AM vs PB vs PWM Questions

AM is typically associated with institutional investors. PB and PWM are basically the same thing and they cater to ultra-high net worth individuals. The only difference really is the total pool of assets per client. PB at BBs usually require a minimum of $25mil to be onboarded as a client, whereas the range for PWM is much lower. 

Generally speaking, if you are a peoples person and love talking to people, then a career in PB could be interesting. The bar to breaking in is much lower compared to other banking and asset management roles. Your job is to help manage your client's portfolio, as well as other banking/trust/estate planning issues that your clients might have. I usually think of it as a task-oriented role as you basically have to listen to your client all the time and do what you're told to do, sorta like a 'person's bitch'. Yes, your job is to give them advice, but if they don't want to listen, there's really not much you can do about it. You do not research companies, and have to 'sell' products such as stocks, bonds, funds etc to your clients to earn commission. This can be hard for some people if you don't find much meaning out of it as you're constantly trying to churn your client's portfolio to generate revenue for the bank. This is an ongoing thing across many PBs at different BBs. They claim they put client interests first but then charge a flat 1% spread on a 3 month structured product (4% annualized fee???). lol.

Asset management typically refers to the 'buyside' or research oriented roles. Strictly speaking, this encompasses everything related to money management, including private equity and hedge funds. But the industry tends to set them apart, and asset management generally refers to your mutual fund/pension fund/sovereign wealth fund etc. Within this spectrum, there are investing roles that can range from equities, fixed income, to multi-asset investing. There are fundamental stock/credit investors who basically try and select single securities that could potentially outperform a predetermined benchmark. You also have asset allocators who don't do security selection but rather overweight/underweight asset classes relative to a policy portfolio. I often refer to these people as 'macro strategists'. Of course, sales roles do exist in asset management but your clientele will more likely be institutional clients.

Hardest to break in is buyside investing, or LO research. Easiest is probably PB or AM sales. Highest comp upside is buyside investing, followed by PB (assuming you have a good book and clients love you), then AM sales. People often talk shit about different industries. In the end, do what you enjoy, work towards it and you'll be fine (although I still think PB is a scammy business full of people who talk a lot but don't know shit).