top-tier firms PWM
does everyone know what is the salary like for top firms PWM? and what are the questions they like to ask? any ibanking related questions? has anyone had any experience with PWM interviews?
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your pedigree and people skills.
my advice to you...avoid pwm AT ALL COSTS.
why? I know it's kind of boring, but what if it's a BB firm? Would it be worht working for a few year and building up your credibility? and plus moving inside of the company lets say to IB would be easier and i know for the fact they first hire internally and then from the outside
Here is an answer to your salary question. I'm pretty sure it's for analyst compensation and not associate compensation.
http://www.wallstreetoasis.com/node/1182
Right now this is a job. If I advance any higher in this company, then this would be my career. And er... Well, if this were my career, I'd have to throw myself in front of a train.
Actually, the going word on this board is that, even internally, if you're trying to switch from PWM to IBD, you still go through the same interviewing process as everyone else. In other words, you derive little to no benefit if you wouldn't have been hired for the IBD position in the first place.
Right now this is a job. If I advance any higher in this company, then this would be my career. And er... Well, if this were my career, I'd have to throw myself in front of a train.
what kind of questions do PWM people usually ask?
they ask similar questions to asset management....
why is it that everyone hates PWM? i have understood that it is less work than sales and IB but with the potential to earn just as much, if not more? sorry if this perception is completely wrong, but im new to the site....
PWM is easier work. You deal with individual clients worth a couple million bucks, not billion-dollar businesses. You basically take old folks' money and pick managers to manage the money. You allocate their wealth based on their needs, deal with a lot of legal stuff, etc... and I am talking about the financial advisors (VPs) - these guys find clients and bring them in through referrals, cold calling, advertising etc. It's relatively easy work compared to the rest of finance. You leave at 6 or 7pm usually, and many guys leave at 5pm sharp. The "analysts" and "client associates" just do grunt work all day - filling in trades, allocating money between different managers, moving money from here to there, filling out all the paperwork and dealing with terrible, complicated systems. You also take calls from the clients and may even act as a secretary to your financial advisor. At many places you do a lot of cold calling to get new clients.
If you are a VP with a lot of clients, you can make a lot of money living an easy lifestyle and working at an enjoyable, relatively easy job.
But I would not want to start out my career in PWM. The entry-level guys/girls don't get much experience, and no transferrable skills. Exit ops are weak.
Wait until you're 40 or 50 and have made a lot of money and met others who have a lot of money, then open up your own financial advising business.
ok thanks i understand now
actually one more question...where do the PWM guys/girls earn the money from? large base salary? commission or bonus?
you think dealing with clients who've lost money in the markets is easy? Any money manager will tell you its easier to deal with institutions than private clients... When you lose 15% of a corporate pension funds investment, as long as you beat the benchmark you should be ok... Try doing the same to a private client - whether you beat the benchmark or not - he'll bad-mouth you to every person he knows...
Great point. Institutions were very happy their funds were not down as much as the S&P during 2008. Boy, if you are a retail money manager you better have your clients in cash.
I am talking easy because it's not as stressful as other jobs in finance. In IBD there is always pressure to get things done urgently, even when you're an MD it's a stressful lifestyle traveling everywhere and pleasing clients. In PWM the pressure is lower across the board. Yes it sucks to deal with clients who have lost money, but I worked in PWM through the crisis and all the clients cared about was that we were there for them. The FA would meet with the client and explain everything, the risks, the clients' goals, etc, and together they would come up with a plan to keep the client's money safe yet in a position to recover. The clients weren't happy about losing money, but ultimately they care more about knowing that they are getting good service - they know the FAs aren't traders and that they are there to guide them through the process of managing their investments, not necessarily to maximize their potential profits. FAs rarely pick stocks for clients, at least where I worked (a brand name BB) we did it all through asset managers like BlackRock, and a big part of the FAs job is getting their ass kissed by asset managers who want to sell them investment products.
So yeah there are some stressful portions, but still it's a far cushier job than IBD or a HF, where your ass is constantly on the line. Try being a trader and knowing that a few bad trades could get you sacked... or try being an IBD analyst working into the night on a regular basis. In PWW my FA left by 7pm every night, one time we stayed until 9pm and one time until 2am, but that was it. And those times it was because we had a last-minute client that wanted us to pitch them, and it was ultra-high-net-worth type of people with lots of connections, otherwise we wouldn't have stayed late. The stress factor in the rest of finance is just much higher.
You said you worked in PWM? How was your experience?
PWM isn't a bad place to be long run (nice pay, nice hours, respectable, interesting perhaps), but if you're trying to use PWM as a means to enter into IBD then you should reconsider your plan. It's extremely hard to transfer. You'll learn much more important stuff in Big 4 then you would in PWM... which isn't to diss on big 4 - cause big 4 people actually tend to be very useful/knowledgable (in my experience), but it's just to say that if you're going to take an easier job to get than IBD just take a big 4 job instead of a pwm job.
What about PWM coming out of an MBA program? What is the salary? I'm actually looking for some decent pay with good hours.
I think this is probably the best time to go into PWM if you're in it for the long-haul. You should have a lot of MBA connections you can tap for clients, by now you have some credibility since you're probably closer to 30 (or on the right side of 30 - people don't want to give their money to 20-somethings), and your MBA degree adds trust to your name. I know a lot of recent MBA grads who are on FA tracks at the BB where I worked - within a few months of them getting there they turn into FAs and start bringing in clients and building their books. I have no doubt that in 10 years if they play their cards right they will have a healthy mix of clients, will be earning a good deal of cash, will have time to spend with their kids, etc
It's really interesting. It sounds like PWM is the type of business, if you bring enough clients in and manage it, you can make a substantial living and not have to work 100 hours per week. Why do people on this board seem to criticize it so much?
where do their earnings come from? commission? bonus? big salary? how does it work?? can anyone help clear this up for me?
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