In-house in wealth management

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Anonymous User
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In-house in wealth management

Postby Anonymous User » Fri Dec 12, 2014 1:32 am

I have an interview scheduled for an in-house position in wealth management. I am interested in hearing anything and everything from anyone with insight in this area of law. For example, hours? pay? day to day? volatility? long term career trajectory? I'm sure it varies greatly from Goldman's wealth management group to a small wealth management. This position seems to lend itself to moving to finance side from what I have heard to date.

Is there the same pressure to sell or constantly answer phone calls at all hours like a law firm?

ruski
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Re: In-house in wealth management

Postby ruski » Fri Dec 12, 2014 10:48 am

super chill area of the bank. 9-5. you're basically a personal banker for the rich. not sure what legal does there, but if the bankers go home at 6 lawyers prob do to. not sure about switching to finance as wealth management is the least respected area of finance. these guys are basically financial advisors. they technically aren't bankers or anything and don't do high profile deals. there also aren't huge bonuses. you're salary is very commission based and you can still make a killing if you bring in a lot of clients. I think of it as a more of a sales role.

Anonymous User
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Re: In-house in wealth management

Postby Anonymous User » Fri Dec 12, 2014 11:20 am

Thanks for the reply. I really appreciate it. That was my general impression. Interested in hearing more about what legal does. Also, I think you are speaking to wealth management at a big bank. What about a wealth management firm? I think they do advisory work, sales, asset management, trust and estate planning etc. - any insight into that side of it?

Anonymous User
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Re: In-house in wealth management

Postby Anonymous User » Fri Dec 12, 2014 11:40 am

ruski wrote:super chill area of the bank. 9-5. you're basically a personal banker for the rich. not sure what legal does there, but if the bankers go home at 6 lawyers prob do to. not sure about switching to finance as wealth management is the least respected area of finance. these guys are basically financial advisors. they technically aren't bankers or anything and don't do high profile deals. there also aren't huge bonuses. you're salary is very commission based and you can still make a killing if you bring in a lot of clients. I think of it as a more of a sales role.


Completely wrong that it is super chill. It's a sales position, and like law your pay depends on meeting the needs of clients. Also, it's not the least respected area of finance. You're right about the job entailments from what I have seen. T&E can be a big part.

ruski
Posts: 348
Joined: Sat Sep 12, 2009 10:45 am

Re: In-house in wealth management

Postby ruski » Fri Dec 12, 2014 12:25 pm

I meant least respected in terms of moving into finance, which is what OP mentioned. working in wealth management as a lawyer will not help you break into a hedge fund or to become an ibanker. it basically doesn't carry a lot of street cred on wall street. now if OP decides to pass the series 7 himself, or whatever exam it is, and become a financial advisor himself OP can go ahead and its a very doable goal. I may be mistaken but I think its actually pretty easy to get a job as a financial advisor because your salary is very commission based. thus companies don't mind bringing you on since you're not really dead weight if your unsuccessful. this has been from what ive seen at least. like mentioned before, its really just a sales job. put it this way, out of all my finance friend the best and brightest went to hedge funds and I-banks, the middle of the pack went to become financial advisors. but again you can still make a killing if your good at sales.

Anonymous User
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Re: In-house in wealth management

Postby Anonymous User » Fri Dec 12, 2014 12:43 pm

OP here - to clarify, I am not looking to transition to finance. As of now, planning to stay in law, but the option of transitioning outside of law is attractive merely because it is an option.

thefive
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Re: In-house in wealth management

Postby thefive » Fri Dec 19, 2014 5:40 pm

Just to add to this (sorry to revive an old post) but in case anyone else was wondering...

A colleague of mine moved into law from private wealth management at a top IB. He said there was a lot of sales involved.

He had few nice things to say about the guys who did well but he felt different because he stood out for not wanting to head to the strip clubs all the time.

Anonymous User
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Re: In-house in wealth management

Postby Anonymous User » Tue Dec 23, 2014 8:25 am

Most of these posts seem to be discussing life in wealth management at an investment bank.

What about life at a wealth management firm or life at an asset management firm?




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