PWM/Private Bank industry lowdown- who has it?
I'm looking for anyone with experience either personally or through connections to give a run through of some of the top PWM firms (Goldman, ML, JPMorgan, MS, Deutsche, UBS, Credit Suisse, Citi, any others I forgot).
Specifically I want to know how their teams are set up (how many analysts, associates, bankers, etc), the role analysts play on the team day to day, advancement opportunity for analysts, compensation in NYC (base/bonus), and prestige in the industry. Which have the most client interaction for analysts, and which have the least? Is there one who is known for just using analysts for bitch work and cuts them loose at the end?
generally, PWM is pretty similar across the board. Your success and prestige has little to do with your firm. It's all up to you to build your business. Again, most firms allow you to be an individual advisor or work within a group of a few advisors with a couple client associates. As an analyst, your rotate through various parts of PWM, then are generally assigned to an advisor or group.
As of now, Merrill's merger with BoA has gone horribly with respect to their wealth management division. Lots of Merrill advisors are jumping ship and taking those signing bonuses offered by other firms.
Advisors often go to other banks if there are compensation incentives
In terms of Private Banking, JP Morgan is hands down the most prestigious firm. They have teams that include various specialist - estate planners, bankers, portfolio managers, etc. Whatever a client needs help with --mortgage, trades, etc, they will talk to the specialist in that area.
Goldman also has a great PB, as well as Credit Suisse, Northern Trust...an MD at JP recently mentioned that he has gained many clients from Citi and US Trust (BoA).
Compensation is also similar for analyst across the board. You will get a larger bonus working PB
I interned with JPM PB this summer. I can answer all of your questions except for the one on comp. All I know is analyst receive a 10K signing bonus, regardless of location. I will say JP Morgan has a great private bank. They offer a lot of great products and services to clients across the board - investments, capital advisory and estates.
The first thing people not familiar with the industry always mix up is the PB/PWM distinction. The distinction is only internal. Certain teams focus on high net worth individuals $2M+ in investible assets (PWM) and other teams service ultra high net worth $25M+ individuals. All of the teams work together and fall under the PB umbrella.
As far as organization goes, you have analysts, associates and bankers. In addition to that, you have estate advisory, capital advisory, and investors. Analyst and associates can specialize in any one of these areas, but most often they are supporting bankers. The bankers role is to bring in new business and communicate with clients on their needs/wants (whether it involves their portfolio, they need a line of credit, they want to create a trust, art appraisal, etc). Prospecting is definitely a big part of each analysts' job. Client interaction doesn't happen until you are an associate. Analysts have very little client interaction, unless they are very vocal about wanting to attend client meetings and they have gained the trust of the rest of the team to do so.
Analysts are given a lot of responsibility, but also have opportunities to be creative and make an impact. As far as advancement, after three years in the program, each analyst has an opportunity to move up to the associate level. I've heard its a pretty detailed performance review and a lot of analysts don't make the cut.
That's all I have. JPM PB is solid. A lot of smart people, good place to start if you are interested in sticking with wealth management LT. If you have anymore qs, pm me.
saved.
Does it mean that Analysts who do not make the cut to Associates are sacked?
yes
Do you think you'd be able to give perspective on JPM WM analyst program in Boston or non-NYC areas? Is the pay lower and is it hard mobility-wise to go into a different part/location of JPM after the internship?
Dr Fulton, just out of curiosity, were you in a regional office (i.e. Atlanta, Denver, Arizona) or NY/SF/LA?
Private Banking? - Info about this area (Originally Posted: 05/18/2012)
Just got my SA assignment for the summer. It is in private banking. Can anybody give me anymore information about this area? It is not something that I am familiar with.
Private banking a.k.a being a bitch to rich people
If you're personable and attractive, it goes a long way.
Thanks a lot for all your insight guys. Anyone know typical pay (base+bonus) for analyst, associate and VP/Banker at each firm? How about typical hours per week?
BB PWM hours (Originally Posted: 04/30/2013)
What are the typical hours for Juniors while SA at PWM BB. Not a branch location, but the headquarters? I know it is not a prestigious internship on this board, but it pays great and beggers cant be choosers. Just curious what to expect for a commuting schedule and whether or not I would actually need to get housing in the city.
i would guess market hours or a bit longer
It depends what kind of wealth management. If you are a brokerage/wirehouse, then you will track market hours. If you offer more comprhensive wealth management/private banking services (ie. wealth advisory, estate planning, capital advisory/lending, banking/deposits) in addition to strictly investments, your day will be a 3-4 hours longer (or more) than market because you have a lot more shit to deal with throughout the day, and your reviews and pitches are much more comprehensive. Especially if you're an intern.
