Private Wealth Management Internship Sample Writing Paper Essay Example for Free

hush-hush Wealth Management Internship Sample Writing Paper EssayI am a business and economics major interested in interning in a Private Wealth Management institution in Washington. I plan to befool a c arer in Private Wealth/Asset Management also k instantaneouslyn as Private Banking. Private Banks can either be a department in a larger bank or independent 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 need the services of a Private Banker to oversee. This is a crucial branch of the monetary industry. In view of the current crisis rocking the monetary and unfeigned estate markets, most property owners want to spend less and save more in case there is a recession. Therefore, Private Bankers are necessary to guide the high net 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 protect and preserve already existing assets by applying all the business or economic competencies, accounting skills and law intimacy that they acquired through education or experience, to ensure that the clients portfolio does not diminish in value. Alternatively, they can work jointly with other professional much(prenominal) 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 maximise 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 pay decisions including the purchases of real estate, insurance etc.Fifth, some offer distinctive services such as planned donati ons for charity transfer and running of agricultural real estate purchase, 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 three 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 tract a cordial relationship found on trust. Finances are one 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 readys those decisions for him. Two, the investment strategies are tailored to return 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 adjust 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 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 make 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 instruction 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 relative methods that Private Bankers employ to attract, attain, and retain clientele. This is because the emphasis of Private Banking to m e is based on not just portfolio management but client management. In conclusion, Private Banking is an line of business of the finance industry that has lived for many geezerhood 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 improve 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 hand to Private Wealth Management. Vault Inc. 2007.