How Little Can WM Advisors Really Work?

From experience talking to advisors and reading some of the insight here on this forum, I understand that the general career arc of an advisor is to spend a handful of years grinding to build out your book, and can more or less go on cruise control once you are content with your AUM. What I'm wondering is how low can you realistically get your hours down to once you're established and not spending much time on business development? I've heard anecdotally of older advisors who put in as low as 10-20 hours a week and spend time at vacation homes at will, but also have heard that it really never gets below 40. 

Curious to hear any insights.

Comments (7)

Most Helpful
1mo
rickle, what's your opinion? Comment below:

This is a foolish question. You don't go in to a career thinking about how little you have to work. You go in thinking about going balls to the walls, running 100mph, building a great book and managing it. Yes, if you're fortunate, skilled, and a very good business person, you'll be able to staff accordingly so you only have to work on revenue generating and relationships. Maybe that will equal fewer hours than most. Maybe it won't. I have several high 6 / 7 figure colleagues and they're all different. Some are total workaholics. Some have staffed out so they only touch one thing and are pretty chill. It all depends on you AFTER you have run 100 mph for quite some time (or those choices never materialize). Focus on that, not the vision of not having to work. It may appear that way for some, but trust me, it's way more complex than that. Been at it over 30 yrs. 

1mo
theAudiophile, what's your opinion? Comment below:

rickle

 Yes, if you're fortunate, skilled, and a very good business person, you'll be able to staff accordingly so you only have to work on revenue generating and relationships. Maybe that will equal fewer hours than most. Maybe it won't. [...] Some have staffed out so they only touch one thing and are pretty chill. [...]

This is gospel. It's about staffing correctly, having been that staff.  Building those portfolio analyses, insurance illustrations, calling attornies to consult on possible wills and trusts? Staff spend hours for the advisor to hold a 20 minute meeting.

  • 2
1mo
rickle, what's your opinion? Comment below:

100%. And it's also an avenue for good paying, industry learning jobs for staff. Great way to learnt he business. Come in as a staffer, support a solid FA, learn portfolio building/mgmt, learn about wealth planning / asset protection, etc. A good support person is invaluable to a good FA and is generally compensated accordingly. Could turn in to a succession plan opportunity through buy in or revenue share.

  • Intern in IB - Gen
1mo

Interned in PWM this past summer. Juniors worked about 50-60 hours. VPs varied but probably around the same 50-60 hours. I never really "understood" the MDs hours sometimes it would feel like he worked 3 hours a day. But other times he would send emails at 11pm on a Saturday. Varies by market condition, time of year, and firm. 

1mo
rickle, what's your opinion? Comment below:

Dolorem rem ut dicta saepe assumenda quia. Et placeat labore voluptatem corporis et ut. Quo et voluptas cum laboriosam quasi quia voluptas rerum.

Est praesentium cupiditate quam dolorem dolorem. Est nihil quia voluptatum suscipit officia voluptatem. Consequatur modi et repellendus ut. Aperiam aspernatur omnis voluptatem ratione vel fugiat.

Consequatur et doloremque et maiores. Et sint nemo assumenda mollitia. Laborum molestiae mollitia placeat voluptas nobis incidunt.

Start Discussion

Career Advancement Opportunities

December 2022 Investment Banking

  • Jefferies & Company (▲08) 99.6%
  • Lincoln International (= =) 99.3%
  • Financial Technology Partners (+ +) 98.9%
  • Evercore (▽01) 98.5%
  • Bank of America Merrill Lynch (▲01) 98.2%

Overall Employee Satisfaction

December 2022 Investment Banking

  • PJT Partners (= =) 99.6%
  • Evercore (▲02) 99.3%
  • Greenhill (▲05) 98.9%
  • Canaccord Genuity (▲15) 98.5%
  • William Blair (= =) 98.1%

Professional Growth Opportunities

December 2022 Investment Banking

  • PwC Corporate Finance (▲14) 99.6%
  • Lincoln International (▲03) 99.3%
  • Jefferies & Company (▲04) 98.9%
  • William Blair (▽02) 98.5%
  • Evercore (▽01) 98.2%

Total Avg Compensation

December 2022 Investment Banking

  • Director/MD (10) $613
  • Vice President (38) $392
  • Associates (220) $255
  • 2nd Year Analyst (139) $163
  • 3rd+ Year Analyst (19) $160
  • 1st Year Analyst (466) $153
  • Intern/Summer Associate (88) $151
  • Intern/Summer Analyst (337) $92