PM me for more details
Did BB PWM in the "Legacy" building in NY in between my sophomore and junior year. Typically worked from 9-6 but I wasn't being paid. I commuted about 2.5 hours round trip everyday, wasn't so bad.
9-6/7
So I am getting the vibe that even as a paid Junior there is no 5am to 1am IB type hours, which would make commuting an issue
I was doing 830-6 at BB PWM. Not that bad at all. Plus the office I was in loved lunch meetins so we had awsome lunches everyday
I have a friend that is doing BB PWM. He got a contract that called for 30 hours a week. He likes it. Takes Fridays off and goes on small trips and such. Pay isn't fantastic though.
bump - "Anyone know typical pay (base+bonus) for analyst, associate and VP/Banker at each firm? How about typical hours per week?"
Lifestyle in PWM? (Originally Posted: 08/18/2009)
Could anyone shed some light on what the lifestyle is like in PWM? Hours, compensation (base and is there generally a bonus?), the work you actually do as an analyst. I am specifically interested in the time spent at the office. It is a job like IBD where in literally consumes your life, or is it generally 10-12 hours a day, 5 days a week? Any insight here would be great. Thanks guys.
PMW and IB have virtually nothing in common. PWM is a combination of three skill sets A. ER B. investment advice/portfolio theory and C. client smooze ie client service ie sales. ( I guess you could say IB MD's use skill set C on their potential clients, but on the analyst/associate level PWM has nothing in common with IB)
Hours are less than 12 per day and the intensity of deadline of IB is not there EXCEPT for occasions involving client smooze. Pay scale and bonuses are significantly less on a level by level comparison.
depending on the firm, the pay can vary.
the Investment Associate (starting position out of undergrad) gets paid a base of $55k at UBS private wealth + minimal bonus (depending on your group). I am not sure of pay of other comparable positions at other firms.
My hours are usually 7:30am to 9-10pm.
70K base, 10-50K bonus for analysts
50k bonus for 1st years...in this market?! really?
Private Banking and PWM have different client sizes...
PWM= client size $2-$25 mil Private Banking= $25 mil and above
This market, probably lower, but who knows.
The S&P is up huge from its lows, and we make money on % of assets, not on deals or anything else. Client in/outflows are also a big factor.
Do analysts in PWM frequently work weekends?
Hi Guys - do you know much the JPM PB in non US geographies such as Singapore and HK? I am planning to join as a VP in technology space and wondering whats its like. I have heard a weird mix of very long hours (10-12/day + calls from home), crude on your face culture. Do you know much about employee benefits and bonus? Also, is there a hire and fire culture or that doesn't happen in JPM PB usually?
BB PWM weekends (Originally Posted: 05/08/2013)
Do BB pwm gigs, as a junior, typically take up weekends? Is it really just a 9-630ish M-F or has anyone pulled some Sat and sun hours as well
If you're pulling weekends for a PWM internship (most of which are unpaid), you're getting shafted. Even 6:30 PM during the week is pretty late for a PWM intern.
I think he may be talking about the more formalized SA programs at top banks (GS, JP, DB). Those firms have OCR for those positions and pay interns relatively well.
Yea talking about nicely paid BB SA gigs
It's not 9-6:30 though haha so don't kid yourself. I work 6:45-7ish most days, longer hours in the winter, starting to shorten out now, but always in at 6:45am. I'm in Chi though, so you probably won't have to be in until 7:30ish in NYC if I had to guess.
PWM - What a first year analyst at a BB does? (Originally Posted: 10/27/2010)
Can anyone tell me, in detail, what a first-year analyst in a BB PWM/Asset Mgmt division be doing on a daily basis?
Thanks
within an office / team or on a desk?
Private Bank Analyst (Originally Posted: 07/02/2007)
offered job in JP Morgan private bank.. any one know what pay is like?
?? shouldn't that be in your contract?
I always understood that depending on the bank, its very low first couple of years then based off of commissions.
i got a PB offer from a BB, 10k signing, 5k relocation, 60k base. end of year bonus isnt the same as banking, not quite sure exactly, but from word of mouth from 15-50k?
