joining a yacht club than going to LBS.

  9. @Alex your right I don’t work at a bank. I work in PE but I do know private bankers, and it is all about knowing the right sort of folks. I think you need to re-read the initial question and you will see PROMINT is asking about breaking into client facing role…not just breaking into private banking. Which I am sure you could with a low level role..hell they let you in so how hard could it be…Toodlepip!!!

    P.S good luck with avoiding the tax evasion charges from the US DOJ..lol!!

  10. ZLTE017-you are a complete idiot.

    Ignore anything this clown says as he has no idea about anything. Everything he posts is complete and utter drivel.