Talk with private managers about their careers. Ask your business teacher for help arranging interviews. LinkedIn and professional associations are other good resources for locating potential interviewees. Join high school and college business and finance clubs to meet people with the same interests, learn more about investing concepts, and participate in investment competitions. Finally, check out the following books to learn more about wealth management:
The careers of private banker and wealth manager are similar in that both manage the wealth of clients, but private bankers aim to address the complete financial circumstances of their clients. They are employed by commercial and investment banks with private banking divisions. To attract wealthy clients, these banks provide higher-than-average interest rates on deposits, reduced transaction fees, and concierge-like services (i.e., a dedicated private banker or team of private bankers to assist them with their every financial need—and sometimes personal needs). High-net-worth clients are a boon for banks because they generate large profits (via fees for large mortgages or business loans, and fees earned for total assets under management), and provide the bank with large pools of money in which to invest or loan to other customers—thus generating healthy interest income. They also entail much less financial risk than middle- and lower-class customers. Major duties of private bankers include: