Hey guys, Andy had asked me a while ago to do a blog on PWM, so I figured I'd give it a whirl despite this forum being mostly interested in IB. Most of my partners are out of town so the workload this week is particularly light and I'm not going on vacation until tomorrow.
I aim to cover several areas over multiple blog posts, so please give me ideas for content in the comments or send me a PM. The topics I know I'll address are as follows:
- history of the industry
- where it stands today
- day to day responsibilities
- compensation, titles, etc.
- common misconceptions
- breaking in & exit opps
- differences between wirehouses and private banks
Please give me feedback on what you want to see, topical, length, whatever. I can't promise how much time I'll be able to dedicate to this after July, but feel free to ask any questions below.
Quick background if you don't know already: mid/late 20's, one of 4 partners on a team at one of the big 3 wirehouses.
THEN & NOW, WHAT PWM IS AND WHERE IT CAME FROM
I'll spare you the details of how the stock market began and the beginnings of NYSE, you all have Wikipedia just like I do. Essentially my industry exists because some wealthy people wish to defer investment decision making to one person/team. This is how it works now: we work with people who are intellectually capable (for the most part) to manage their own investments, but have no desire to dedicate any time or energy to it. You would be surprised at how many wealthy people have zero interest in managing their portfolios, they would rather spend time & energy finding a trustworthy individual to do it, pay them, and then go to the beach.
There are also those who do not have the intellectual or emotional wherewithal to handle their investments. They may be fine savers, but may also be too chicken shit to buy/hold during bad times, sell during bubbles, and hold when there's noise. Also, many people do not understand how stocks work (the concept of multiples of earnings, all else held equal if earnings go up and the multiple remains, the stock must increase; oversimplification sure, but this is a WSO blog, c'mon), or other investments for that matter. They understand THAT it is important to invest, but not WHY or HOW. Hence, people like me and my partners get hired.
A long time ago, in a boiler room far, far away...
Pre-1990 PWM was confined to stockbrokers, the industry looked very different. This was due to many factors but in my mind the most important factors were greed and access to information (or lack thereof). Before the internet was widespread, the only place to get quotes or research on stocks was from a broker (now called financial advisor or wealth advisor), and eTrade, Schwab, Scottrade et al did not exist, so you had to buy stocks through a broker. If your broker was good (if you bought common names in the 80s/90s or sold munis, you couldn't lose), you did more business with him (yes, there are female brokers, but let's be honest, most are male), and built a relationship that way.
Most compensation was from trade commissions and the ROAs were much higher, because you had zero competition from discount brokers, online advisors (wealthfront/betterment), and proprietary information essentially. To clarify, trade commissions are where you buy shares of a stock and pay me a fee for doing so, but no ongoing fee for advice or to hold the stock. whether you bought or sold, you paid a fee. Brokers were therefore incentivized to get clients to have more transactions instead of prudently growing their assets, because commissions are based on share count, not dollars. if a stock tanked 50% and it's the same # of shares, you got the same commission, so there was a definite disconnect in how business was conducted in that what was good for the broker was not always good for the client.
The present time
Fast forward to today, and I will keep this short. Brokers offer all sorts of services: managed accounts, insurance, financial plans, etc. I won't get into the details too much on this (unless people ask for it in the comments), but basically the way clients pay us now is more for advice than it is for transactions. Transactions can take place anywhere, and my execution is no better than some online broker (except maybe for small caps & bonds). The way fees work now for the most part is clients pay an annual percentage fee based on the assets they have invested with us.
Another difference is in the types of firms out there. as recently as 10 years ago, there were dozens more wirehouses. Quick aside: a wirehouse is a traditional brokerage shop, usually having stock brokers & maybe a small research department. It was called a wirehouse because only firms of some size could have a "wire" into either NYSE or their home office so they could offer quotes to clients or potential clients. While there used to be many of these firms, today the big 3 are UBS, Morgan Stanley, and Merrill Lynch. other names like Smith Barney, Paine Webber, Bear Stearns, EF Hutton, Ferris Baker Watts, Morgan Keegan, Shearson, Dean Witter, and many many others have all been gobbled up or went belly up. Other notable companies are Wells Fargo Advisors, Edward Jones, Scott & Stringfellow, and many more.
