Private Wealth Management vs. Investment Banking
Episode 16 | April 15, 2025
In Episode 16 of the Adventis Coffee Chat Podcast, host Ben sat down with Libby, a finance major at Auburn University, to discuss her journey of exploring both fields, and why she ultimately found private wealth to be the better fit.
Libby originally joined Auburn’s Financial Management Association (FMA) with plans to pursue investment banking. But after hearing firsthand from executives about the demanding lifestyle, she realized it wasn’t the right match. As she explained, “I like my sanity and my work-life balance a little more than I like investment banking.”
Instead, Libby discovered a passion for relationship building, mentorship, and teaching — skills that translate directly to private wealth management. For her, the appeal lies in building trust with clients earlier in her career rather than waiting several years to step into a client-facing role, as is common in investment banking.
Overlaps and Key Differences
Ben emphasized that while there are shared fundamentals in the recruiting process, there are also meaningful differences between the two industries:
Shared Skills: Both investment banking and private wealth require a solid technical foundation. Strong knowledge of financial statements and modeling, such as that taught in the Financial Modeling Certification® (FMC®) Program, is a major asset. As Ben explained, “The way you do that is by demonstrating that you are knowledgeable about the role, you speak the language, and you’ve got the technical underpinning to back it all up.”
Client Relationships: Investment bankers typically spend the first several years focused on technical work, while private wealth professionals begin developing client relationships earlier. As Ben noted, “In private wealth, you’ll start advising sooner in your career, sometimes within just a few years.”
Recruiting Flexibility: Investment banking recruitment often follows rigid timelines, leaving little room for students who miss early deadlines. In contrast, private wealth can offer more flexibility, with opportunities to network directly with local offices and even create your own internship by demonstrating value.
Networking and Recruiting Advice
For students considering private wealth, Ben shared actionable tips:
Be Persistent, but Polite: Demonstrate what he calls “professional persistence”. Follow up with contacts multiple times in a respectful way.
Get Face Time: Meeting professionals in person, even during holiday breaks, can make a stronger impression than emails or calls alone.
Leverage Smaller Offices: Many private wealth firms operate suburban offices, where students may find more approachable entry points and opportunities to stand out.
Ask Better Questions: Move beyond a rigid question list during networking calls. Instead, engage deeply by listening and asking thoughtful follow-ups.
Libby echoed this from her own experience: “I think I’ve learned that it’s supposed to just be a conversation. It’s such an important thing in the industry to connect with that person rather than just rattle off questions.”
Takeaway
For students like Libby, the choice between private wealth management vs. investment banking comes down to personal strengths and career priorities. If you thrive on relationship-building, trust, and client interaction, private wealth may be the better fit. If you prefer to sharpen your technical skills early before taking on client responsibilities, investment banking could be your path.
As Ben summarized, the most important thing is preparation: “Luck is when preparation meets opportunity. And the good news is, in private wealth, you have a lot more in your control than you may realize.”
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