CFA in Wealth Management/Private Banking

Its tough Frank. The position mandate changes on a daily basis and I have to wear several hats. It’s a small firm so I fully expected it but yeah, it’s a handful. The money is okay and I do get SOME perks but after a while you start asking yourself is it really worth it.
Willy
 
I would actually agree with EVERYTHING you’ve stated Paymydues. Are you looking for work at this time?
Willy
 
if the cFA/mba=cfa/cfp, something is definitely wrong here…but i understand the logic on why it is important to have cfp.
 
willy, i’m doing some studies on Portfolio management and i find it quite interesting since a lot of it has to do with ideas and understanding markets.
as a PM at your role, what is the proportion of time you spend analyzing market conditions, asset allocation and the liks? in other words, how much time do you spend basically working on portfolios rather then talking or seeking clients?
 
Willy, i’m currently looking for a PWM job in a relationship mgmt or HNW PM capacity. I pretty much work in support the book of business of other reps and want to utilize my passing of L3 and hopefully have my own book of business to cultivate in the near future. More client facing work rather than behind the scenes.
Frank, just want to clarify, in the context of the PWM, I firmly believe a CFA/CFP has a bit more worth now (desired designation/skillset) than an MBA/CFA but this only in dealing with HNW clients. But I would not say that about equity research, institutional PM etc. where the CFP has no worth at all, MBA/CFA is still the desired standard here. Not bashing the MBA at all, but in terms of my current personal career goals, CFP is a better fit for me.
 
I agree with payingmydues. A lot of MBA material won’t be terribly relevant to private wealth depending on how much you are going to be dealing with the portfolio management and how the portfolios are managed. If you’re running active portfolios yourself and picking stocks, then the MBA is probably a good idea. If you’re running passive portfolios, a CFA gives you all you need and more to manage the portfolio.
I’ll sit for the CFP next year. From there I’m actually undecided on pursuing an MBA or a MS in taxation. An MST might actually be more useful on a day-to-day basis. I’m undecided though, go back-and-forth on what I think would be best.
 
cfp makes sense with PWM. i just don’t watn to do cfp. the material looks extremely dull and boring. i rather get Certificate in Quant Financ as advertised on teh banner above.
 
At the PB I worked at, the trust officers mostly had the CFPs.
 
To me, it seems that the distinction is as follows – RIA firms are basically more CFP oriented unless they are true “money managers” only. However, many do use the CFP and Fin Planning Services as a way to get assets through the door.
I have known people at pvt banks in NYC and they basically all either had banking training, CFA or JD. Almost no credence given to CFP (N = 3 in sample size, by the way).
I do agree with the idea that CFP is broader training and can help more with “wealth management” but my sense is that CFA or JD’s are the ones that get the relationship manager/portfolio manager roles. (Unless you have an “embedded network” meaning your dad is the CEO of Philip Morris or you are the President of your frat - in that case, then, I think it would be fine even if you had an associates degree from a correspondence college - if you can get the dollars thru the door, that’s that).
 
My understanding from friends in the industry in HK is that CFP is pretty easy to obtain but is almost a prerequisite for any Private Banking/Wealth Management type of job. It’s also useful as a feather in your cap if you want to sell Insurance.
I hear it is easier to pass than the CFA…
 
I’ve seen the CFP curriculum and it’s not too simple. It gets bashed because it’s more comparable to undergrad level work, whereas the CFA is comparable to a masters, but the actual material is absolutely relevant to financial planning.
As a WM/PB person, you can’t go wrong knowing more about estate planning, taxes, etc…
 
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