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Wealth Management Overview

Wealth Management Overview. What is Wealth Management?. Financial services provided to wealthy clients, mainly individuals and their families. More expansive than asset management Large scope of careers Large scope of securities researched, analyzed, and managed Entrepreneurial.

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Wealth Management Overview

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  1. Wealth Management Overview

  2. What is Wealth Management? Financial services provided to wealthy clients, mainly individuals and their families. More expansive than asset management Large scope of careers Large scope of securities researched, analyzed, and managed Entrepreneurial

  3. Career Options Financial Advisor Client Associate Operations Associate Types of Firms: National Wirehouse: Examples: Merrill Lynch, Morgan Stanley, JP Morgan, Wells Fargo Independents (RIAs) Example: LPL Financial, Acme Capital Banks Examples: Citizen’s Bank, Sovereign Bank, Rockland Trust

  4. Individuals, families Institutional investors Investment management overview Internal managers Internal asset allocators Portfolio consultants Fund of funds Wealth managers Mutual funds Hedge funds Index funds Sell side research External legal counsel Independent research Market research Arrows indicate flow of capital

  5. Hedge Funds Overview

  6. What are hedge funds? Investment partnerships managing relatively small pools of capital, specialized in investment style and/or asset class. (Relatively) unregulated Flexible in ability to invest, but restricted in whose money we can manage Unique profit split and downside protection features: 2 / 20 economics – performance oriented, volatility agnostic Absolute performance, hurdles, high water marks Styles: specialized and concentrated E.g. value, long/short, trading, special situations, global macro Small firms vs. big firms Less silos - more independence Less politics/bureaucracy - more of your voice Less splitting of the pie No less job security

  7. Research analyst • Reading: SEC filings, transcripts, product literature, news • Phone: Talking to management, competitors, customers • Traveling / meeting: Meeting management, site visits, shareholder meetings, conferences • Modeling: Excel, valuation, projections • CFO / COO • Trader • Legal counsel • Marketing • Ancillary career options: • Sell-side research • Craig-Hallum, B. Riley, Needham, Northland, Sidoti, all the major banks… • Independent research: • E.g. Telsey, Zelman, Hedgeye • Market research: • E.g. Gartner, Forrester, IDC Career options

  8. Job hunting / interviewing at hedge funds: You will likely get a job through a reference Some hedge funds are continuously interviewing Resume – don’t fluff it up, keep it short, have someone in industry look it over Don’t use pre-canned cover letters/thank you letters. Email is fine. Keep it short. Attach a stock idea. One page. Bullet points. Know your accounting and how to read financial statements. Interviewers will look for the following in a entry-level analyst: Integrity Intellectual Curiosity Loyalty Accounting skills and familiarity with financial statements If they can picture working with you everyday Interest/passion for investing Clear and concise spoken communication Style fit Why you picked that firm

  9. Mutual Fund Overview

  10. What are Mutual Funds? Generally speaking, a mutual fund is a type of investment that invests in securities (typically stocks or bonds) led by a portfolio manager. Two Types: Active: Actively managing with the goal of beating their benchmark. Example: Fidelity Investments Passive: Index funds that match a particular index. Example: Vanguard

  11. Career Options Investment Associate Junior Analyst Senior Analyst Portfolio Manager Operations Associate Information Technology Internal/External Wholesaler: Marketing/sales Examples of Companies: Fidelity, Vanguard, Capital Research & Management (American Funds), JP Morgan, Blackrock, PIMCO, Franklin Templeton, Federated, Goldman Sachs, Eaton Vance, Putnam

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