Private wealth management, or PWM, is a customised service offered to extremely wealthy individuals. The wealth management advice given relates to the use of complicated financial investment and taxation arrangements to best management estates on behalf of the clients.
The service is customised can be purely advice based or include a management element.
Private wealth management is offered by both Goldman Sachs and Morgan Stanley. It is different from wealth management, which is offered by other banks. Wealth management is a less customised service that provides advice and management to mass market affluent individuals, i.e. a retail service.
Comparison with asset management
[Edit]Asset management is different as it is often not client facing. The strategy is also different. Typically, asset management for institutions considers that the institution's lifetime is potentially infinite, whereas the private investor has a finite lifetime. Furthermore, taxation does not affect most institutions investment decisions.
Working in private wealth management
[Edit]PWM requires the highest standards of social skills, etiquette and professionalism, that extend far beyond any other role in the bank. Meetings with clients are face to face. Trust and integrity are considered especially important qualities.
At interview you will be required to demonstrate these qualities.
Qualifications for PWM
[Edit]It is common for those working in PWM to train or have a CFA. Due to the complex taxation arrangements, there is commonly a need for ACA or CTA qualified individuals.
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