Looking at some rotational analyst programs at different BB (MS/GS/UBS) and I was wondering if this is a good place to start a career given the emergence of ETFs and super low fee index investing.
I don’t know much about PWMs except that they manage the money of high net worth individuals for a fee. If they can just pay a few bps to Vanguard or another platform, is there really any use for PWMs and does this mean comp at the higher levels at these BBs will go down? My friend who’s an incoming PWM analyst at one of those BB said some of the higher level people at the firm are bringing in around $1M comp/year and that just seems impossible given the state of the world now but I would love to hear some thoughts?
