Career Advice needed - Merrill Lynch PBIG or Morgan Stanley PWM?
I'm new to Wealth Management and have an opportunity to join a team for either Merrill Lynch Private Banking and Investment Group or Morgan Stanley PWM.
Which one would you recommend that would be best for someone just starting, in regards to training, longevity etc.. I already have a roledex that includes HNWs from my PE days.
What are the pros and cons for each? What differentiates the two to include salary, team roles and such?
Thanks for the advice.
Depends on the role, fit and pay honestly
Thanks for the reply. Would you be able to give an overview of some of the roles and range in pay?
What is the role you are considering at each?
Financial Advisor/Wealth Advisor.
Well you're off to a good start by joining an existing team at either firm. They're both at the top of the list as far as AUM. Haven't worked at either, but I came from the UBS WM and PWM side and worked for and with a lot of FA's.
From my standpoint, I would take into major consideration the people/personalities you will be working with. Working on a wealth management team as an FA is a big long-term commitment, and you want to be able to get along with the people you work with. Do they have strong work ethic/motivation? I've seen multiple situations where a senior advisor who is on the edge of retirement doesn't really put forth much effort to gain new business or employ new strategies. Also take into consideration the experience of each team. Which would be better suited to help bring on your leads?
Not sure about the compensation of either. Salary should be easy to compare, but take into consideration the payout on commissions and how it is styled at each. When you bring on clients, I'm assuming commission/production will be split between you and the teams. From my experience that is something that is negotiable.
I had two opportunities to come on board as an advisor. One was with a very large team, another with an advisor who worked alone. Either would have been great and there's pros/cons of both. It just wasn't a career I saw myself in. It's a great career when you're on a solid team and have a firm and management that has your back. Again, I wasn't an FA and haven't worked at either, but those are my opinions from being in the same business and working on the PWM side.
Does not matter one bit which firm you choose. Both will be indistinguishable. 100% of your experience will be dictated by the team you work with. Both these shops have relatively "de-centralized" advisors (meaning you essentially much work for yourself). Training? Don't hold your breath.
Hope this was moderately helpful.
Thanks for the info.
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