The Associate Program in Private Wealth Management
Morgan Stanley’s Private Wealth Management (PWM) Division focuses on the ultra-high net worth (UHNW) client segment. For over 40 years, PWM has served the needs of affluent individuals, families and their foundations. By providing advice founded on a culture of excellence and driven by global insight, PWM is devoted to helping clients preserve and grow their financial, generational and social capital. As such, UHNW clients need Private Wealth Advisors (PWAs) with deep training and knowledge.
Morgan Stanley’s Private Wealth Advisor Associate (PWAA) Program is a rigorous three-year program designed to prepare qualified candidates for careers as PWAs. The extensive curriculum provides the knowledge, tools and strategies needed to build a client base of UHNW individuals. PWAAs will receive customized training and work closely with specialists from across the Firm to gain a thorough understanding of Morgan Stanley's state-of-the art financial products and offerings.
From the outset of the three-year training program, PWAAs will be considered members of established teams. This means they will be expected to simultaneously support the needs of the team, complete their training and begin building their client base. Upon completion of the program, PWAAs will become PWAs and leverage their acquired knowledge and skills to grow their business by providing clients with comprehensive and highly individualized financial solutions and investment strategies.
The program consists of in-person and virtual sessions to give candidates the opportunity to:
- Learn about the Firm's platform, products and solutions
- Receive specialized coaching from highly respected third-party consultants
- Network with PWAs, peer mentors, product support teams, risk/service teams and representatives from specific desks across the Firm
- Gain exposure to Family Office Resources including Wealth Strategies, Trust and Estate Planning, Family Governance and Wealth Education, and Philanthropy Management
- Complete team and individual project work including managing a portfolio, developing a business plan, pitching to mock clients and generating viable prospects
LICENSING & DESIGNATION REQUIREMENTS
- Securities Industry Essential (SIE) exam (prior to joining)
- Series 7 and 66 licenses (within first 1-2 months)
- Insurance license and one other external industry training as appropriate for team requirements (e.g., CIMA, CAIA, CFA Level 1, CEP, CFP)
- Family Wealth Director, an internal designation
SKILLS & QUALIFICATIONS
- Excellent listening, communication (both verbal and written), analytical and problem-solving skills – Individual will have extensive interaction with clients and other Advisors
- Integrity – Dedication to doing the right thing and putting the client’s needs first
- Collaboration and leadership skills – A demonstrated commitment to both partnership and teamwork
- Self-confidence – Initiative to proactively address Advisor and client situations as they arise
- Exceptional interpersonal skills – Ability to connect and readily build trust with clients
- Time management – Ability to prioritize efficiently and deliver high quality work under pressure
- B.A. required; MBA or equivalent work experience (3-5 years) preferred
The Hiring Process Consists of 4 Phases:
Candidate completes employment application, submits resume and completes two online assessments.
Candidate's application and assessment results are reviewed by Talent Acquisition team. Talent Acquisition team sets up phone screen with candidate. Digital interview is completed by candidate and reviewed by Talent Acquisition team.
Face-to-face interviews are held with the local management team. Candidate then completes a business plan exercise, which is reviewed. Upon successful assessment of the business plan, another round of face-to-face interviews is held.
Local management performs final evaluation to determine if an offer will be extended. Employment is contingent on background check.