Bilal Bahemia - Tips to Become a Private Banker

Tips to Become a Private Banker

Introduction ď‚Ą

Private bankers (also called as relationship managers, personal bankers, and personal financial advisers) offer specialized services and attention to select, are usually very wealthy clients. Entering the field can be difficult and requires a great deal of networking, in addition to education and experience.

Tips to Become a Private Banker  Get an educational degree  Seek internships  Get licensed  Network extensively  Keep Your AUM High and Growing  Move up to privilege banking  Help clients with wealth structuring

Get an Educational Degree ď‚Ą

You must have at least an undergraduate degree in order to become a private banker. It is helpful (but not necessary) for the degree to have a concentration in a finance area because if you get a degree, it shows others that you are more professional.

Seek Internships ď‚Ą

It can be difficult to get an internship in private banking while you are still a student. However, any sort of experience in banking, investment, or related areas can be beneficial. If you gain some experience, then you can prove your capability to private banking firms who might hire you in the future.

Get Licensed ď‚Ą

In order to practice as a private banker in many areas, you must be licensed by a regulatory organization. In the United States, the Financial Industry Regulatory Authority) and the North American Securities Administrators Association administer licenses that private bankers must have in order to collect commissions of the sale of financial products.

Network Extensively ď‚Ą

To work as a private banker, you must become acquainted with HNWIs and UHNWIs, and get them to entrust you with servicing their financial needs. Get to know some of these individuals and their needs very well. If you do not already know potential clients, then you will need to seek some through networking.

Send Out Lots of Resumes ď‚Ą

Most people that look for a job in private banking will send out many resumes before they find one. Make sure that yours emphasizes your skills and experience in private banking and/or other financial fields, so that you increase your chances of landing an interview and your dream job.

Move up to Privilege Banking ď‚Ą

If you gain enough experience in personal banking, you may be able to move up within your firm to a position providing privilege banking services. These are offered to select clients with larger portfolios or net worth.

Practice Superior Customer Service ď‚Ą

HNWIs look to private bankers to provide a great deal of personal attention, since they may be entrusted with large portfolios and investments. To keep your clients happy (and gain new ones), you must be prepared to work very closely with them.

Help Clients With Wealth Structuring ď‚Ą

Managing a HNWI’s wealth involves not only finding ways to protect and grow that wealth, but also understanding the context of that wealth, and how it may change over time.

Each HNWI has different goals and needs, and your account management strategy will need to take these into account.

Keep Your AUM High and Growing

ď‚Ą

A key performance indicator of private bankers is the amount of AUM they have. This refers to the amount of clients’ money and investments that you manage. To succeed as a private banker, you will need to keep your AUM high and growing by providing services and products to established and new clients.

Who I Am‌ 

Bilal Bahemia is a manager of the own business who provide the help in wealth management and private banks in Port Louis.