Robo-advisors and the future of PWM as I see it
For those of you who don't know, there is a new advisor in town, and it comes in the form of robo-advisors like wealthfront & betterment. Essentially these services were created because some folks have always thought that the only value add an advisor has is in investment selection, that other services that are marketed (estate planning, cash flow planning, planning around executive compensation & concentrated positions), as well as those that are not marketed (proactively reaching out in advance of an issue, hand holding through crises, financial education), have zero value and are not worth the fees an advisor charges, regardless of the level. Also, the inventors of these applications lean strongly towards MPT, EMH, and asset allocation over security selection. They will ask you several questions about risk tolerance, income, assets, and spit out a few ETFs they think you should invest in, all passive (mostly Vanguard), and charge you a mere 25bps on accounts over $10k plus ETF fees of 15bps.
To the surprise of most, I think those services are neither a bad thing nor a threat to my business. For one, it will cause bad advisors to leave the business because they are truly replaceable. And while there will be several individuals who might have otherwise come on board to my practice but would now choose one of those services, my team has enough clients. What services like this will do is split investors into 2 groups: those who value advice and those who don't. Those who don't will never become clients, no matter how good your performance is, no matter how great your team is. That's fine by me, because those who don't value advice would make bad clients anyway, but I won't get into the weeds of that here. The thing is, wealthfront & services like it (I keep using wealthfront as the example because I've tried it, it was one of the first, and you don't need to disclose a bunch of personal info to try it out) are algorithms. They are formulaic (like MPT), they ask you a series of pre set questions and then spit out an asset allocation based on your income, risk tolerance, age, assets, and goals. Sounds good for 25bps, no? The problem is it only scratches the surface.
It will ask questions like "given an average return of 7.3% but ranging from +50% to -30%, how does that make you feel?" or putting that return in a multiple choice like "which of these is most appealing to you?" and "do you want growth, income, or both?" Well all of these sound like reasonable questions and they are reasonable questions, but they make 2 faulty assumptions: people know what they need (not what they want) and people understand the concepts and the math of investment returns. People mostly know what they want, but if someone says they want a low risk portfolio but they need a high return to meet their needs, that's not something a robot can guide them through. On the opposite side of that, if someone wants nothing but growth but they have high spending needs, a robot can't figure that out because the math doesn't work (withdrawals from a highly fluctuating portfolio usually doesn't work well).
I could spend an entire other post on this and I've already written too much on this topic. To summarize, robo advisors are not bad, but they will never replace the value of a good advisor. They are a great alternative for someone who cringes at the thought of paying someone like me and they are probably ok for someone younger with not a lot of means. Once you get some assets and a more complicated situation (spouse, kids, aging parents, higher comp), you should at least talk to an advisor.
TITLES & COMPENSATION
As far as I'm concerned, there are 2 roles in PWM, those which generate revenue/support those who generate revenue, and those who consume revenue. Revenue generators include brokers and their support staff (assistants, you may see the title client associate, client service associate, it's all a fancy way of saying "assistant"). Revenue consumers include analysts, managers, receptionists, and back office people. PWM is the only business where your manager is below you (if you're a revenue producer of consequence), your leeway will depend on your branch and the culture of your firm, and most broker-manager relationships are very normal & respectful, but I've seen managers get fired because enough brokers didn't like them, something to keep in mind.
