Should I consider a financial advisor/PWM career if I have connections?
I realize that PWM is generally looked upon as a freshman summer internship gig, but what about as a career? Here's my situation: about to graduate college in June, and two options: equity research analyst job, or PWM in my home city (large city) where my family is very well known and connected (not trying to brag, just saying). What would you guys do if you were in my situation? I realize that even with a much easier time building a book given my family's contacts, I'd still have to hustle. I guess while I do enjoy actual investing, I'd consider myself a good "people person" and making 400k+ a year working 8-5 M-F sounds nice if I could reach that stage. What say you guys? Anybody working or who has previously worked as a FA please chime in.
Doesn't PWM pay something like .5% of AUM? if you can rack up clients totaling 80 MM than go for it.
PWM is great gig if you can build the book. Getting paid to take risk with OPM is the way to go and PWM is probably the lowest stress way to do so.
Why not work for a bit, gain some knowledge of the markets (and enhance your credibility to future clients), and then go back into PWM? Not to mention you'll probably meet a few more potential clients during the ER gig. Something to consider.
you have to like sales, not just be good at it. i would be bored as fuck doing that and i don't think the awesome lifestyle would make up for that. really depends on you.
ER > PWM...all biases aside. That being said, if you really just want to connect with people and you think that's where your skill set lies, do PWM. Personally, I would rather eat a live scorpion than do Private Wealth - it always seemed a little Ponzi Scheme-ish to me...
+1 to notaspammer's comment - the additional credibility you gain in ER would be a tremendous asset for PWM.
Work and build your network of future clients now. That way you can have an early retirement and just let the money roll in.
So is the general consensus that a few years of "real" asset management/ER experience is better with nothing to lose, and then go to PWM maybe, given the improved credentials, contacts, and work experience? Buybuybuy your comment seems to imply to start in PWM asap?
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