Private Wealth Management Internship Sample Writing Paper Essay

I am a business and economics major interested in interning in a snobbish Wealth vigilance institution in Washington. I plan to have a career in head-to-head Wealth/Asset Management overly kn avow as Private Banking. Private Banks can either be a dep dodgement in a larger bank or freelance investment firms. In the past, they solely served wealth individuals. However, now former middle class entertainment stars, politicians, writers are now turning affluent overnight.They will requisite the services of a Private Banker to oversee. This is a crucial branch of the financial industry. In view of the current crisis rocking the financial and real estate markets, most piazza owners want to spend less and save more in case there is a recession. Therefore, Private Bankers are necessary to guide the high scratch worth individual to design and implement a beneficial financial portfolio for both parties.Private Bankers assist in the management of personal and business properties. First, they cherish and preserve already existing additions by applying all the business or economic competencies, accounting skills and law lie withledge that they acquired through education or experience, to go out that the clients portfolio does not 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 maximizing 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, round offer distinctive services such as planned donations for charity transfer and running of agricultural real estate pu rchase, valuation, sale and administration of art collections assessment 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 about multiplying dollars, but 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 West 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 triad reasons which have nothing to do with money. One is the personal service offered to the client. The Private Banker will interact intimately with his client. They share a cordial relationship found on trust. Finances are on e of the most important issues in anyones life. Money is vital for survival. A client should be able to know who is handling this precious commodity by face and why this private banker makes those decisions for him. Two, the investment strategies are tailored to satisfy the needs of the customer. In private banking, the managers check 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 coiffure the portfolio accordingly. Three, there is a degree of independence. The Private Banker does not work under 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 corporate or retail banker. They conduct business in different environments and are not con fined to offices. This freedom of movement and spontaneousness 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 liquify 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 numb 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 rendering 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 violence of Private Banking to me is based on not just portfolio management but client managem ent. In conclusion, Private Banking is an area of the finance industry that has lived for many eld 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 assure their current financial freedom and that of their loved ones.BibliographyMartinez, Mike. and Michael, Martinez. Vault Career Guide to Private Wealth Management. Vault Inc. 2007.