Was always puzzled with bankers or folks in “high finance”’s terrible opinion on working with retail wealth managers or opinions on them in general.
Usually they laugh in advisor’s face because they think they know everything and ego etc. Where does this thought process come from and why? Thinking they’re just superior? Or the advisor can’t add value and thinking they will just try and sell them something? I always get the feeling that bankers think financial advisors don’t actually work in “finance” lol
https://rootofgood.com/skip-financial-adviser/
It's an interesting scenario. In many ways, the circumstances / variables surrounding both are quite different in terms of access / success rates.
IB: Tough access- recruits best of the best from top schools, etc. Success - clear path / track = do a good job and you typically move up or into desired field. Tough to get/ easier to succeed. (not saying it's easy, but defined well for a grinder)
PWM: Easier access- much easier to get position. Success - much harder / failure rate (once you have to go out and build your own book - maybe different in the newer team approach roles within PBs) is close to 90%.
The average PWM who makes it does quite well and the IBers resent that because they see it as a much easier path, less hours etc. However, they only see the successful 10% and have no idea how tough it was for the 90%.
Totally different dynamics at work.
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