Goldman Sachs Private Wealth Management Forum

[run26.2]

I attend one of the top public universities (e.g. Berkley, UVa, UMich)

They're really only looking to hire from schools they recruit from, according to my friend who did PWM last summer. I recommend that you go talk to career services about whether they do.

UVA is a target, at least it used to be. Probably more for Darden than anything else tho.

Schools with elite business and law schools seem to be the places they recruit.

[Veyron]

I attend one of the top public universities (e.g. Berkley, UVa, UMich)

They're really only looking to hire from schools they recruit from, according to my friend who did PWM last summer. I recommend that you go talk to career services about whether they do.

UVA is a target, at least it used to be. Probably more for Darden than anything else tho.

Schools with elite business and law schools seem to be the places they recruit.

The year I looked, UVA was the lowest ranked target (by UG US news). All the ivys were targets as were Georgetown, Duke, NW, Chicago. Maybe Berk/Mich were in there as well but I don't remember that being the case.

[run26.2]

The year I looked, UVA was the lowest ranked target (by UG US news). All the ivys were targets as were Georgetown, Duke, NW, Chicago. Maybe Berk/Mich were in there as well but I don't remember that being the case.

As I said, all of those schools have good business schools (and I was referring to graduate schools, but their UG business programs are also good).

Where did you get this info re: Goldman Sachs?

[Veyron]

The year I looked, UVA was the lowest ranked target (by UG US news). All the ivys were targets as were Georgetown, Duke, NW, Chicago. Maybe Berk/Mich were in there as well but I don't remember that being the case.

As I said, all of those schools have good business schools (and I was referring to graduate schools, but their UG business programs are also good).

Where did you get this info re: Goldman Sachs?

Fuck if I remember, I did a hell of a lot of research on banking gigs before I realized that I would absolutely hate my life if I did it but anyways, I remember those being the schools where they did on campus recruiting (for undergrads) [which I think is synonymous with the school being a target but I could be wrong].

[Anonymous User]

So i asked someone who works in the finance industry and the person tells me PWM is typically for IBankers who are retiring, who already has an established client base...(so basically not for young people).. any truth to this? And is it smart to go straight into this after getting my JD/passing the bar??

I'm not the OP.

[Anonymous User]

Hey, I was just wondering what people know about Goldman's private wealth management division and how hard it is to get hired? I have a meeting with them tomorrow and just want to have some idea of what it is going in (I have a vague idea but more insight would be appreciated)

Through your school or on your own? If on your own, through the recruiting website or a contact? Thanks

Op here, I got it through my school (MVP). Thanks for all the advice so far, I know it's not the best position but I don't have a big law offer so I'm leaving my options open haha

[IrwinM.Fletcher]

Private wealth management is a tough gig to succeed at as a young person. You need to be able to bring in a shit ton of assets fast (like $15 million in stuff that pays a trailing fee within 12 months after licensing). Unless you are extraordinarily well-networked or can latch on as a junior member of an established team, the odds are stacked against you in a big way. Do-not-call lists really handicap young brokers who are otherwise slick salesmen.

My old firm had a burn rate of around 95% on new brokers within eighteen months.

[ruski]

So i asked someone who works in the finance industry and the person tells me PWM is typically for IBankers who are retiring, who already has an established client base...(so basically not for young people).. any truth to this? And is it smart to go straight into this after getting my JD/passing the bar??

I'm not the OP.

i dont see how working as a banker for 30 odd years leads to a position in pwm. the work they do is very different. also some who is in the position to be retiring from banking (meaning he's worked there for 20-30 years) is probably an MD by then. i don't know any MDs who would quit to go to pwm, esp since MDs hours are not that bad - most are out by 7. its not like partners at a lawfirm. i do know a few bankers who have gone on to do pwm (sucessfully) but they did this after 3-4 years in banking, not after retiring form it. there are also plenty of young guys (thinking 30s) in the field so its certainly not something people do when they retire.

i don't really see how you would get into this after your JD. there are exams that must be taken, that are not that easy.

[jrock12]

So i asked someone who works in the finance industry and the person tells me PWM is typically for IBankers who are retiring, who already has an established client base...(so basically not for young people).. any truth to this? And is it smart to go straight into this after getting my JD/passing the bar??

I'm not the OP.

i dont see how working as a banker for 30 odd years leads to a position in pwm. the work they do is very different. also some who is in the position to be retiring from banking (meaning he's worked there for 20-30 years) is probably an MD by then. i don't know any MDs who would quit to go to pwm, esp since MDs hours are not that bad - most are out by 7. its not like partners at a lawfirm. i do know a few bankers who have gone on to do pwm (sucessfully) but they did this after 3-4 years in banking, not after retiring form it. there are also plenty of young guys (thinking 30s) in the field so its certainly not something people do when they retire.

i don't really see how you would get into this after your JD. there are exams that must be taken, that are not that easy.

its the same reason you see ex-NFL, MLB, etc. players taking jobs in PWM--its a business of contacts, not of business/financial acumen. investment banking (if thats what we are generically using the term banker to refer to) does not lead to a position in PWM, it just works nicely: you still receive benefits/paycheck, probably have enough friends/contacts who will open an account with you for shits and giggles, work from home a lot (even the days you go into the office you are probably only there for a few hours), and most importantly, you get to manage your own money/trade your personal account. its similar to seeing a mid-level manager at a fortune 500 company picking up a job in retail or as bartender when they get older--they just want something to do, which will not completely take over their lives

jd, or not, these firms hire hundreds and hundreds every year--its just the nature of the beast in this industry, given the drop-out rate, and the little capital the company puts up in hiring you

[Anonymous User]

is a Trust Administrator the same thing?

[Anonymous User]

is a Trust Administrator the same thing?

[Anonymous User]

repeat post.