Differences between BB PWMs - UBS/ML vs JPM/GS

PWM is generally looked down upon, except for the opportunity to add "name" to your resume.

Just curious, what is the exact difference between these two categories of PWM gigs/shops?

I heard ML/UBS gigs are usually bich work. Would that be different for JPM/GS?

Read a lot of conflicting opinions on this forum about say JPM PWM/PB (some good some bad).

6 Comments
 
Best Response
BTbankerNo discernible difference between any of them. GS is obviously the one that looks best though, followed by ML.
Disagree. ML/UBS/GS are all commission based sales. JP Morgan is salary and bonus and focuses much more on the lending side than the others. JP Morgan clients are really the firm clients whereas at the other three it is almost 100% cold calling/networking. The ceiling at JP is lower, but the risk is much lower as well. For an internship, it may not be a big difference, but for full time, the difference is huge.
 
SirTradesaLot
BTbankerNo discernible difference between any of them. GS is obviously the one that looks best though, followed by ML.
Disagree. ML/UBS/GS are all commission based sales. JP Morgan is salary and bonus and focuses much more on the lending side than the others. JP Morgan clients are really the firm clients whereas at the other three it is almost 100% cold calling/networking. The ceiling at JP is lower, but the risk is much lower as well. For an internship, it may not be a big difference, but for full time, the difference is huge.
Yeah, I was assuming OP was a college student looking for pwm experience.
 
SirTradesaLot ML/UBS/GS are all commission based sales.

This does sound a like rather brutal, eat-what-you-kill system. Do their new hires at least get some draws for the interim to be deducted from future commissions?

Too late for second-guessing Too late to go back to sleep.
 
brandon st randy
SirTradesaLot ML/UBS/GS are all commission based sales.

This does sound a like rather brutal, eat-what-you-kill system. Do their new hires at least get some draws for the interim to be deducted from future commissions?

i know ml gives salary in the "training" period and helps new fa obtain clients. u have to reach certain targets to stay in the program. but after that, its pretty much on ur own
 

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