Does anyone know how I’d go about acquiring the information to answer something like this:
Describe a recent development in the wealth management industry. What implications might this development have for XYZ Wealth?
Basically are there any resources to read up on wealth management a bit?
I suppose you could read up on trusts and estates (in American; I’t not sure what they are called your language :P). Perhaps you could find a college syllabus (again, in American) with books on wealth management in it.
Hmm I was hoping for something a little more synoptic like blogs or articles as I need to get myself up to scratch with it rather fast if I want to apply for that position.
I’m not sure what they mean by “development” but I suppose that the new powers that Fed is getting is a new development.
It could mean anything. It depends on the context. What is the name of the position?
http://www.barclayswealthgraduates.co.uk/analysts/
It’s for that basically. I just want to do some research if called for an interview so as not to be caught out.
I read the “role profile” and it looks basically like an administrative cubicle type job where you push papers and make phone calls. I know someone who did that more or less. I’ll ask him.
Thanks, I’d appreciate it.
If you want to do PWM front office, you have to be comfortable being around wealthy people. It helps to have some family background too. PWM is a place where a lot of trust fund babies go to get their few years of work experience without changing environments too much.
I don’t come from a particularly wealthy background, but I’ve little issue working around people wealthier than myself.
I spent some time with an investment company after I completed my undergrad. Personal Wealth Management is similar to being a Financial Adviser. Two good internet resources for that are CFA Institute and the CFPwebsite. Most of the written stuff I had as reference was either “in house”, or written by the “talking heads”-types that you see on CNBC, Bloomberg, etc., and it was all very vague and repetitive in regards to knowledge.
As far as finding recent developments with implications to the industry, I’d look at the websites for the regulatory bodies where you live. (i.e.: the SEC in the United States, it’s European equivalent, etc.) Financial news sources will also be good.
It’s not the greatest, but I hope that info helps a bit.
Jon,
Sell your AE knowledge as a likely macro-economic edge (niche) in asset management going forward – first to the potential employer (PWM firm) and then to the potential PWM clients. Present a case for: (1) the impending death of Keynesianism, (2) End to the multi-decade global bond rally (rates are close to zero globally), (3) Death of the standard 60-40 stocks-bonds portfolio, (4) Massive mismatch between assets (likely returns) and liabilities (promised payouts) in (60-40, stocks-bonds) pension funds everywhere. (5) The end of “buy and hold” as a relic of the multi-decade bond and stock rallies caused by central bank gushes of liquidity globally, (6) The need for a more involved global-macro management of assets, etc, etc.
Take charge/initiative. Be original. Unique. Wealthy people understand the benefits of belonging to an educated minority. They didn’t get there by following the herd.
Hope this helps.
Z.
+1 for z’s response.
I have an account with IFIC that probably still has access to the course material. But that is for mutual funds and insurance.
If you want to exploit the AE angle, you can also consider one of the hyperinflation hedge funds, although trading experience is a very common requirement for most HF analyst positions.
Take charge/initiative. Be original. Unique. Wealthy people understand the benefits of belonging to an educated minority. They didn’t get there by following the herd.
Yeah this sounds like good stuff for an interview. Any advice for articles on these topics? I’m not that clued up on finance so I’d like to do some research before going in.
Jon, off the top of my head and in no particular order, anything by Jim Rogers, Marc Faber, Bill Gross (his monthly letter archived at pimco.com), and dailycapitalist.com should give you up-to-date finance/global-macro ammo for your AE theoretical gun. Good luck at the interviews.