Wealth Management Pay
Curious about the pay in WM at top BBs. What’s the pay like from junior to senior level. Is it all about building your book? Anyone have any insight?
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Base salary is relatively low (around 70/80k) for juniors and after a few years, comp is entirely based on commission
Is it possible to make 7 figure in WM if you make it to the top at top BBs like GS JPM MS?
Yes. It's less about the firm and more about the book you build. Each FA is like an individual business
Yes, if you make it to the top at one of these places in a top market, you are making several million/year
base at JP is high i think 110k something like that, not a wirehouse
private bank salary at jpm for an1 is 100k, stingy fucks need to bump it up to 110k
Highly dependent…a lot of teams in wirehouses in BBs basically run their own business and sometimes the firm will give them money to pay for an associate. Usually entry level is like 70-80k. There are some places like private banks in BBs or large PWM teams that could pay more…you’re never going to be paid well in that segment unless you are a producer…or you are someone who is like CIO at an RIA managing 1bn+.
the average advisor is older, so the idea is join a team and catch some equity as the firm buys the book. Thus giving you equity. The book (if it’s advisory, fee based) gives you an annuity like stream of income. it just varies. At my old firm which was a BB I’d say the average tenured advisor in their 50s was making around $500k/year. At the very top people were making $12mm+ maybe more. There were quite a few people making $1mm+. Then there were some making maybe $250k. I also knew some associates making $250k paid by the owner of the book at a BB but he has his CFA and was doing a lot of the grunt work like financial planning etc. he was the next in line to inherit everything. I actually think going to an RIA and becoming an associate advisor is the move these days. Simply because a lot of the BB advisors aren’t great business people, just good at the job. The RIA owners comes from the BBs and have a different mindset. They understand equity, importance of delegation, and ultimately have a better sense for running a business.
overall, the sky is the limit in that industry. I don’t think you’ll be making PE money or IB money, but the possibility is there. It’s on you to bring in clients and make it rain.
Thank for the info
Would you recommend start at IB or PWM?
Completely different jobs, what do you want to do? And why?
At it 30+ yrs. I'm an independent (always have been) but know many in the wires, PBs, etc. Comp formula is different everywhere but suffice to say, if you are good with clients and build a book, you can certainly make 7 figures. I know many (like lots and lots) who do. I know a few who are in the 10M range and many in the 2-3M zone. But for every one of those there are likely 50 - 100 who washed out in a few yrs. Just the nature of the beast.
You need to know the markets, be good with people, know financial planning concepts and be able to close! On top of that, you need a system (marketing). Could be as varied as becoming the go to advisor for a F500 company and getting all their 401k rollovers (know a guy who does nothing but that), the local boot strapper who hung a shingle and built his business via the Chamber, Rotary, etc., or perhaps a PBer who gets referred C-Suite clients from the CIB. Manny many ways to build it, but you need a system. Thinking in terms of just pure money mgmt, you need at least 100M aum to gross 1M (independent model) and much more if you're at a wire (at least 2x-3x). Takes time but once the snowball starts growing, hard to stop the train!
Thanks for the info. Basically, if you make it to the top with a good skillset you can beat IB/PE pay?
top ib/pe comp > top wm comp. But yes, if you make it to the top of wm, it can be more lucrative than average ib/pe pay with better wlb. The wm career ladder is not as clearly laid out as in pe/ib tho
there's really no "top" unless you mean the MD at a PB or something like that. Even so, it's still a function of AUM. The MD with $1B is making a lot less than the MD with $10B. Know an independent guy how manages about 500M. He's probably making more than any of the MDs. He gets a 95% payout, owns all the offices (RE - like 10 of them) and does a ton of life insurance / annuity biz on top of the 500M. Does a national radio show and gets splits on all the biz he farms out to other parts of the country. Marketing genius! Guy's only in his late 40s.
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