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Private banking?

#1 Private banking?
18/06/2007 12:10


A few consultants, lawyers and other professionals have made the move to private banking.

Has anyone here done or considered that? It seems like an interesting area but i'm wondering how the salary and long term earnings compare with consulting? Also how does the travel compare!

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#2 RE: Private banking?
28/06/2007 10:07

Jamie to consultant (#1)


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#3 RE: Private banking?
28/06/2007 14:49

Julius Baer to Jamie (#2)

Its a very very tough business. At times I wonder how easy Industry is compared to services - we have to bring money in - the individual is personally responsible - the individual becomes indispensible.

Anyways getting back to my point - do you have a large network ? A network which has over 500,000 pounds in iINVESTIBLE assets? Do you believe you can sollict clients into keeping and confiding their wealth and in effect lives with you ? Are you dare I say polished and affluent ?

Generally these are the traits of most private bankers. Moreover their sucess depends upon bringing in the money. Its a clear straight off front office job. All the knowledge you'll require shall be the material you'll study for your SII exams.

Last and most importantly pay - Yes they get paid way more than consultants and lawyers and accountants based on the level of work and performance (naturally relative). Then again it is a part of high finance and high finance pays more than any industry out there way more than consultants by a mile. I'm sorry but I should point out again here that consulting is by no means a high paying job compared to other proper professions - its merely contracting

( I exclude the MBB's of this world) But then again it all depends on how much client money you can bring in - how much of a portfolio can you manage. I hear at some pvt banks the pvt banker recieves a standard base and gets 1% for all client money he oversees. If you oversee 50 million you shall recieve 500,000 plus your base. The more the merrier. Naturally if your able to sell him products you'll get even more.

Now happy ? Someone has finally replied.

Before you start on a barrage of questions - why don't you go do your own research ? Good pvt bankers do and thats how they make their money ... it might be something you might consider doing ?

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#4 RE: Private banking?
28/06/2007 15:19

consulting reject to Julius Baer (#3)

Julius Baer, I think I love you.

I L O V E it when consultants are put back in their place and have their delusions of grandeur dashed.

I'd love to get a picture of you in order that I can build a shrine to you.

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#5 RE: Private banking?
28/06/2007 22:43

Julius Baer to Julius Baer (#3)

Private bankers are to IFAs as headhunters are to recruitment consultants. Same difference, a bit more spit and polish. Telesales with a posh accent and a similar pay distribution.

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#6 RE: Private banking?
29/06/2007 07:06

Julius Baer to Julius Baer (#5)

I'm afraid as usual we have some highly insecure person, perhaps a consultant, perhaps a headhunter posting as someone else.

I'm the original Julius Baer and my response to the imposters post below is to just try getting a job at a proper private bank. I can gurantee you you'll be kicked out the door.

I'm afraid its not consultancy where you can cold call for intelligence or to sollict work. Its based on developing a network through various methods such as clubs and obtaining referals. You've got to walk around in the cirlces for whoms money you wish to oversee.

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#7 RE: Private banking?
29/06/2007 07:32

Village Idiot to Julius Baer (#6)

Julius Baer II, loving your analogy. Very apt and one of the best descriptions about private bankers I've seen.

Julius Baer I, I'm glad you've found a graduate job in private banking and are working your way through your work experience rotation. I'm delighted you think you're a bit of Posh. It's just too bad that you don't seem to know the first thing about consulting, at least not at the higher levels.

Good consulting is every bit as much about relationship-selling as is private banking. Partners get paid as well as they do because they can forge strong, lasting business relationships at a personal level with the CxOs of the companies they work with.

And Julius I, you can be clever as you like. But until you invest in a dictonary, you'll still come across as Tim Nice But Dim.

Minus the 'nice' bit, of course.

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#8 RE: Private banking?
29/06/2007 07:38

Village Idiot to Village Idiot (#7)

dictonary = dictionary

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#9 RE: Private banking?
29/06/2007 08:56

Julius Baer to Village Idiot (#8)

Oh well if it ain't Village Idiot, the single most contributor to this forum, the know it all, the consultant par excellence.

unlike u i dunt try to get my english completely correct to the punctation - havent got time. dunt try to showcase a huge command of the language nor impress upon with my literature.

And oh I'm sorry I am not a grad ... perhaps you are given the amount of time you spend here trying to show that your providing constructive and frank opinion whilst your really just taking a cheap dig

And yes consulting is abt relationships at partner level. i was a consultant myself so i know and NO not at one of the firms you are at. your certainly not strat material - none of them post on this site. i know cos i worked at one. Unlike you. And still the Pay nor prestige doesn't compare - lifes not abt money nor prestige- but it might be nice for consultants to realize where they really stand

Lastly take a look around howmany ppl within finance have started their own houses be it private equity, hedge funds, asset management firms - how many consultants have started businesses and indeed management consulting boutiques - way fewer by a mile - more importantly they are by no means as lucarative and money making. And the ones that actually do are from strat houses.

Overall village idiot - it wuld be nice if u get back to your job if u even have one. Hmm do you ? Now I never took a dig at you infact like u i gave my opinion but u wanted to act like the hot shot that you think you are typing away from a screen....

Enjoy your weekend perhaps you can come with up a final fitting response - i wont be waiting though :P

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#10 RE: Private banking?
29/06/2007 09:35

anon to Julius Baer (#9)

How are the bonuses ini Private banking/PWM at junior levels?

From extensively searching salaries are easy to find but bonus %'s are not.

Can you shed any light Julius?

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#11 RE: Private banking?
29/06/2007 10:01

Village Idiot to Julius Baer (#9)

Julius, however do you find clothes that fit. You know, what with that big chip on your shoulder and all?

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