Private Wealth Management

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Oct 28, 2005 11:33 am

I have not been able to receive a clear-cut answer on this -- how is this different than being a financial advisor?  It seems that everyone I have spoken with has a different view.

Any PWMs on here that can shed insight?  Any info would be appreciated.  Thanks!

Oct 28, 2005 12:14 pm

Just my firm and my opinion but Private Wealth Management at our firm
means you must have a 65 or 66 and act as a fiduciary.  I’m
guessing not all firms are like that.

I think Wealth Management is just a sales title to generate interest
from prospective clients to make what we do sound more inclusive and
more important.  Our industry is awesome at changing titles and
fees every 3-5 years.  When I got in the industry 15 years ago we
had firms charging 8.5% commissions.  Then it dropped and you got
12b-1’s.  Then we had wrap accounts charging 2-3%.  Now those
accounts are down to 1-1.5%.  Now we need Private Wealth
Management!  In 3 years the fee on advisory accounts will fall to
.75% and we’ll have a new title.

Oct 28, 2005 1:01 pm

BR -

It's can I differentiate myself to the HNW, to sound like a rockstar, top dog money man. I know at Merrill there are internal designations, based on certain critereia. Not just Pres. club VP etc..

If you have X amount of 10 million dollar households, and your business plan indicates that this is your market, and so may receive a title, but they are all "investment advisors". And yes,....these are the same guys that ten years ago were referred to as ....."stockbrokers".....

Oct 28, 2005 2:15 pm

That's what I thought.  So many I've spooken to have made it sound like a senior-level position and that it's the best thing since sliced bread.

Obviously, if you're hitting home runs with $5-10M clients left and right, more power to ya.  But it didn't seem to me that there was much differentiation.


Oct 28, 2005 3:08 pm

We all use the same tools…there is not a market place that only the “elite” are allowed to trade in. Advanced designations are important, I am working toward a CFP. But I never lose sight…A High school drop out with enough intelligence and ambition, could be a million dollar producer in 5 years. And on the other side…Long Term Capital, run by 2 Nobel Peace Prize winners in economics, with a hand picked staff of gods in the business - in the Money town of Greenwich Ct. (where I lived for 5 years) …They came darn close to causing a meltdown in the world financial markets.

Oct 29, 2005 9:23 am

I’ve heard another distinction that wealth management includes lending too…not sure if this changes the workload too much…

Nov 2, 2005 11:28 pm


Dec 26, 2005 6:39 pm

I would like to go indy in a few years but need the training first.... so is this a place that will give great training and experience? thank you all for all your replys, especially on the costs side. I did not know about those.