Nikolaus learns how to see clients as individuals in Wealth Management

Nikolaus is a lawyer by training but has always been interested in the capital market. That’s why he studied for an additional degree in Economics after finishing law school. His internship at Sal. Oppenheim in Cologne was where he first encountered Deutsche Bank – and it was then that he knew that he wanted a future in finance rather than law. After getting his Master’s in Finance in the United States and a brief career stint in a law firm, Nikolaus was sure: the financial market was exactly right for him.

Nikolaus first discovered the world of wealth management during his internship - and since then, the topic has been ever-present for him. “To me, wealth management is the perfect symbiosis of the capital market on the one hand, and intensive personal contact with different clients on the other. I am interested in complex interrelationships and enjoy delving deep into a topic in order to find the solution,” he says, describing his fascination for the field.

Unlike other graduate programmes, the Wealth Management programme lasts for two years. In the first year, the graduates get to know various internal departments and processes, and they familiarise themselves intensively with the products. Nikolaus was placed in Portfolio Management during this phase. There, in the Capital Markets teams, he learned about the blueprints of structured products and the mechanisms on the trading floor. “In our second year, we move to the client-facing jobs. Right now, I'm in Relationship Management, which is even more varied than I had imagined. As a graduate trainee, I support my colleagues in preparing and following up on client meetings, or in new business acquisition and contact management.”

One of Nikolaus' core tasks is to guide wealthy clients in shaping their assets. “There are always different requirements, different stories and contexts that need to be considered. We have very individual and intensive conversations with our clients,” he says. He works with a wide variety of partners: from start-ups that want to finance a sustainable concept for their future, to experienced entrepreneurs who want to settle their estates or restructure their investments. The risk perception and circumstances of each of his clients vary, so Nikolaus has to be flexible and able adapt to their differing situations and lifestyles.

Working in wealth management means spending a lot of time with clients and building relationships, and this begins during the graduate programme. But there’s always room for a good work-life balance. “We have a lot of flexibility, and the team is really great.” Urgent private appointments during the day and working from home are often possible but of course these have to be organised around client meetings. For Nikolaus, this way of working is exactly right: “I don’t only enjoy working with clients on a financial level – I also love the personal contact. I definitely helps if you enjoy attending events with clients, from watching a football game from the box at Deutsche Bank Park to spectating an equestrian competition. For me, this is a perfect mix. And of course, most evenings, there’s also time to go for a run or read a book on the sofa.”

A degree in finance can be helpful for working in wealth management, but it’s not a must. Jobs are very diverse, and there are opportunities for many different kinds of graduates: from analysts or tech specialists without client contact, to relationship management and new business acquisition. “Openness is essential. You have to enjoy working and talking with people. That way you’ll constantly discover new topics to discuss,” says Nikolaus.