As a Private Banker, you’ll eventually face the following question: Should I stay with the bank until retirement, or should I plan b for something else? The answer may come sooner than you think. 🤔
By hitting 45, your career is likely in a good place. Your client relationships are strong, and your book of business is growing. However, in a few years, that growth may slow down. Why? Banks often start moving senior bankers out of the spotlight, giving you new, flashy corporate titles while shifting focus to younger Relationship Managers. This could mean your position may be threatened while it appears secure. Your successor could soon become the favourite of your clients.
This is where Plan B comes in. It’s not about leaving right away but keeping your options open. Moving to an independent wealth manager gives you control. You can continue to manage your clients in the way you know best. And most importantly, you maintain the flexibility to adapt as the banking world changes. 🔄
Waiting until retirement and hoping for the best could be risky. It might be too late to realise you need a Plan B. Banks are known for fast-changing strategies, and you don’t want to be caught off guard. The risk is accurate, and acting before it’s too late is crucial.
So, when is the right time to consider Plan B? Sooner than you think. Don’t wait until you’re sidelined with a fancy title. Take control of your career, and think about your next step now. Proactivity is key in shaping your future. 💼
Signs it is time to think about Plan B
- Your clients are increasingly introduced to a “co-coverage” colleague.
- Your title grows, but your say over clients and pricing shrinks.
- New product or revenue targets push you towards solutions you would not choose for your clients.
- Restructurings follow each other, and each one reduces your team.
Check your contract first
Before any conversation with a new employer, know your own position:
- Notice period and garden leave: how long you are tied to the bank after resigning.
- Non-compete and non-solicitation clauses: what you may and may not do with clients.
- Deferred bonuses: what you lose if you leave, and when it vests.
- Leaver status: how a “bad leaver” classification would affect you.
Have these points reviewed by an employment lawyer. It is money well spent.
Three routes to independence
| Route | What it means | Suited to |
|---|---|---|
| Join an existing firm as relationship manager | Employed, with revenue sharing and an existing licence and infrastructure | Bankers who want to focus on clients |
| Join as partner | Equity stake, share of profits and of responsibility | Bankers with a solid, portable book |
| Found your own firm | Full control; requires a FINMA licence, supervision, qualified management and minimum capital | Experienced teams with a business plan |
For most, joining an established firm is the fastest and least risky route. You keep managing clients the way you know best, without building the operational platform yourself.
A realistic timeline
- 12–18 months before: clarify your contract, assess which clients would realistically follow you, talk to firms confidentially.
- 3–6 months before: agree terms, prepare custodian bank relationships, plan the client communication within legal limits.
- Departure: respect notice and non-solicitation rules strictly. Your reputation is your most portable asset.
Read also: Bad Leaver Status and Client Transfers Explained · Is It Ever Too Late to Go Independent?
🔜 What’s your Plan B?
Don’t get me wrong, banks offer incredible opportunities for growth and development. Proactive planning ensures you can shape your future on your terms. Many banks are fair and supportive employers, helping employees achieve long-term success, but the future can still hold uncertainties.
Source: LinkedIn
