Moving From a Private Bank to EAM

Making the leap from a Private Bank to an External Asset Management (EAM) firm is a career move gaining popularity among seasoned Relationship Managers (RMs) in Asia and beyond.

Moving From a Private Bank to EAM

On the surface, the roles may look similar, managing high-net-worth clients, providing tailored investment solutions, and maintaining long-term relationships. But in reality, the transition requires a mindset shift, entrepreneurial spirit, and a clear understanding of what drives success in the independent wealth management space.

Here’s what you need to know if you’re considering the switch.

1. From Banker to Business Owner Mindset

In a Private Bank, you're backed by a large brand, compliance infrastructure, and a steady stream of leads. In an EAM, you're essentially running your own business under the umbrella of a licensed firm. The autonomy is liberating, but it also means you're responsible for everything: acquiring clients, structuring portfolios, handling operations, and managing compliance risks with less internal support.

Successful RMs in EAMs are self-starters. They often view their client portfolio as a business in itself and thrive on the freedom to grow it without the constraints of product pushes or internal revenue targets that don’t align with client interests.

2. Client Ownership: Real or Assumed?

A key motivator for many RMs to move into the EAM space is the opportunity to build real client ownership. In Private Banking, clients are technically clients of the bank. If you leave, most of the time, they stay.

In contrast, the EAM model allows for deeper, more personal client relationships, often with more transparency around fees and incentives. However, this only works if your clients trust you enough to move with you. Before making the leap, it’s critical to assess your client base:

• Are they loyal to you or to the bank?

• Are they sophisticated enough to understand and embrace the EAM model?

• Will they follow you without the brand name backing?
  

3. Compensation: High Risk, High Reward

High Risk, High Reward

The upside potential in EAMs can be significant. Most platforms operate on a revenue-sharing model, meaning your take-home pay is directly linked to the fees you generate. This is a marked shift from the fixed salary plus bonus structure of a Private Bank.

For high-performing bankers with portable books, the financial reward can outweigh the security of a bank package. But the first year is often a transition period, cash flow may dip as clients migrate and portfolios shift. Having a financial buffer and realistic expectations is key.

4. Product Flexibility and Open Architecture

One of the main attractions of the EAM model is product flexibility. RMs are no longer confined to their bank’s platform or incentivized to push in-house products. You can truly act as an asset manager, selecting the best solutions across providers based on client needs. Some EAM offers its own niche expertise, providing broader access to investments in private equity, real estate, digital assets, and flagship funds as well as bespoke services such as succession and wealth planning.

This freedom often results in better client outcomes and increased trust, but it also demands a broader and deeper knowledge of the investment universe. EAM RMs must be more hands-on in bespoke wealth solutions and often work with fewer internal specialists than in a bank setting. 

5. Support Infrastructure: Lean and Agile

Internal Support

Don’t expect the same level of operational or marketing support as you’d get in a Private Bank. EAM firms tend to run lean. While some offer onboarding teams, investment desks, and compliance support, many expect RMs to be more involved across the entire client lifecycle.

This is why many RMs moving to EAMs prefer platforms that provide a strong middle- and back-office setup, automated global account consolidation and portfolio management tools, and robust custodian relationships. The trade-off for independence is more responsibility, but the right platform can make the transition smoother.

6. Cultural Shift: Less Politics, More Accountability

Many RMs describe life in an EAM as “refreshing.” The environment tends to be less hierarchical, with fewer internal silos and politics. Performance and client satisfaction matter more than internal networking or appeasing multiple departments.

But with that comes a higher level of personal accountability. There are no soft landings. If you don’t perform, there’s no safety net. That’s why cultural fit, self-discipline, and intrinsic motivation are critical for success in the EAM world.

Final Thoughts - Moving From a Private Bank to EAM

Transitioning from a Private Bank to an EAM isn’t for everyone. It takes confidence, client trust, and a long-term view. But for entrepreneurial RMs who want more control over their business, greater client alignment, and potentially higher rewards, it can be a highly fulfilling career move.

At Perennial HR, we have extensive experience recruiting for both Private Banks and External Asset Management (EAM) firms across Asia. We've helped many experienced Relationship Managers successfully transition into EAM platforms, matching them with firms that align with their values, book, and long-term goals.

If you're exploring the idea of moving from a Private Bank to an EAM, or just want to understand your options better, we’re here to help.

Reach out to Gerda for a confidential discussion on gerda@perennialhr.asia