Whats so wrong with Private Wealth /financial advising???

So i basically have an "exploding offer" with a boutique that expires in like 2 weeks....and i have read countless articles on here and other sites on PWM, financial advising, etc...I mean ive spoken to people there and they say they love it....good money....own clients, that type of thing...i mean most are making 200k plus, with the owners counseling athletes and pulling down a few million...but i dont know..everybody on the street tends to say that Financial Advising is a joke..PWM is a highly paid joke compared to IB, PE, HF, etc...i mean idk...so can everyone...and i mean everyone...please tell me why its so looked down on....????? Their offer is 40k + commission...and idk whether i should take it...i never really wanted to be an advisor, CFP, etc etc...but it seems pretty decent...i can do that....or i can get a MSF and try to get into an analyst position anywhere....thanks to previous advice, i have a decent shot at Tulane MSF...and a few others...and basically i just dont know what to do...anyone have any suggestions???

 

Right now, if you don't have any other offers take it and start applying for grad school. PWM may not be a bad career overall except that is pretty low pay for an initial offer - most analyst offers are over twice that in other parts of IB. The other problem is is that since it has a bad reputation in IB if you take that and don't get a CFA or MBA then it is really hard to get into other parts of IB or transfer laterally.

Just my thoughts from the outside looking in. I'm no expert.

 
Best Response

Based on your overall attitude im pretty surprised you even got the job because its the type job that you are pretty much on your own. Its eat what you kill and if you dont want to do it you wont make any money at all. Basically you have to want to do it and enjoy it.

I honestly dont understand how you have not said to yourself "do i see myself doing this". And everyone on the street? WSO is not "everyone on the street". To me it sounds like you care too much about what others think and are setting yourself up to fail. Decide if you want to do this and commit yourself to it.

monkeysama you dont know what your talking about either so please be careful the things you are saying. No one laterals between PWM and IB/S&T they are entirely different skill sets. Also getting a CFA as a Financial advisor is just about totally unheard of.

"Oh the ladies ever tell you that you look like a fucking optical illusion" - Frank Slaughtery 25th Hour.
 
trade4size:
Based on your overall attitude im pretty surprised you even got the job because its the type job that you are pretty much on your own. Its eat what you kill and if you dont want to do it you wont make any money at all. Basically you have to want to do it and enjoy it.

I honestly dont understand how you have not said to yourself "do i see myself doing this". And everyone on the street? WSO is not "everyone on the street". To me it sounds like you care too much about what others think and are setting yourself up to fail. Decide if you want to do this and commit yourself to it.

monkeysama you dont know what your talking about either so please be careful the things you are saying. No one laterals between PWM and IB/S&T they are entirely different skill sets. Also getting a CFA as a Financial advisor is just about totally unheard of.

Sorry, maybe I was unclear. I meant that if he wanted to get into the other branch later he could go for his CFA or his MBA and then try to get into IB (although maybe not S&T - I don't know how useful it is there).

 

Can you elaborate more on what type PWM job it is. Would you be joining an existing team? Financial advisor? Target clients?

I could potentially see the transition into portfolio management but probably not within 5 years probably closer to 10 years and thats only if you really have the experience with doing portfolio management for clients on a small scale. Putting clients into managed money is much more "portfolio management lite" aka asset allocation models.

"Oh the ladies ever tell you that you look like a fucking optical illusion" - Frank Slaughtery 25th Hour.
 

Well...it is a financial advisor role.....they support you for 3 years and then you are on your own basically...you can feel free to be a generalist in any area you choose to be...Investments, Planning, etc....you are free to do whatever you want...pursue whatever you want....What i thought of doing was concentrating in investments...helping clients invest their money all over the place...do that...get the CFA...and go to a portfolio management position eventually...What i originally wanted to do with my life was to run my own hedge fund and what i was going to do was after several years of advising...ask each rich person i managed at the time for an initial contribution and start a fund..but i figure most people would be reluctant to doing it because if they have had an advisor for so many years, i dont think they would want to find a new one....

I originally gave up on my hedge fund dreams because i am not EXCELLENT at advanced math...at the time i read that most HF mangers were highly mathematical...however i am beginning to realize that most just have a bachelors degree in Econ or Finance...so i mean i could get an MSF and go and pursue that again....i mean John Arnold, Steven Cohen, etc dont have Masters degrees...Paul Tudor Jones only has a BS in Econ from UVA...so i mean i dont know...maybe a MSF would give me the knowledge i need to pursue that..

 

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