Morgan Stanley or Merrill for PWM Internship (Fall/Winter/Spring)?
Hey guys,
I'm a Finance sophomore at a semi/non-target. I'm going into <abbr title="investment banking">IB</abbr> when I graduate, and I want some real-world exposure to carry with me for an internship at a <a href="/finance-dictionary/what-is-the-bulge-bracket-BB">BB this summer</a>.
I'm going to do a <a href="/finance-dictionary/what-is-private-wealth-management-PWM">local PWM</a> internship for the Fall/Winter/Spring and I have two options: <a href="/company/morgan-stanley">Morgan Stanley or Merrill</a> Lynch.
Assume I can take an internship at either, which one would be better for? What are the pros and cons? Which is more beneficial for IB? Anyone have any experience with either firm? Thanks guys.
Totally depends on the office. If you can, find out the target client for each office. Also, try to find out how the advisors select the investments for their clients. Some of the larger Morgan Stanley offices have people who actually do some fundamental security selection research, rather than just throwing clients into model portfolios and/or relying on in-house and sell-side research.
Thanks! How do I find out the target client? Do I just straight up ask them what kind of clients they deal with? What kind of clients should they deal with? HNW?
Yeah, I would politely ask what their target client is, but frame it as if you are trying to get a better understanding for their business (which you are!).
Ideally, you want to be working with HNW clients, but people define HNW differently. In general, you want to avoid clients who "only" have a few hundred thousand in assets and aim towards clients with a few million or greater.
Thank you so much!
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