$15 - $50K in private banking?!? Good luck! Nearly fell off my chair reading that.
well thats why i said i wasnt sure... I only added the up to 50k because I've heard of analysts who were able to bring in some serious business (50mm+) on their own and recieved amazing bonuses. Granted thats far from the norm, but don't people on this board only want to hear about the best possible scenario?
should have been more clear, but what would you say the range is, and where do you get that info from?
I've heard 0-30k in private banking.
Private Banking Analyst Prospects (Originally Posted: 10/25/2008)
Hi all:
I have a general inquiry, for those who know someone or are personally working in private banking units of a BB bank (JP Morgan or Goldman Sachs or UBS), what are the comps/bonus and exit opportunities like for 1st year analysts straight from university?
I believe the official title that is given for this position is called Global Investment Specialist - basically you are on a team of either investors (rebalancing portfolios and make investment decisions for clients) or bankers (having to prospect new clients and keep existing clients). Of course, as a first year, most tasks are mundane and probably involves pitch book preparation, running porfolio statements and executing simple transactions.
I've got an interview with one of those BB banks and need to know some opinions.
Thanks fellas
bump
Best option is to do a search. This has been discussed many times.
any further comments regarding pay?
BB PWM??? (Originally Posted: 04/24/2007)
I know that there has been some anger about people posting simply for self-validation, so let me assure you that this is not the case with me. I am finishing up my sophmore year,and have an offer from BB PWN. I was curious as to how much a BB PWM internship this summer would improve my chances at securing an SA position next summer. Does anyone have any experiene with this sort of thing or know any one? Thank you for any advice.
It will help you land IBD interviews given the PWM internship was at another BB firm.
PWM is a very common stepping stone for current sophomores that are going to be future juniors and looking at a career in investment banking.
Just do your best to get an SA position next summer. Graduating with just the pwm on your resume will not look good to future employers.
What is your other option whitehep?
Private Wealth/Banking Rankings among peers? (Originally Posted: 04/06/2010)
Just out of curiosity, what's the view on the different Private Wealth/Private Banking Firms out there nowadays from fellow chimps in the industry? Any different in US, EU, or Asia? It would be interesting to see esp. with the new BAML, MSSB, Nomura and Barclay's purchase of Lehman, and JP's purchase of Bear...
In europe the biggest PWM battle will be CS vs. UBS. After the law suit in USA, it lost a lot of PWM clientele to CS.
I think that during the recovery, which incidentally will be no short ordeal, we'll see some big shifts in IB hierarchy. BarCap - we'll see, got some good assets from Lehman, but still not sure. BAML - no chance, have friends working there who say its going down the pan.
Very interesting times ahead; few deals, more comp, potentially more specialisation.
Private Wealth Management (Private Banking) (Originally Posted: 12/22/2007)
Given the rapid growth of the PWM (Private Banking) sector, could we have a forum on this?
Apart from the relationship management roles, the PWM segment is filled with positions in buyside equity/bonds/FX research, discretionary portfolio management and structured products advisory. It will be great if people from this sgement can post comments and receive regular industry updates in this forum.
I second this request.
Not too sure about the case in US, but PWM is definately growing very rapidly in Asia. Noticed that buyside jobs in hedge funds or long-only funds are more sought after in this forum as opposed to buyside positions in PWM, but this is definately not so for the Asian job market.
That's probably because PWM is a faster growing industry in Asia than in the United States. Asian countries, China specifically, are beginning to experience newfound wealth and don't have a good existing infrastructure for private wealth management. Although I guess this doesn't explain why alternative investments aren't growing as quickly -- or are they?
People tend to be drawn to "what's hot."
PWM at BB - Job change (Originally Posted: 04/20/2011)
just curious on thoughts regarding job change....
nearly 3 years valuation/m&a advisory/restructuring experience with very small firms...now have the opportunity for PWM at very well-known BB firm.
any comments/suggestions are much appreciated
double post
only to get more responses if possible. new to the site.
Dont do it. You wont build any useful skillsets if you work out of an office in sales/analysis on a team. If you join the home office on a desk, different experience.
Poisons the well. Once you're PWM, you're not going to be able to switch to a more transaction-based group. Don't just do it for the BB business card.
Not necessarily true. Depends on how long you have been in PWM and what bank you are at. However, I would say that I wouldn't switch unless you are looking for a better work life balance/know some people that will give you money to manage.
