The basics
Individuals who have large amounts of assets or wealth to invest fall under the title of private banking and will have their own relationship manager who will individually advise them on matters related to investment, asset management and some basic taxation advice. Large assets refer to either high-net-individuals (over $1million in assets) or ultra-high-net-worth individuals ($10-30million in assets). Capgemini and Merrill Lynch estimate private banking and wealth management is worth $43trillion a year.
Private banking is a potential growth area with the expectations of clients changing in recent years in the current economic climate, with them becoming more conscious of their finances, taking more control and exercising more caution. Clients expect excellent customer service and value for money. America and Europe currently lead the private banking market with growth in Asia. Private banking occurs in banks, large financial institutions, boutiques and private practices.
Find out more
-
See Inside Careers for an an overview of the industry, including job and employer databases
-
Get more industry insights from downloadable Vault: Career insider guides to Private wealth management
-
See the CFA Society website for qualifications professionals normally have to take while training: the CFA
-
Keep up-to-date with Wealth Briefing and EU Banking for news on private banking