Alright, folks: I'm going to let it all out. I'm around my late twenties/30, and I've made a decent living being a Financial Advisor at a reputable BB/PB shop for most of my career. Think JPM/GS/AB/WF/UBS/BNY/Northern Trust/MS/ML. I currently gross 225k+ working roughly 40-50 hours, but anticipate my income going down to 150k in a few years when the industry undergoes more changes. Essentially, most shops will stop paying advisors on accounts under 500k and also lower commissions on certain products, so overall compensation will drop.
While this sounds like good income, that's far from the truth. All of my other friends are seeing raises & promotions, and I'm here aging (and seeing a reduction in income), so I think it's time for me to start looking around to see what other available options are there. I'm willing to take a reduction in compensation, down to roughly the 130-180k range, but would like to see some stability and normalization in future career trajectory. Problem is that everywhere I'm applying to on Linkedin or Indeed has not given me any opportunities for even a simple phone screening. And, the ones that have interviewed me told me that I'm just a salesman with no real transferrable or technical skills. This is even in spite of me finishing up a PT MBA at a T10 school, with a top GMAT score. I got into several T10 full-time programs, but since I live in an area that contains a T10 school, I figured I just attend part-time since my income is already higher than most post MBA's.
I've been advised by recruiters to study the CFA, but before I even begin this long painful journey of more additional years of studying, what do you guys think? Is it hopeless for me to rebrand my career? I am willing to risk it all by doing a summer internship, but before I give up my entire book, I want to know that it's absolutely hopeless otherwise than to do just that--be a summer intern and/or do the CFA. Are there any other roles for me out there without having to do either?
The reason you're not getting call backs on Indeed and LinkedIn is because...that's not the way to go. No one is going to call you back from those things - I don't care what your resume looks like. Best you'll do is a screening call, and then never hear from the recruiter again.
You need to be strategic and in it for the long haul. This is going to take a while. Leverage your MBA and UG network - have coffee / a beer with as many classmates as you can get your claws on that do something even remotely interesting to you. If they're not in your city, do a phone call. Look up people in your alumni directory and start reaching out. Cold email if you have to, or better yet get someone to introduce you.
Pitch your story and see what people have to say. It'll probably take a few months of doing this before you've got your story down and have a couple of directions you want to focus on. People will help you think about this and tailor your experience (and resume) to get the next thing. If you've have a BB name on your CV and a top 10 MBA, you're probably at least half way marketable.
Also, I know it's a different direction, but have you thought about start-ups? Bay Area for one is hiring like gang busters and I bet your PWM network and ability to build business would be worth something. What if you worked at a start-up for a couple years to rebrand yourself? In my experience, many start ups actually do pay better then similar "corporate" positions...because they really want to attract talent.
+1 SB. A start-up is surprisingly something I've never considered before. I'll take a look into it.
But, can anyone reference a specific example of someone who was ABLE to leave PWM? The quietness of this thread is sort of alarming...
I have a friend that did PWM at JP, got a top 5 MBA, and is now at MBB. But, that route uses the MBA to pivot, which you’ve passed at this point.
Ahhh...which group of MBB did he end up in? Asset management? Financial services?
It's a woman, and none of the above. Generalist program until you make Manager at a minimum, possibly all the way to partner
In a similar spot but work with an independent RIA. Looking to make a switch. Started off out of UG with with a smaller HF and moved to the RIA as a PM before moving to an advisory role. RIA i've been with has about $500M in AUM and don't want them knowing im looking to make a move. I seem pigeon holed trying to make a move to anything outside of PWM or Asset Management. Would like to land a Business Development Role in PE, or SaaS sales or consulting. Made about 150K last year and 180 year prior. WIlling to take step back to 100 to 130k. No MBA but may go that route if that is what it takes to get out of the pigeonhole.
What happened with you?
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