Hi guys! I work for a major bank and have a decent career in banking! I work with high net worth individuals who are still on the retail side (not private bank) however as much as I love my job, I feel like it is not right for me. I excel in my position, and exceed all goals, however I find my self wanting to get out of retail banking. Any advice? I’d appreciate all feedback. My current position has me dealing with high net worth families with over 200k liquid. Average client is about 1.5m liquid. I deal with their wealth management, depository relationships, and lending. It’s all Relationship management.
What do you enjoy doing and what's your tc?
Oh yeah! TC or GTFO
Well tc or desired tc
so you're saying you're a private wealth manager and want to move to tech because you're looking to escape the bullshit of a leveraged/variable comp structure?
I don’t know if I necessarily want to move into tech but I am definitely interested to look into it. I’m very young and blessed that I made my career in banking to where I am now, but I KNOW I can do better and I don’t see my self in this position for long.
TC is about 85k base, with commissions of about 10-20k per quarter So I clear about 125-165k a year I am completing my undergrad in finance and am trying to figure out my passion. I love finance, and I love tech. I don’t have any tech training but I will go get it if that’s where I ultimately see my self headed.
If you don't have any tech training you cannot make a reasonable decision about it. Learn first, then decide.
Sounds like you’d enjoy a corporate strategic finance position
Hey citibank, thanks for sharing but looks like you yourself are pretty confused about what you want, bro. You are in wealth mgmt right now and want to get into Commercial or i banking ? Then why do you need or are interested in tech ? Trust me Ive worked around the block to know our dear commercial and i bankers shun tech like a vampire shuns sunlight. Most of the big banks’ bankers’ jobs are bland, involve a lot of paperwork/documentation and excel plugin worksheets. To be very honest Ive heard many of them talk about how easily their jobs can be automated if not for the “personal touch” they need with their clients on their jobs. Now coming back to your case, I would suggest do your research as to how a fintech or a finance product based company is structured, the teams in there and their daily job duties. There is a huge diff between the jobs in a typical bank and a tech related firm. Circling back to your point of what ‘kind ‘ of tech jobs you can look at, given you have absolutely no tech background, have you ever considered sales types of roles in fintech firms ? Also management consulting for digital venture firms for the big three is pretty neat too and doesn’t require heavy tech skills. Now you should be looking at consult roles in these firms. Meanwhile, you’ll need to sit your ass down and learn coding on your own bro. No other way around this. Github, kaggle do whatever you can to get that skill. Know that tech is much more hands on than the usual bs-ing we see in banking. Again, the compensation. The C word. Well let me break it to you buddy. There is a reason people still kill each other gladiator style for banking (and also wealth mgmt analyst/associate) roles. The big moolah in there. There is always a pay cut when you try to move to tech, but the potential is much better. Better wlb, better work and working conditions and most importantly, better people. Now the alternative benefit would be to look for the rsu type compensation for tech firms. Their potential is great compared to your quarterly performance based bonuses. Also, there are tonnes of job listings in google and amazon, who are looking for a banking background (on the finance side). Sit down and research. You sound like you haven’t looked around at all. But its good you are asking around. I know how miserable these jobs can be and hope this info helps you make a better decision. Good luck !
Thanks bro I appreciate this info! Ya I haven’t looked around a lot because I am extremely confused! I know Some coding on my own but have no certification because I never pursued it. I’m doing very well in sales and exceeding all of my goals so I know consulting and sales is something I would be good at. I also like commercial and IB because they essentially still have sales And it’s all about using your brain to make the deals work and make sense. Now if I can get into a consulting or sales side position in fintech I’d really be open to that
TC or GTFO
125-165k Base 85 quarterly comp 10-20k
Maybe look for Product Management roles in the Private Bank, or elsewhere in ICG? You can take your knowledge of finance, your passion for tech, and create great digital products for clients.
Retail banking is one of the most difficult positions to get out of. I’ve only seen three instances in which people were able to get out. 1) top mba and/or undergraduate 2) cfa/cpa/masters degree in another field 3) move up internally within the company to another department (takes networking prowess). It can and has been done, but it will take a lot of work.
How about underwriting?
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You told us everything except the important stuff. Why do you feel the job isn't right for you? Where do you want your career to take you? First piece of advice: work on concise and clear communication.
Yes I see your point. At the end of the day I feel the position is a glorified banker position. I specialize in high net worth individuals but we aren’t given the tools to cater specifically to them. None of our “tools” differ than what standard clients get. The only difference is we are more educated and skilled than majority of the regular bankers. I don’t have a passion of telling every single client “yes, we should put you in a managed portfolio to diversify your positions and maximize returns” I see my self in a position where I am able to actually help clients/businesses and offer them services in which I am actually required to use my brain. I particularly do enjoy doing loans, figuring out cash flow analysis. and profitability. I’m a fan of those so I see my self working in commercial banking or investment banking. My #1 problem is that I don’t know what my passion is. I love tech (no experience) and I love finance (lots of experience)
Nice! This is very helpful. Fintech is hot right now. Have you found any fintech offerings that make you say 'hmmm?' If so, look for that company's job postings. See if you can find some that you could *definitely* fit now with your current skill set. Then find some where you have 50% of the required skills. From there, you can build some strategies. Does it make sense to try to get a role where you'd fit in with today's skills, then spend time augmenting those skills and trying to move to a more tech focused role?