PB/PWM 2021 BONUSES?
Drop your title, salary, and bonus. Curious to see how many wealth management monkeys are out there,
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Bump
Will give people something.
Base 85k
1st year starting in July
Bonus 10k prorated so if I worked the whole year conversion to around 27k
smaller shop so no BB salaries sadly.
GS PWM A2A promote (now an associate)Bonus:$31k
New salary: $110k
Goldman associate salary is 150k...
For banking, yes and for NPWA… not $150k for BDP. Current employee and confirmed across cohort class…
Also, prior to this year, BDP (A2A promote) base was $90-100k, GS doesn’t really view you as associate until you enter NPWA which is now $160k
JPM PB MBA Associate
Stub Bonus - $40k
Base - $150k starting Feb 1
title: VP
salary: $0
bonus: $0
Gross production?
that's the correct question, but I prefer to keep it ambiguous. I make less than VPs in hedge funds, PE, and some in IB, but more than I ever thought I'd make and with great WLB. if you want specifics, I have a thread on PWM comp that shows production for various titles, you can connect the dots
What is the highest comp you've seen in PWM/IA?
there are people that make $10mm a year and more, mostly in cities like SF, NYC, and Miami
biggest in my area (t2 city in southeast) probably makes 1.5-2mm a year with the average being 3-500k a year
People making $10mm surely own a RIA? Or are those employees of a B/D?
Another completely different question for you as a seasoned vet, why do more advisors not start an RIA and run their own small personal funds with a carry structure?
nope, this is wirehouse my guy
the reason I've not gone independent is because the net margins end up being the same for a practice like mine. I compare numbers with some indy guys and many of them may have a 10% payout higher than me but 50% more headaches between HR, logistics, managing an office, etc., and the closest person to a practice like mine has identical net margins to me (sticker payout is 90%, but after paying for everything he's in the upper 40s % wise like me)
Good to know, that's impressive for B/D employees.
And for carry, do you ever see advisors go indy and start their own personal fund to collect carry/promote? Seems like you could rake it in if you took that route.
nah, never seen that
I've been in the independent world for many yrs (30ish). The margins really depend on the individual business model. I know guys making well in to 7 figures (net) with a operating margin of 50% and others who are very lean and operate on an 80% margin of a gross of 92%. So it really depends on how you operate, what type of practice, how many staff, what you do to market. One guy I know is literally a one man shop - no support staff at all - and operate on a net of approx 85%. He can't really grow but doesn't want to as he makes about 800k net and doesn't have to deal with anyone other than his clients. Works a ton though.
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