Do wealth managers work long hours? (2024)

Do wealth managers work long hours?

You may or may not be surprised to learn that wealth management can also involve a significant amount of paperwork. Professionals can often spend a lot of time at their desks, particularly at entry level, however hours aren't generally as long as in some other sectors such as investment banking.

As a general rule, I'd say that unless you're purely in a support capacity in a large private wealth management shop, you'll be tied to your desk for 30 or 40 hours a week and talking with clients, meeting with clients, or going to events for another 20 to 30 hours a week when it's all said and done.

At the top levels, WM and IB roles are arguably similar, and wealth management might even offer advantages in terms of reduced stress and shorter hours. But it's tough to get there, and the burnout/quit rate is very high.

As they are an integral part of the investment industry, wealth managers offer personalized services to clients that help them invest in their financial future. They look for opportunities that boost the client's net worth and enhance their portfolios. This is not an easy job.

Most former bankers have reported that it is quite uncommon for an analyst to hit the 100-hour mark. Apparently, this only happens occasionally (once a month) when an analyst is working on multiple live deals or poorly aligned international projects.

Wealth Manager Salary. $42,000 is the 25th percentile. Salaries below this are outliers. $68,500 is the 75th percentile.

On average, it's a 50 hour per week job, so the trade-off vs. investment banking salaries is clear: in exchange for greatly reduced hours, expect greatly reduced bonuses. Private banking is best at the top levels when you have an established client list and plenty of underlings to do most of the work.

Most firms will not hire an individual as a wealth manager with no prior experience, so it's important to cut your teeth and gain experience either by interning or by taking an entry level position.

Cons of Private Wealth Management

There is also always the risk of misalignment between your financial goals and the wealth manager's incentives. Some wealth managers may prioritize products or investments that generate higher commissions or fees which might not always align with your best interests.

At what income do you need a wealth manager?

Any minimums in terms of investable assets, net worth or other metrics will be set by individual wealth managers and their firms. That said, a minimum of $2 million to $5 million in assets is the range where it makes sense to consider the services of a wealth management firm.

There isn't a hard-and-fast rule for how much money you “need” to get started with wealth management, but generally speaking, this is most beneficial for people with a net worth of $250,000 or more. It's also strongly recommended for business owners.

Earn certifications

With a master's degree and five years of job experience, you're eligible to qualify as a Chartered Wealth Manager (CWM), a designation offered by the Global Academy of Finance and Management (GAFM).

Have you ever heard of Goldman Sachs' 15-minute rule at Goldman Sachs? It means you have to respond to an email in 15 minutes or less no matter what. It doesn't matter if you: - showering - hiking in the mountains - attending your son's wedding - saving someone from a drowning vehicle Unreasonable?

Ways to make a lot of money in this world

Sure, anybody can make a good living being a doctor or a lawyer or an investment banker where you can make ~$200-500K per year a few years after you finish with your studies, but you hit a ceiling very quickly unless you start your own practice (aka start your own business).

Bankers, generally speaking, are not sleeping well. Across all respondents to our survey, people working in finance got an average of 6.72 hours of sleep a night.

According to the U.S. Bureau of Labor Statistics, the median annual wage for personal financial advisors was $94,170 in May 2021. It means half of the financial advisors earned more than that, and half earned less. One in ten earned less than $47,570, while one in ten made more than $208,000.

Candidates can begin their path to become a wealth manager by earning a bachelor's degree in a relevant field, like finance or business, gaining experience and pursuing role-related certification.

You might not need a wealth manager if you have clear goals and are confident you can create and implement strategies to protect and grow your wealth. However, a wealth manager may be a good idea if you have substantial assets, would benefit from an expert, and have questions you need help answering.

Typically, entry-level investment bankers, for instance, can expect to receive around 10-15 days of vacation per year. This can increase to 20 or more days as they gain seniority and move up the ranks.

Is there a lot of downtime in investment banking?

The short version here is: Yes, investment banking hours, especially in your first year or two, are always bad (think: 70-80 hours in the office per week). But junior bankers also tend to exaggerate their hours, often by not subtracting downtime or breaks during the day.

Lucky you. That's not how it is for the sad denizens of the financial services sector. In investment banking, as in fund management, Sunday is a day of work. More than that, it is often the day when all the important work that couldn't get done during the week is completed.

Finance degree jobs can provide relatively high pay, stability, opportunities for advancement and consistent demand projections. Careers in finance may also offer flexibility for employees by allowing them to work remotely or in hybrid environments.

Ex-Goldman Sachs helping train students/recent grads to secure jobs in banking - 90% placement rate to banks like GS, UBS and JP. These are the 10 hardest investment banks to get a job at in the world🌍👇 1. JP Morgan 2. Goldman Sachs 3.