Which job to take?
All,
I have two offers on the table;
1.) PWM 2 year program at BB. My father has a very large book and is planning on passing it down to me once I am established. I obviously want to build my own book first and have a very good network of potential clients and family money.
2.) Working as a Financial Analyst for a very popular and new style art gallery that is starting to become a very big thing in the US.
thebrofessor What do you think?
family teams can work well, or they can blow the fuck up. have very frank conversations with your dad on what he expects from you, what your role will be, what your goals are, what success looks like, etc. while it's family, you want to leave nothing up in the air.
I'm biased, I love my job, and working at an art gallery sounds awful. PWM is a great business, but where people get it wrong is by not having clarity on the things I mentioned above
edit: just saw your dad's AUM. if he's got 300 milly and he's a solo practitioner, even if his ROA is 60bps, your dad is making in the 800-1mm range per year, that's a plenty big book to go around. what will complicate this is if there are other partners involved. take PWM and never look back
Thanks, I accepted the offer. He works solo no Partners. He killed it early on. It’s a different firm than my dads which I think is a plus while establishing myself. I have a solid network outside of him that I created myself. I’m excited to start. Great compensation as well for the first 2 years. $60k for anyone that is interested. I was going to start a thread of a in the life of a rookie not sure if anyone would be interested.
Seems like such an obvious choice that I think you must be a troll.
You can build your credibility in PWM by getting a name-brand bank on your resume and by going through a PWM program, slowly start building your own book and then merge it with your dad's book, or take a regular old FA job at an Art gallery?
Unless you want nothing to do with PWM, it looks like you just need to get some experience and credibility and then you will suddenly be given a full salary's worth of clients from your dad on top of the clients you built up in the mean time.. No brainer.
Not trolling. Serious question, a former MD of a very large AM gave me the reference for the FA job because the "gallery" or whatever they call it is "cool". I love PWM and think itll be my career so why not take the offer. Also, my father thought it would be cool do the FA job but he's one of those bored PWM guys who have hit over 300M in AUM.
If I were in your situation I would be talking to your dad every step of the way. Ask his advice for what will build your credibility in the eyes of his clients. Ask what experience you need to get and what boxes you need to check before he hands things over to you. Maybe you do a stint as an FA and then spend a couple years working with/for your dad as you transition..
I don't know the PWM industry, but if I had the opportunity to inherit $300M AUM by the time I was 30 I would be doing everything possible to land that.
Agreed, that's my thought process on all of this. Average age of advisors are over 50 so there is a lot of potential AUM from retired advisors in the office I got the offer for.
Are you retarded dude? Take the art gallery gig
A tempora et ratione laudantium ducimus. Architecto quae ducimus esse facilis iusto provident.
Ea laudantium exercitationem non illo. Atque corrupti ipsum et earum consequatur. Culpa et cum et non officiis suscipit. Voluptatum sapiente voluptatem nihil incidunt. Non dolor qui aspernatur accusamus voluptas. Numquam nihil ad quia ut optio.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...