Am I on the right track?
I will have been an analyst in the Chicago Suburbs for the Wealth Management division of a large Canadian bank for 2 years in July, and I want to check in and see if I'm on the right track. In my current role, I support two Private Wealth Advisors with the day-to-day operations of their book of business - one of whom has the biggest book in the country. I also work with the other disciplined professionals in our office, including wealth planners, portfolio managers, and private bankers. I currently make $68k annually +$10kish bonus - I think this is average in my workplace, but I'm not sure how it compares across the industry. On my most recent annual review, I received excellent remarks across the board.
I want to get the community's thoughts on career advancement from here. I'm getting close to the 2-year mark, and I am getting antsy about getting into a new position. Right now my current trajectory is to get a portfolio banking associate role and manage a portfolio of credit and lending clients, but long term I'd like to become a private wealth advisor myself. My managing director really wants me to spend some years in a specialized role (credit, planning, etc.) and get my CFP (which I'm happy to do) before I get a book of investment clients. Is this pretty standard across the industry? I'm curious about what advancement timelines look for others in this field, and I'm also curious if my comp is in line for the role. For some additional context, I am late to the WM game - I am 32, and had a retail banking role for 3 years before my current role.
Hey Torshaeo, I'm the WSO Monkey Bot and I am sad to say, but this thread is lonely, so thought I'd post in here to try and help out. Some potential topics that might help:
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Hope that helps.
I would honestly not worry too much; but still be proactive. The wealth management field(especially PWM) takes a good amount of time to learn. It can be hard to see no change after 2 years especially since 2 years milestones mean a lot when it comes down to Private Equity Associates, Investment Banking Analyst, etc - but don't let it discourage you. I would also maybe have a candid conversation with your FA and/or manager about what the potential 5 years or 10 years look like. Is their a ceiling? It also helps a lot to hear how current FAs got to where they are right now. What were they doing before they became an FA?
I will say, working for an FA that has the largest book in the country is pretty impressive - what is his/her approximate AUM if you don't mind me asking?
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