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Just because someone is an ibanker doesn't necessarily mean they know the best places to invest their money. I'm hoping as you have an offer in hand you know how much being a Banker differs to being an Investor?
I couldn’t agree more, I founded the investment club at my Uni and manage a portion of the endowment fund. I think I could do a better job than a typical financial advisor, but I’d really have to spend a lot more time than I’ll come close to having when I’ll be working full-time.
Index funds and forget about it
What about all the other offerings financial advisor help with, trust, setting up tax accounts properly, etc. If I have so minimal time it’d be great to have a professional do this and to help me find alternative investments once I’ve become an accredited investor.
As a junior or mid-level banker, you don't really need that assistance. At some point, once you have kids, you should get a lawyer to help with trusts and your will. Taxes are pretty straightforward as a W2 earner and only get complicated once you start investing in private partnerships. Unless you are seriously UHNW, your advisor won't be able to get you into any good alternative investments - most of those will come from your network or through fund investments.
A lot of more senior bankers have advisors. Investing is a small part of what an advisor does. When you become wealthy you need to worry about financial planning, estate planning, lowering your tax bill, etc. index funds can’t do any of those. It’s also easier to hand discretion to an advisor so you don’t have to deal with compliance and pre-clear trades.
After spending all of undergrad and literally thousands of hours trying to beat the market and writing research papers and relentlessly reading stuff, I can assure you that the stupid sounding boomerisms of "long the market and forget about it" and "just index" are unironically the most solid advice I've ever recieved and call tell you that just by looking at HFRI, it's not only arrogant to think you can beat the market, it's also just kinda pointless in aggregate. Yes, you can make 100% wins in a few days, I and a lot of people I know have done this, but in aggregate, it's very hard to beat the market consistently as a totality of your AUM. It just doesn't really happen and vis a vis your efforts, it's just kinda pointless to try. Either just load up on the SPY or buy the triple levered index funds and leave it, or every once in a while dump a bunch of money on blue chips who are down bad (like PayPal right now, which is severely, severely undervalued). For the most part, just leave it in index funds.
+SB for the longing the market and forgetting about it
But just wanted to say I disagree with your PayPal comment. Paypal's NTM P/E of ~35x is not necessarily 'undervalued'
Yeah think I'm going to actually agree with you, it's not really undervalued, but I want the broader point to stand that indexing really does just work better. That being said, any time a blue chip drops immensely, in the long run it's usually a better decision than not to buy in. But yes, looking at it again, don't think PayPal is as undervalued as I thought.
The fact that you called PayPal severely undervalued tells me two things: you have no idea how the market works and you have no idea how the market works.
Well, I’ve beat the market every year sense I was 16 (6 years now) I’m sure I could do it going forward – it’s not too difficult if you have a good teacher. One of my dads clients is my mentor, he manages high net worths money (50M+) and fought me a lot of what I know. However, it does take a significant amount of time and effort, that of which I won’t have working full time in IB. I’d just hate to see my returns dampen because I’m busy with my work.
Wealth management isn’t limited to just investing. A lot of it has to do with estate planning and tax advantages. Can a competent banker invest his own money? Absolutely. Though wealth managers can be helpful in those other aspects.
Junior bankers don't need it. You're a W-2 employee so your taxes are straightforward. Maybe an accountant if you really don't want to do your taxes yourself or have some reason to itemize. Senior bankers that earn enough that they might be diversifying into more illiquid assets, and who are older, may require other services, but IMO a wealth manager is usually a waste of money. They're really just for if you don't want to manage the headache of investing your own money, hiring an estate attorney, hiring a tax accountant, etc. but for most bankers none of that would take a ton of time to do.
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