Advice for starting Wealth Management Career
Hey Fellas,
I got a buddy moving into the industry fresh out of the military I’m trying to help him out.
I’m familiar with most of the day to day and trade offs of how wires vs rias vs independents work because I’m a wholesaler so I can advise him there.
But I’m curious for those of you starting in these roles or established what he should choose.
Let’s say he’s between joining a UBS or Merrill program or joining an independent group like Webster bank or pnc. He wants to create his own book long term naturally but what would be the best option for him to start, get licensed and have on paper for future lateral or internal development to have the best opportunity to grow into a full fledged self sufficient advisor. I know the Merrill financial solutions job is a grind and different from being on a team but not too familiar with how a ubs or Morgan develops their new people. Sounds like most of his roles will start as an inbound rep with some outbound mixed in.
I’d say a role at an ria is the best case scenario but that’s not on the table. Looking for some input here really appreciate it.
Based on the most helpful WSO content, here's what your buddy should consider:
Wirehouses like UBS or Merrill Lynch: These programs are structured and provide a solid foundation for someone new to the industry. Merrill's Financial Solutions Advisor role, while a grind, offers a clear path to licensing and experience. UBS also has a strong reputation in wealth management and provides a good platform for building a book of business. Both firms have established training programs, which can be invaluable for someone transitioning from the military.
Independent Groups like Webster Bank or PNC: These might offer a more flexible and entrepreneurial environment, but they may lack the robust training and brand recognition of a wirehouse. If your buddy is looking to build his own book long-term, starting at a wirehouse might provide better resources and a stronger network to leverage later.
Long-Term Goals: If the ultimate goal is to become a self-sufficient advisor, starting at a wirehouse like UBS or Merrill can provide the necessary training, licensing, and credibility. Once he has built a solid foundation, he can consider transitioning to an independent RIA or starting his own practice.
Inbound/Outbound Roles: Starting as an inbound rep with some outbound responsibilities is common in these programs. It's a good way to learn the ropes, understand client needs, and begin building a network. However, he should focus on transitioning to a role where he can actively build his own book as soon as possible.
Military Background: His military experience can be a strong asset in wealth management, as it often translates to discipline, leadership, and the ability to build trust with clients. He should highlight this in interviews and networking opportunities.
Encourage him to weigh the structured training and brand power of wirehouses against the flexibility and entrepreneurial nature of independent groups. Starting at a wirehouse like UBS or Merrill seems like the best option for his goals, especially if an RIA role isn't currently available.
Sources: Private Wealth Management/Private Banking Guide for Associates, People wondering whether they should quit their IB job to join the military, People wondering whether they should quit their IB job to join the military, Q&A: CFA Charterholder, left finance to join the Army, now going into IB, https://www.wallstreetoasis.com/forum/wealth-management/qa-a-bored-financial-advisor?customgpt=1
If he wants to build his own book long-term, starting at a wirehouse like UBS or Merrill is probably really the best move. Merrill’s program is a grind, no doubt, but it forces you to develop sales skills early, which is critical in this business. UBS and Morgan have more structured training programs, but the early roles can be more service-oriented before transitioning into full advisory.
Going the independent route at a place like Webster or PNC might be a smoother start, but it won’t carry the same prestige or structured development, which could make it harder to lateral to a better opportunity later. If he’s serious about growing in the industry, a wirehouse will give him better training, a bigger brand behind him, and a stronger foundation to eventually go independent when he’s ready.
Thank you this is what I would imagine is this the case. essentially choose name brand wire for the best base career foundation unless the indi team he’s joining will specifically develop him fast track
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