‘Inherit’ ~$500M WM Book Vs. Corp Dev / Strategy — Which Should I Take?
Burner account. 28M, did 3 years IB (not BB, think large regional). Also got CFA along the way. Left for a corporate dev/transformation role (think McKinsey Transformation) at a mid-market PE-backed manufacturer.
Family’s long time wealth advisor has a 30yr book of business (I’m guessing north of ~$500M but don’t have specifics), at the same large regional I did IB. He’s offered an ‘heir apparent’ role to work with him for 2-3 years then sell the book to me and the firm supports transitions.
Is it dumb to pass on this opportunity and stay in strategy / corp dev?
Assuming you like this line of work and are ok with a more entrepreneurial profession (which this is, albeit with a substantial running start), I would 100% take this over strategy / corp dev. The latter is an undifferentiated, “general population” corporate role, the former presents autonomy and greater impact / responsibility, higher current and potential earning potential, and you can always sell that business in 5 years and go back to corporate if you want to.
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