CRE -> WM
I am feeling the pain of being on a commission only* structure. I am also not scratching the finance itch that I so enjoyed while in UG completing a Finance major. I am almost 30 and contemplating a move to WM/PWM. I love sales, but ultimately, I feel incomplete and unsatisfactory with my current career outlook. I like the compensation structure of WM as the book builds up. I have a few connections at WM branches of name-brand banks. I am even contemplating the CFA I just to kick things off.
I DIGRESS! lol Has anyone moved from CRE to WM? Or anything to WM? I know WM isn't considered high finance to some of the more snooty posters on here. But in my opinion, neither is CRE.
It would be great to hear of any monkeys who are currently in WM, as well.
Was in WM, left and potentially could go back into it. The eat what you kill model is the same in wealth management if you are trying to build a book with a wirehouse. You’re right, the difference is if you can build a book, it’s an annuity that will continue to pay. I can also say this, you may not scratch the finance itch in WM. You’re following the markets but at a really high level. You just have to communicate it and dumb it down for clients. After working where I am now, I do realize how much I miss the entrepreneurial aspect of the grind…personally managing money for clients who trust you is a feeling that you really don’t get in many other jobs. It is a grind though and if you can find someone who can give you a chunk of their book to manage, that would be the most realistic and probable path to success. If you are going out on your own, realize that it’s probably the hardest selling position in the game. You may have your “firm name” behind you like a ML or a Morgan Stanley…but clients care only about you as a person. If you love sales, and you like working with people on a more personal level, I say make the jump. You can craft an interesting story for yourself with your background in commercial real estate. So many hnw clients have their assets tied to real estate. Anyways, I’d recommend networking with your advisor friends and learn more about the industry through them
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