BB S&T (Trading) to PWM?
I know that people who enter BB S&T trading usually enter with the intention of trading for life as a career. But I also have heard from several accounts that one gets easily burnt out trading, especially as one reaches his 30s (could someone in BB S&T verify this?).
In this case, would it be easy for someone in BB S&T, to transition over to PWM? Logically it seems like having experience trading fixed income or equity products will be a huge advantage when taking the route of an FA in PWM, however I have searched but not seen or heard of any instances where traders transition over to PWM.
I just feel like working 60-70 hour weeks in S&T might still be exhaustive for someone with a family and moving over to PWM (45 hour weeks eventually) and easily earning mid 6 figures is a good place to transition to from the hectic, stressful days of a trader.
Any thoughts?
Never heard that kind of bullshit
Trading is not only talent, also experience. Why should BBs lay-off their well experienced guys to take young rookies ?
There were some guys under 30 who had done pretty well before the subprime crisis Boaz Weinstein and Greg Lippmann, but they had massive losses, cause they were young and unexperienced, aggresive and not disciplined.
What traders work 70 hour weeks?
If you have this mindset now, you might as well do PWM from the start.
70 hours is on the higher range (think structured credit), more market oriented stuff is closer to 60.
Working 45 hours in PWM, are you joking ?
You have to work on saturday, you have to meet clients, join meetings and visit conferences.
PWM is great if you come from a rich family with a rich circle of friends.
For example, Credit Suisse basically pays you salary for 18 months and then it's 100% commission and you're expected to bring on 70-80M in AUM by 24 months. You get some help from your team, sure, but the vast majority of that 80 mill needs to come from you - and you're not getting that unless you have a super deep-pocketed network.
I went to a 3 hour event on this stuff and I have 3 friends doing PWM at various firms now. Some love it and some flame out quickly...so before you even ask that question you got to see if PWM is even for you.
A friend who was a trader at Knight for 10 years went into PWM at ML. He said he took a huge step back in salary since you get paid pennies in the 2 year FA program but once you start bringing in money (~100 mill AUM) the money is pretty good. You gotta get lucky and get some big clients with big friends. Not many people trust a young guy in PWM but if they see you at 35, they may be more likely to talk to you. Which is why it may not be such a bad lateral after trading since you have the experience. The hours and lifestyle are amazing.
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