So, just to clarify the pay structure of PWM at a BB (UHNW) is your salary/bonus tied to the money you bring you?
I keep thinking that if you land a PWM gig, convince some people to hand over their money to you, then you receive a form of commission based on how much you have been able to bring in? So if you brought in 250 MM you could just keep those individuals happy and live off a small % commission of that money year over year.
Is that more or less how it works? or is it more churn and burn IE you brought in 10 MM this month, now you better match that next month?
Finally I wasn't able to find any relevant talking points for an informational interview with someone from PWM. I got an alumni, who according to LinkedIn is an "Executive Director" at MS PWM, to agree to talk with me, now what do we talk about?
I'll be doing my research and trying to find out anything I can about his personal life that I can relate to but I'd like to have a few set questions to ask him.. If it was IBD I'd dig into any deal's he has been working on ect but for PWM should I just ask him if he enjoys conning people into having their money managed by MS?
I think it sounds like an EXCELLENT idea to ask him if he enjoys conning people into giving their money to MS.
Your firm gets 1% of AUM you get .50% they hand you a certain amount of $ and it's up to you to build your business from there. Prepare to be poor and laughed at by me at rue 57 when you try to impress a girl saying you work in finance and you make about $50,000 a year. p.s. don't forget to bring your shinebox
So, if I'm reading through your wit correctly. You will earn a commission annually off all of the money you manage to bring in and maintain?
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