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Breaking into Private Banking: Surprising Non-Financial Backgrounds That Can Catapult Your Career!

Disclaimer: The views and opinions expressed in the vapa Swiss independent wealth management blog posts featured on this page are solely my own and do not necessarily represent the views of any institutions or organisations I may be associated with. These posts are intended to share personal insights and perspectives and should not be interpreted as official statements or positions of any affiliated entities.

As a private banker, you need a strong background in finance and economics, but other industries can offer valuable skills and experiences. If you’re interested in a career in private banking, but coming from a non-financial sector, here are some examples of fields that could be relevant:

Legal: lawyers often have a sharp analytical mind and can understand complex legal issues. This can be useful when advising wealthy clients on financial matters.

Consulting: consultants have experience analysing business processes, risk management, and financial analysis. These skills can also be helpful when advising clients on financial matters and minimizing risks.

Real-estate: Experience in the real estate industry can provide valuable knowledge about financing and investment opportunities, negotiation skills and customer relationship management.
Marketing and Sales: Knowledge in marketing and sales can be valuable for acquiring and retaining clients as a Private Banker and communicating effectively with them.

Overall, a strong background in finance and economics is crucial for a career in private banking. Still, other industries can also offer valuable skills and experiences to help you succeed. If you come from a non-financial background, consider how your existing skills and experiences can transfer to private banking, and look for opportunities to gain relevant knowledge and experience.

Unfortunately, lateral hires are less considered in the wealth management sector these days than they used to be, and we are no exception. Still, the most successful relationship managers I have worked with were lateral hires…

Why has it become so difficult to enter the wealth management sector at a later stage of a career?

Source: LinkedIn

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Diversifying Private Banking: Non-Financial Backgrounds That Elevate Careers!

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