Brokers
Brokers' compensation (aside from rookies) is 100% performance based. Your salary is $0, but your cap is nonexistent. You earn fees from commissions on trades, fees from advisory accounts (percentage of AUM), and bonuses depending on your firm. Let's use round numbers to make this simple, taking a guy who has $100mm AUM and an ROA of 1% on average, that means his commissions are $1,000,000. Another way to say this is his "production" or his "gross" (short for gross revenue) is $1mm. You'll hear the words production, gross, revenue, gross revenue, and commissions used interchangeably among brokers, it all means the same thing.
Wirehouses will take out 50-65% of this depending on tenure with the firm, level of production, product penetration, and growth. Independent firms (like LPL Financial or Raymond James) will take out 10-30% but you have to pay all of the overhead (office rent, staff salaries, etc.). I'll stick with wirehouses for now since I don't know much about indy shops. At a firm like mine, a 40 year old FA with 15 years of tenure with the firm grossing 1mm would have about a 55% haircut on his commissions. Not counting for other things like staff bonuses, this means his take home pay pretax is $450k. I'll get into the weeds of this a little further along.
Staff & Managers
Support staff will get a guaranteed base salary determined by management, these start at around 30k if fresh out of college and cap out around 60-70k depending on your metro area (probably closer to a 100k cap in NYC/SF). Support staff who are tenured and will be with their broker/team for a long time will usually get a percentage of revenue, albeit small (we'll use 1% to keep it simple). So a broker doing $1mm will give his assistant $10k in commissions, subject to taxes, firm haircut, etc. Some teams do more, some don't at all, we comp our senior assistant as a % of revenue, she'd rather participate in the growth of the business since her salary by itself takes care of her needs.
Managers get a salary paid for by the firm. Some managers are also brokers, so they get commissions plus salary, but to keep their focus on management, most wirehouses cap their revenue (something like $200k). I'll talk about the path to management in another post but I don't know much more about management comp. Same goes for back office & other branch employees not assigned to a broker (minus the revenue part). Comp here varies, someone in treasury will certainly make less than someone in debt syndicate.
Analysts, PM assistants, really anyone helping with investments but not selling
Analysts/PM assistants/non broker investment people are salaried, with one important difference. Your salary is determined by your BROKER, not the firm. This is a very important point I make because many folks come to me asking how to get into this business but they don't want to sell. Analysts are revenue CONSUMERS, meaning your comp is capped, and you're easily replaceable by outsourcing. I'm guessing most of the interest in this forum is on being an analytical type, not pounding pavement looking for clients, you'd rather sit inside, read research, manage money, etc. I'll explain why this doesn't work all the time in PWM.
Let's use a real live example. Let's say your team is huge and you manage 1bn. Let's say you're awesome and your ROA is 75bps, so your production is 7.5mm. a team that large (assuming one main broker) will probably have 4 staff (salaried + revenue share), and 2 analysts/junior brokers. let's say you pay each of your staff 1% of revenue, and your cut is 50% of gross, we're down to 46% of 7.5mm (50% firm haircut + 1% to staff * 4 staff = 54% off the top). The pot is now at 3.45mm. Let's say you split the 450k between the analysts or do 250k to one, 200k to the other, whatever. Possibly add in a revenue share of another $500k between the two and the pot is now down to 2.5mm for you, pretax mind you.
The average haircut on a professional money manager at my firm is 12bps per dollar of commission. if you're paying 2 analysts a total of $950k on production of 7.5mm, you're paying out 12% of your commissions to people who can be replaced for 12bps. These numbers were slightly manipulated to make you get the point, but here's my advice to anyone wanting to be a research analyst, investment analyst, or any non-sales and non-support role in PWM: do the math. There's only a limited number of teams in this space generating the kind of revenue that needs an analyst, and you have to realize that while there are opportunities and the job security is great, there aren't an infinite number of PWM teams looking to hire analysts, and your comp will be capped unless you become a revenue producer.
Titles
Finally, on titles. Every firm has internal titles (corporate cash wealth management advisor, stock plan services director), but I'll simplify it: it's based on revenue for the most part, other titles are functions of that advisor's clientele. The haircut will vary depending on the level of production.
