Hey y’all - I recently got an offer to join a BB’s PWM team at a tier 1 city (San Francisco, Houston, Chicago,etc)
What’s the difference between PWM at Morgan Stanley or Goldman Sachs or JPM?
Are they all sales oriented or does the work vary within each BB?
Thanks
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They will tell you that they are very differentiated, but there really isn't much of a difference at all, just the name
I don't actually work in PWM right now but from my understanding, there's actually a fairly significant difference in terms of the team structures. For example, JPM PB operates under a "integrated team" model which consist of a banker (relationship manager), investor (investment specialist) and other specialists for tax, trust/estate planning, lending, etc. Comp is also base + bonus, which is different than what MS and GS offer (commission).
I may be mistaken, but I believe the MS PWM model involves a Private Wealth Advisor who is solely responsible for his/her own clients (where as the entire team shares clients at JPM), and is supported by associates/analysts. I believe GS is similar to this.
Generally, PWM is a sales oriented role so many positions will be sales focused. However, roles investment specialist will be more geared towards portfolio management obviously. Hopefully someone who works in this field can provide more color.
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