Career options for PWM (Originally Posted: 01/15/2010)
What are the exit options for PWM? is a route that looks something like PWM - > MBA/CFA/CFP -> AM -> PE/HF a possible thing?? any comments will be appreciated
I think you'd be safe to drop the CFP from the track. At least for the PE/HF stuff, it isn't needed as much. Now to stay in AM the CFP might be alright, but to elevate to the next level without MBA, the CFA is your best bet.
Just my two cents.
Ya, CFP is pretty much for financial planning. I would possibly add Private Banking to your list of exit opportunities. CFA is best bet as mentioned above.
in my case, pwm(intern) → am(analyst) → MBA → IB (associate)
is that an expected? or actual?
Can you shed some light on the difference between PWM and GWM?
Its my actual path, and PWM and GWM are basically the same thing, only that PWM clients are much higher in net worth than GWM clients. PWM, therefore provides more customized services whereas GWM offers its clients a fixed line of products (customized vs mass-produced)
what is PMW and GMW?
5 year bump...wow
Private Banking :S (Originally Posted: 01/12/2011)
Hello,
I've been reading up on Private Banking lately and couldn't help but to wonder, what body of knowledge or skill do Private Bankers use?
Social skills, sales skills, and broad investment knowledge.
What bank is the largest and/or most recognizable? Is it as difficult as investment banking to break into?
According to Euromoney's annual Private bank and wealth management ranking 2010, which consider assets under management, profitability, ratio of clients to relationship managers and services offered, global private banking assets under management are down substantially YoY, from $11.8 trillion to $6.8 trillion.
Best private bank for ultra high net worth ($30m+) 2010. This table displays results of one category of the Private bank ranking.
Rank '10 Company Rank '09 1. JPMorgan 3 2. Goldman Sachs 2 3. UBS 1 4. Credit Suisse 6 5. HSBC 4 6. Citigroup 5 7. Pictet 8 8. Deutsche Bank 7 9. Rothschild 11 10. BNP Paribas 10
Got these from wiki... I think you need to subscribe to get the original version.
Personally, I think JPM and GS are tops along with NTRS if you're looking at a conservative place (big in Chicago).
At the end of the day, the services/products you offer to your clients are similar. What matters is the relationship with your client and if your pay is based on AUM or commission.
Not as difficult to get into as IBD, but not a cakewalk either. Keep in mind that the industry depends on relationships built on trust. Will a 50 year old that just sold his business for $30M trust a 22 year old to manage it? I think you get the point…. If you’re interested, a PWM analyst program might not be a bad idea. I have friends at US Trust that are working on their MBA and/or CFA to move up the ranks.
Do a search on PB/PWM and you’ll find all you need.
How does PWM actually work? (Originally Posted: 11/07/2009)
Say you are a PW manager, and you are working with a client to "manage" their wealth. What do you actually do? Do you just basically build them a portfolio, or suggest to them where to put their money (i.e., college savaings plan, hedge funds, muni bonds, estate planning)? Also, when working with a client, would your management consist of several of the aforementioned outlets? i.e. going both into municipal bonds and mutual funds?
Trying to get them to invest in products that get you the highest commission. Full stop
The more reputable firms don't just do what balooshi said. All the major banks have moved away from that model in the past 15 years and today it may even get you into legal and regulatory trouble if you make a recommendation that is inappropriate for a client.
JohnWall, put simply you have it correct. The adviser may assist with the entire investment strategy, specific product implementation, etc... it depends on what the firm's services are.
Well, PWM comprises a number of different things depending on the shop. Simply put, PWM is relationship building and management. You build a relationship with the client and, depending on the client's needs, you could advise him on how to plan for the long run, advise him on trading tips and strategies or just be there for research and execution. Ultimately, it depends on the structure of the relationship with the client.
Balooshi, to address your point, while there still are boiler room shops around, due to an increased scrutiny concerning fiduciary responsibility both under securities law and what the government may in fact try to do, high commission products are not always sold to clients if they don't understand them. I know of brokers that have been charged with all sorts of crazy shit because of their desire to do the wrong thing for their clients. Go Figure...
Justanothermonkey, pretty spot on. OP, if you have any questions on specifics regarding PWM, hit me up. My roommate does it at a smaller shop and I'm friends with the guys in my shop that do PWM so I can forward questions on and get answer for ya from the guys that do it.