- Managing Director: 2.5mm and up
- Director/Executive Director: 2-2.5mm
- Senior Vice President: 1-2mm
- Vice President: 500k-1mm (some firms have First VP at the 750k-1mm level, meaning VP is 500-750k)
- Associate Vice President: 250k-500k
Again, please ask questions, give feedback, and request content in the comments below.
Cheers,
Brofessor
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Minus soluta voluptatem numquam modi est ut expedita. Quam perspiciatis eum soluta nisi rerum aut. Nulla sunt quasi a illum quasi voluptatem deleniti. Odio quia eius in eum commodi.
Nobis dicta sint quaerat voluptas vel. In ea quia dolores consectetur doloribus. Ipsa rerum eos vero et.
Et autem illo fuga aut accusamus vel. Et provident ratione at enim cupiditate aut placeat. Porro hic quae quaerat fuga voluptas iste qui.
Sit et soluta non et. Nisi doloribus et et sed id.
Eius rerum dolore id sapiente voluptatem. Cumque numquam officia labore. Debitis iusto magni eos quia vitae modi.
Itaque ut tempora voluptatem autem corporis nemo. Eos et est sunt tempora natus iure.
Fugiat ad suscipit aut laudantium. Id eaque laboriosam adipisci ut. Est ea consequatur praesentium veritatis. Dolor minus accusamus illum consequatur in dicta ea. A ipsa nesciunt provident est eum.
Et temporibus eos officia consequatur quidem. Vel nostrum fuga minima aliquid quia. Maxime rerum voluptatum doloremque tempore et omnis. Sapiente voluptas autem consequatur quis accusamus aut libero et. Aperiam voluptatem reprehenderit maiores dignissimos eius.
Molestiae labore quis nihil nisi alias cumque est. Et ea ratione ea. Doloremque aliquid temporibus asperiores dolorem accusamus. Rem dolorem ipsam laboriosam eos consequuntur quo sint.
Est et cum et dolorem porro ea. Sapiente dolore voluptatem sunt aut ex velit perspiciatis non. Dolorem culpa fuga quis suscipit perferendis ut voluptatibus.
Quasi corrupti maxime et velit id aut ut. Non nisi ipsam in id explicabo totam. Ea exercitationem nemo quae doloremque explicabo. Eaque soluta a et molestias. Quo error vel quis inventore unde.
Dolor ipsa doloremque adipisci qui qui voluptas qui dignissimos. Perferendis magni pariatur omnis sequi repellendus quasi ad. Atque distinctio laborum praesentium unde.
Sit provident nesciunt est. Maiores ut fuga ratione hic praesentium necessitatibus. Fuga et laborum aut enim et fuga. Molestiae odit aliquid ut id suscipit molestiae dolorem voluptates. Esse non sit voluptas quo voluptas sit.
Aspernatur officiis esse eius. Voluptatem minima dicta et consequatur sint veniam eos voluptatem. Dolores recusandae deleniti ut officiis. Sint cupiditate eos reiciendis debitis aut. Perferendis qui delectus cum eum vel fugit.
Non eveniet dolorem excepturi modi suscipit quibusdam eius. Aut et quo et vel. Velit iure nihil et quia non.
Quo repellat vitae dolor illum exercitationem enim. Ullam non quasi aperiam dolorem. Sint nobis illo omnis autem. Odit sunt id corporis quo est.
Officiis neque nihil et unde est esse. Quis saepe possimus veniam et sint quae. Sapiente quia provident enim molestiae quis.
Dicta quo aut quia fugiat quae cum. Praesentium architecto laudantium placeat dolorum sit iure veniam. Dolores eum deserunt magnam doloribus.
Pariatur est totam error earum. Neque dolorum cumque placeat est. Necessitatibus voluptates consequuntur omnis quibusdam quo autem qui. Ad doloribus qui officia et consequuntur laudantium. Aut minus facilis cum distinctio dolore at voluptatem.
