Now, let's discuss three reasons why now is the best time to work in Private Wealth Management.

Number One: The Great Wealth Transfer, starting in 2025, marks the most substantial wealth transition in history as Baby Boomers pass an estimated $84 trillion to our generation. Roughly one-third of the world’s wealth will change hands in the next few decades, presenting a massive business opportunity. For those planning long-term careers in the industry, we are perfectly positioned to manage this wealth as seasoned professionals in our 30s and 40s.

Number Two: Nearly 40% of financial advisors, most of whom are Baby Boomers, are expected to retire within the next decade. This means a rapidly expanding number of job openings as firms need to replace current advisors with young talent. With the PWM industry projected to grow at a 9% CAGR through 2028, there is significant hiring potential.

Number Three: Following the Financial Crisis in 2008 and revitalized after the Covid-19 pandemic in 2020, banks have doubled down on expanding their Wealth Management lines of business. During these market downturns, cyclical deal-making activity such as public offerings and capital raising slowed significantly, leading banks to focus on wealth management because it offers a diversified, recurring revenue hedge through consistent fees. My personal experience confirms this trend, with my Citi internship class doubling from 17 summer analysts in 2019 to 46 in the 2023 cohort.

Ultimately, this is why private wealth management is important to our society and why now you have the greatest opportunity to land an offer in the industry that typically has a 1-2% internship acceptance rate.