As you said in the post, much of what BB PB does is wealth management, but other specific investment vehicles are created within the bank to help clients. For many CEOs of companies who use the PB, risk minimization considering huge exposure to their company's stock price is any issue. Some clients get help with employee stock ownership programs, liquidity issues, business valuations and sales, etc. Anything a client needs, the PB can offer it.
Private banking PB (Originally Posted: 08/27/2011)
Hi,
I'm still a student and I realize that IB and S&T weren't for me, I'm not interested in pushing 18h a day or to have my balls on the table. I became more and more interested in Private banking thanks to this forum but I would like to know a little bit more. I'm interested in a client relation job. How the pay compare to S&T ? Your bonus is linked to how many new people you bring in or how your portfolio increase ? What's the day to day at the analyst level and above ? What are the possible exit ops (even if I don't think now to quit PB if I get in, just in case) ?
I precise that I would like to work in Europe (Luxembourg or Switzerland) I don't know what are the difference with the US. If someone can share his views on the subject I would be grateful.
Depends on what clients. UHNW RM's who are managing great relationships can push north of 1mm. HNW RM's will on average be around 250 to 500k depending on what they bring in each year.
Top Banks will pay upwards of $1million to RMs. The industry is also growing very fast so lots of good salaries being thrown around.
Thanks for your answers. I don't understand when you say that the industry is growing very fast because I read an article saying that in the US and Europe the business is now matured, and the growth is located only in Asia.
I would not say that the industry has matured in the U.S. and Europe. But it's very easy to see why Wealth Management is a growing industry in Asia, a region that is experiencing tremendous GDP growth and a bourgeoning upper-middle class and upper class. In other words, Asian people are getting richer, so they need people to manage their newly found wealth, thus an increase in private bankers.
Going back to the U.S. and Europe, there may not be a rapidly growing number of wealthy people, but the industry is indeed growing as it becomes more specialized. There are now people who are experts for dealing with every part of one's wealth -- estate issues, tax issues, alternative investments, credit needs, etc.
As always, Tan explains it better. Read this. Very good insight into the industry.
http://www.ft.com/cms/s/0/906b76f4-eb94-11df-bbb5-00144feab49a,dwp_uuid…
Thank you, very interesting article ! Any tips on the day to day jobs ?
It depends entirely on the role. If you're in RM, then you'll have a very mixed day. You can be travelling one day, and meeting clients to cold-calling (happens a lot at some of the more aggressive desks, e.g. JPM, Barclays and UBS) or you could be just meeting with investment specialists (the names for these guys changes between Banks) to make sure you know what's happening in the market.
If you're in portfolio construction and structured products, then you could be doing a lot of modelling or meeting with legal to make sure the products are up-to-date and match the 'view' of the Bank.
Research is similar to the sell-side. You work on creating a 'view'. This involves meeting companies, company calls, excel grunt work, etc...
Finally, if you're in due diligence (Alts or mutual funds) then you could be doing a lot of analytical work. A lot of the more senior guys, do a lot of visits to meet managers.
Yeah i'm realy interested in an RM role, i don't want to sit in front of a screen 12h a day. I wanted to know what do you do as a junior (=analyst, associate) and the differences with a more senior role.
PWM - Is it all the same? (Originally Posted: 12/01/2010)
I am interviewing at this prominent PWM firm soon (not at a BB), and I've been wary about it from all I hear on this board and from people I know.
Apparently, PWM is on the bottom of the finance totem poll, and has very few meaningful exit opps, if any.
Can someone tell me if this job as an investment analyst seems better than the usual PWM job? Here's the description: " perform various investment analysis functions aid in manager screens, model portfolio performance updates, fundamental and technical research, performance attribution maintenance of various quantitative and qualitative templates. ad-hoc financial and investment projects "
Is this just the run of the mill PWM analyst position?
Also, I am currently interviewing for a few other places, including a boutique economic consulting firm and a restructuring advisory firm. Which, out of these three, would give me the best exit opportunities or put me on track for a better career / business school?
Not in industry, second-hand info
The reason people bash it so much is because there is some sucking-up required and it's service-oriented, PWM is by no means a bad route to go, and as I was reading through the threads on here someone posted a number of exit ops that can come after a stint in PWM. Although, you do have those consulting opportunities which probably will give you far better exit ops than a PWM position will. I'm not 100% sure about that, but I'm close haha
The honest answer is that your experiences in PWM will vary wildly from position to position, as your role depends on the team you are with. If you are correct in your description and doing that type of work, it sounds as though you will be working with group that manages their own custom portfolios, discretionary account management, for clients.