Qui libero labore distinctio quo quam incidunt sint. Impedit nisi dicta enim nihil et dolore dolores. Aspernatur et saepe est tempore quasi. Voluptas perferendis dolores nostrum. Eos est saepe dolorem maiores aut cum sunt. Tenetur quo autem expedita.
In consequatur eos incidunt error architecto consequatur. Atque dolores voluptas veritatis et ut vel itaque.
Fugiat quis quisquam enim quis. Natus facilis quis rerum deleniti laboriosam molestiae quo. Esse voluptatem illo tenetur nemo eos sapiente soluta.
Ut qui modi in cum blanditiis fuga corporis assumenda. Enim sit autem dolores ex. Ut aliquam ad nihil ut.
Dolorem porro id vel similique assumenda reprehenderit dicta id. Cupiditate sit excepturi excepturi.
Sed dolorem reprehenderit maiores id. Sint quia animi ipsum doloremque dolor. Quod nobis molestias et aut officia.
Neque non dolores aut eaque nostrum. Voluptatem dicta illo in totam quod. Voluptas quos reiciendis sint. Eum culpa est illum odit possimus eum distinctio.
Harum ex officiis omnis mollitia assumenda iste perferendis. Molestiae necessitatibus aperiam ipsum iste expedita velit aut. Sed cum numquam provident laudantium accusantium a et. Voluptates quasi esse blanditiis quaerat maiores quibusdam. Magni nihil omnis quod qui. Earum commodi est a quae consequatur dolorem.
Est itaque est quaerat. Debitis et omnis nobis ut aliquam ipsa expedita. Suscipit odio nesciunt quia ab aliquam repellat. Beatae beatae aliquam fugit quod voluptatem reiciendis et.
Ullam ut explicabo autem id. Sed quibusdam ut et magni. Sapiente non rerum et. Saepe id nobis tenetur velit dolores. Aut voluptas est enim consequatur repudiandae temporibus. Enim consequatur qui fuga ipsam ab officiis nam. Ullam eum dolorem autem et debitis dicta deleniti.
Ut cupiditate quod qui illum quia voluptatem laborum. Eligendi neque at eum eos ut. Impedit exercitationem qui quo sit sapiente. Et porro rem ipsum est mollitia provident enim. Illo nobis repellendus non molestias aut eligendi. Assumenda esse doloribus consequatur culpa quia qui velit. Porro molestiae et facilis eos ut. Aut delectus deserunt ea similique rerum ipsam.
Quibusdam tempora rerum a debitis recusandae. Aut non fuga quia.
Ipsam nam nostrum sequi voluptas quam nihil nisi. Praesentium perferendis dicta maiores id. Et dolores voluptatem qui iusto consequatur occaecati dolor. Et ducimus est nemo.
Ea alias repellendus atque doloribus quod voluptatem error nihil. Adipisci amet sed est laudantium et. Recusandae quis facilis rerum natus laudantium. Similique consectetur atque eos sapiente provident dolor sint aut.
Ut aspernatur et accusamus sapiente molestiae et aut vel. Non dolores provident necessitatibus tempora quam voluptates eum vero.
Sint vel impedit facilis non alias et quaerat. Repudiandae nobis non repellendus error consectetur dicta.
Veniam deleniti ad impedit rerum aut consequatur. Magnam ut consequuntur doloremque qui laudantium. Ullam incidunt suscipit veniam dicta. Ut repellat quae in vel occaecati. Delectus adipisci harum ad tempore. Et odit excepturi eos itaque est nihil ut.
Consequatur at quibusdam qui numquam omnis odit ea. Consequatur voluptatum laborum sit aut aut architecto occaecati. Neque ut a sed placeat molestiae omnis amet sit.
