Private Wealth Management Internship Sample Writing Paper Essay

I am a af modal(a) and economicals major interested in interning in a clubby wealthiness watchfulness institution in Washington. I plan to have a c ber in clannish Wealth/Asset Management also known as closed-door Banking. Private Banks can either be a department in a prominentr bank or independent investment firms. In the past, they solely served wealth individuals. However, now former middle class entertainment stars, politicians, writers ar now turning affluent overnight.They will need the services of a Private Banker to oversee. This is a crucial branch of the pecuniary industry. In scenery of the current crisis rocking the fiscal and real estate markets, most property owners emergency to spend less and save more in case there is a recession. Therefore, Private Bankers are necessary to guide the high electronic net field worth individual to design and implement a beneficial financial portfolio for both parties.Private Bankers assist in the management of own(preno minal) and rail charge line properties. First, they protect and preserve already existing assets by applying all the business or economic competencies, figureing skills and law knowledge that they acquired through information or experience, to ensure that the clients portfolio does non diminish in value. Alternatively, they can work jointly with other professional such as lawyers and government agencies e.g.The Trust Department. Second, Private Bankers invest their clients properties and monies in diverse investment vehicles to grow their clients portfolios while reducing the risks of losses and increase profits. Third, these Private Wealth Managers balance the investments of their clients with a view to finding them fair tax regimes creating enough income to cater for expenses. Fourth, they advise clientele on personal finance decisions including the purchases of real estate, insurance etc.Fifth, some offer classifiable services such as planned donations for charity transfer and caterpillar track of agricultural real estate purchase, valuation, sale and administration of art collections judicial decision of intellectual properties and liquidation of royalties accrued from book or movie sales. ( Martinez and Martinez, 1-43)Initially, I want to get an internship as a Private Wealth Management Trainee in any of the major private Asset Management firms in Washington, then later move up the ladder and open up my own firm one day.Private Wealth Management is not just near multiplying dollars, scarcely it also has a personal side, which is why I was attracted to it in the first place. It is remnant of the banking industry of the Wild watt banking style when your banker was your friend and involved himself completely in the financial activities of his customers.I prefer Private Banking because of three reasons which have nothing to do with money. ace is the personal service offered to the client. The Private Banker will interact intimately with his client . They allocate a cordial relationship based on trust. Finances are one of the most important issues in anyones life. Money is rattling for survival. A client should be able to know who is handling this extraordinary commodity by face and why this private banker exploits those decisions for him. Two, the investment strategies are tailored to satisfy the needs of the customer. In private banking, the managers take into account the different backgrounds and goals of their clientele.Ultimately, the client is the own who determines what path his investments will take. This is because he shares his financial dreams with the private banker who designs financial plans based on these thoughts, invest the money and jell the portfolio accordingly. Three, there is a degree of independence. The Private Banker does not work down the stairs the same time-space constraints as banker. They deal with their clients at different locations and may work in different deadline and schedules from a c orporate or retail banker. They necessitate business in different environments and are not confined to offices. This freedom of movement and spontaneity is very attractive to me. As much as Private Banking is personal, the principal in private management is making profit. I know how to calculate figures and combine varied investment media in such a way as to maximize on the benefits of the market. I make an excellent Private Banker because I already have the qualities for this career. I am patient, possess great people skills, have sound business and economic training and I am not afraid of dealing with large sums of money, prime property. My greatest asset is my good rapport with people. A Private Banker needs to have a convivial relationship with his clients and that description describes to a tee. While in Washington I plan to research on the diverse communication and relational methods that Private Bankers employ to attract, attain, and retain clientele. This is because the f ocus of Private Banking to me is based on not just portfolio management but client management. In conclusion, Private Banking is an area of the finance industry that has lived for many an(prenominal) years with the unfair tag of snobbery. However, I believe that Private Banking is the way of future. I predict in 10 years time Private Bankers will be in high demand as the financial market grows in complexity and the public becomes more educated about the importance and relevance of asset or wealth management to mark off their current financial freedom and that of their loved ones.BibliographyMartinez, Mike. and Michael, Martinez. Vault Career signal to Private Wealth Management. Vault Inc. 2007.