By the by, that's a pretty nice gig for PWM, and is not too shabby at all. That allows you to move into more traditional AM roles as well into the Porfolio Manager space if you so choose to.
To the last question, your answer should not be based around exit ops and B-School, but what you want to do with your life. If you want to do porfolio management, the PWM gig (assuming that you are correct in the job description) might be your best shot and you dont' necessarily need to do the b-school route. If you want to do PE, the restructuring advisory position would be beneficial and you would need to get your MBA. If you feel like running the Fed printing press, then work at the economic consulting firm and do a PhD instead.
It's in the investment strategy group, if that helps paint a better picture.
I am not exactly sure what kind of track I want to pursue, but I know if I do PWM my options are limited.
It's comforting to know that the position seems like a decent one though.
Any other thoughts?
It's a good starting gig.. investment analysts are the ones who make investment recommendations on portfolios.. sort of like a portfolio manager but on a smaller scale.. i know that when wholesalers speak to PWM teams they would much rather speak to the analyst instead of the advisor
Understand what PWM team you will be working with if possible
There are thousands of advisors and teams out there, but understand that PWM firm will be much more valued than at a BB where they can just pull their research from the equity research and strategy divisions inside the bank.
Anyone available through PMs? Since it is different firm to firm, knowing which one it is would allow you to evaluate the opportunity better.
Thanks
...
Huh ?
You're probably better off asking specific questions here. There's very little chance (read: zero) that someone is somehow going to figure out who you are because of your discussions on WSO (unless you have personal info up). You'll have a lot better chance of getting the info you want because a lot more people will see the questions you ask here versus PMing a person or two and hoping you hit gold.
PWM at BB - 3 years valuation/m&a advisory/restructuring experience with small firms (Originally Posted: 04/20/2011)
just curious on thoughts regarding job change....
nearly 3 years valuation/m&a advisory/restructuring experience with very small firms...now have the opportunity for PWM at very well-known BB firm.
any comments/suggestions are much appreciated
Not sure why you'd want to do this now. You will have to go through a few years of being an analyst before actually becoming a wealth manager.
foot in the door with a large firm, potentially transfer to IBD/AM division. company name would look good on resume for other jobs and possibly b school.
it really comes down to getting typecast as doing valuation work for financial reporting, which is the majority of my work.
Not to mention PWM seems like a totally different direction you are going in finance... Unlike valuation/advisory/restructuring your technical skills won't be what drives your day-to-day work life. It will be a stronger focus on talking to clients and putting up with their BS. From what I've seen investing almost takes a back seat to clients. For instance, they would prefer someone with modest returns who is always available to talk than one with abnormal returns and little contact.
I have no idea where you are coming from and have only interned and networked with people in the PWM industry but it does NOT seem like a very fulfilling position for people who enjoy more finance heavy work. That being said, if you still want a little bit of finance/investing and a lot of customer relations work it is a good career.
nycsurf can you tell me in 3-5 bullet points what visions you have of this work?
You may also be highly overvaluing the IBD/AM transfer potential as skill-set specifically obtained through a junior-relationship manager job @ BB PWM (the only job available to you likely) provides 0 capability overlap.
thanks for responses...
DurbanDiMangus... 1. support senior staff (probably more admin) with research/analysis based on client needs 2. build presentations for potential clients 3. first line of contact with clients for the advisors you support
another question... if anyone has worked for GS, MS, Deutsche or any other BB in PWM, can you share your experiences?
i did work for DB/UBS/CS PWM and it seemed like the new financial advisors were:
Supporting senior staff in almost all administrative work, talking to clients, meeting with them (in the office) and increasing client base through cold calling and chasing leads from current clients. You do some research and analysis but they mostly leave that up to the guys who already earned their CFA.
They did build presentations for potential clients but it was all programmed so that you just had a) find the figures you were using (Portfolio Current Value, Level of Risk Aversion, etc) and b) plug them into the system and it would run it for you and spit out a slideshow. Nothing too creative here, simply plug and hit Accept 10 times.
You will definitely be the first line of contact, most time senior members are not even in office, out meeting clients for lunch/dinner and you're stuck answering phone calls like his secretary.
