Goldman Sachs partner reveals what it takes to get a job in its hottest division
Goldman Sachs has very high hopes for its asset and wealth management division. It was the hot topic of the bank's last quarterly earnings call; CEO David Solomon said the bank has a "desire to put more feet on the ground to broaden our footprint and our platform." Speaking on a recent podcast, one of the division's partners revealed the kinds of people it's looking for.
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Kristin Olsen, head of alternatives for Goldman's wealth business and recent inductee to the bank's management committee, said she lucked into Goldman's wealth division. Olsen initially joined Goldman's investment bank because it was "prestigious" and had a good analyst training programme. She had "never heard of alternatives" when she was rotated in, but said applicants today have no excuse to be in the same position.
Olsen said there's an "abundance of information" today compared to when she joined Goldman, and said "you just have to be more prepared now." She said that you should exhaust publicly available resources before relying on your network to "let you in under the cover and tell you what actually happens behind the walls of Goldman Sachs." That's not to say you shouldn't use your network, but Olsen said you should always aim to "go into a conversation with somebody already on second base."
Some things never change though; Olsen said to thrive in Goldman's wealth division, you need to be "personable, a good communicator." This is something hedge fund managers like Ken Griffin have frequently cited as the key appeal of hiring from Goldman Sachs. Olsen said this is especially important in wealth where "being able to relate to clients and being able to explain things to them is incredibly important."
Goldman is looking to grow its wealth team with people that fit that bill. In the earnings call, Solomon said the bank's "ultra-high-net-worth franchise is extraordinary." While it grew at a slower rate than Goldman's banking division in the past, Solomon said the tables have now turned and "growth in asset and wealth management is faster."
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