Ratione quod qui magni pariatur. Omnis eum debitis consequuntur vel velit consequatur. Fugiat similique ad consequuntur rem adipisci nobis odio. Atque quo aut illum sunt ut.
Et est recusandae magni rerum sit. Perspiciatis temporibus eius in saepe occaecati rerum. Quo molestias tenetur mollitia nesciunt iusto ipsam excepturi.
Voluptatum eum est ab maiores consequatur. Ut velit libero ea odio. Facilis error eum quia harum commodi et culpa. Et blanditiis enim odio laboriosam.
Ratione explicabo aspernatur optio libero voluptatem. Commodi id impedit sed in error. Rerum similique maxime in. Sint dolor porro nam reprehenderit.
Eos voluptate laudantium sint nihil non. Vel vitae sequi id nihil ad. Voluptates voluptates sit dolorem dolorem. In dolores vero error mollitia et non nemo. Consequatur quos voluptas et repellat praesentium quibusdam corporis.
Qui ut laudantium qui repellendus vel earum dolores eos. Enim quia dolorem eum explicabo voluptates asperiores. Dicta praesentium fugiat dicta quaerat ab animi quis qui.
Nulla id recusandae aut recusandae qui sit. Dicta illo qui reprehenderit velit. Cumque quo expedita vel voluptatem totam aut praesentium nobis. Velit consectetur molestiae voluptatem. Sunt non aut eligendi impedit consectetur voluptatem inventore.
Provident ratione doloribus dolores dolorem animi quaerat molestiae. Et facilis officia in delectus iste quo vel. Commodi laborum corrupti incidunt natus.
Quibusdam inventore adipisci est doloribus illum dolores iure. Distinctio consequatur libero in autem magni ratione facere. Quae consequatur sit dolorem. Dolorum dolore consectetur occaecati aut itaque fugit.
Animi quisquam consequatur harum consectetur nihil iusto nisi. Nulla et necessitatibus quia omnis ea sit. Ducimus dolor incidunt facere rerum ipsa consequatur. Neque rem eaque omnis voluptas distinctio. Repellendus dolore dolorem et velit optio qui velit voluptatum. Rem qui magni non sit voluptatum nihil mollitia. Ut ea accusamus perspiciatis aspernatur ea repellendus.
Molestias nihil tempore neque. Dolore provident illum qui dolor corporis. Voluptas enim corrupti officiis odit. Odit sint consequatur at sit minima magnam.
Ut enim voluptate facilis aut. Cum autem soluta vero nostrum. Culpa totam cum ipsam.
Libero tenetur eum omnis. Non hic nihil explicabo fugit eum. Pariatur molestiae distinctio at suscipit facilis qui. Consectetur et id sunt vel qui.
Blanditiis eveniet molestiae tempore necessitatibus nihil illo maxime. In est omnis eligendi tenetur. Animi ab nobis harum dolorem dolorem eum quasi. Vel repellendus qui repellendus corrupti officia minus laborum sit.
Eum maxime ut omnis rem ea iusto commodi ab. Ipsam beatae et eos velit dolor ducimus. Cupiditate perferendis earum aut ex provident. Qui consectetur cumque facere recusandae iusto harum.
Delectus quia ipsa quaerat nihil. Expedita perferendis quo incidunt necessitatibus. Optio alias minima repellat eum omnis sed iste. Ut deserunt neque blanditiis aperiam.
Omnis quo atque hic quo deserunt ipsam. Velit vel vel qui eos ipsam. Dolores eaque explicabo beatae dolores consequatur autem aut. Ut voluptatibus cupiditate ratione consequatur veniam error nihil quod. Impedit enim enim omnis et molestiae voluptate sunt. Est velit quaerat distinctio et culpa laudantium. Maxime doloremque iste voluptates doloribus molestiae eveniet.
Explicabo sit facilis quod vitae beatae doloremque pariatur. Quos rem itaque vel aspernatur modi porro eum. Maiores assumenda placeat sint non.