My whole point is that while it is good work and you make decent $$ while doing it, it didn't seem (at least to me) all that stimulating of work.
I interned at a ML PWM office for a year in '08 when the market got owned.
Like what was said before, you are doing more marketing for your group to get clients than focusing on the actual investments. You are going to have to deal with people who have little awareness of the market, and explain to them why their IRA is going in the dumps at the same time they are cursing your existence.
Transferring from PWM to IBD will be tough. If you are thinking AM then a product role would be a possibility.
Realize you are getting away from a financial role and going towards sales if you go this route.
To be honest its really really hard to transfer from PWM to any other part of a firm once you are there. Everything mentioned above is true, you don't develop a real skill set outside of being able to sell what the firm wants and they know that when looking at people internally.
PWM Hours (Originally Posted: 04/19/2012)
PWM
Which are the branches...aka are they the Private wealth branches or a normal WMA branch?
From everything that you just said, I would go with the first offer. You probably won't get much out of the 9-5 job anyways. The unpaid aspect and lack of wanting to work in PWM just solidifies this reasoning.
Take first option, spend your free time networking or at second internship. The right hand doesn't have to know what the left is doing...
Quo enim doloremque id et. Non corrupti in aspernatur dolores rerum commodi ea.
Magni aspernatur adipisci vel sint nemo. Sint ullam dolores autem voluptatum. Natus a quis aut qui quod beatae voluptas.
Aliquid et ullam commodi et. Odit explicabo similique a. Molestiae magni accusantium eos quo possimus ea.
Voluptates est molestiae repellendus distinctio ea. Soluta fugiat sed accusamus consectetur. Dicta aut enim doloremque et. Doloribus quibusdam facere inventore non iusto incidunt. Beatae inventore aut earum et.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...
Autem vero magni et aliquid. Consequuntur sed quas sed dicta. Est labore necessitatibus corrupti illo sunt et et.
Sequi mollitia quia libero blanditiis dolore consequuntur earum. Quas reiciendis expedita beatae voluptatibus. Qui est vitae quia laudantium saepe et et. Voluptas aliquam nihil cum ipsum optio.
Et optio et ipsum sit quidem aut aut. Autem sunt repellat dolorem qui explicabo. Odit doloribus et nulla ea eum iusto maxime. Voluptatem eveniet nulla eos maiores ipsum. Porro consequatur corrupti perspiciatis et. Magni impedit voluptas odio.
Illo in molestiae debitis non dicta illo aut. Voluptatem aperiam quibusdam adipisci distinctio omnis. Vero autem ut neque maiores nulla vel.
Deserunt nemo dolorem et repudiandae provident. Expedita commodi tempora sed fugiat hic sed. Amet suscipit eius omnis minima libero ullam sint itaque.
Harum architecto in ducimus culpa. Ea aspernatur ut sint quis ut rerum. Molestiae ut et suscipit quo dignissimos alias repudiandae. Sit consequatur consequuntur ab. Voluptatibus architecto sit aliquam suscipit.
Non voluptas recusandae aut corporis quia et officiis optio. Voluptatem quas quia eum. Et deleniti asperiores vel repellat mollitia quaerat adipisci. Dignissimos sint deleniti est nemo. Nisi fugiat doloribus ipsa. Quidem alias quis aut. Deserunt vel sapiente natus et repellendus fugit.
Et sit aut quidem voluptates quia libero. Laborum soluta et porro velit officia perspiciatis unde. Sunt eligendi sit officiis enim.
Amet est et enim aliquid. Voluptatem dolores quaerat fugiat illo quasi corporis magnam et.
Explicabo et et et facere. Consequatur sint quasi explicabo. Qui quia hic dolores. Perferendis labore velit est error dolorem asperiores illum. Adipisci eligendi quo consectetur ab aliquid. Et et rerum aut enim accusamus ullam.
In aliquam consectetur ratione quam nulla. Nobis quae omnis enim non dolorum doloremque temporibus dolores. Odit voluptas unde porro excepturi doloribus.
Temporibus voluptas eius quam iste dolor accusamus. Distinctio eligendi voluptatem doloribus architecto. Possimus quod architecto dicta vitae aliquid. Sunt unde unde tempora dignissimos nostrum. Aut eos dolore sit esse. Voluptate neque praesentium velit eum.