Private Wealth Management: Is it a Zero-Sum Game
Obviously there's no way around it: you have to sell in. Most aren't cut out for it but the ones who succeed unarguably experience the greatest work life balance for pay out of most modern day jobs.
That said, I can't help but feel that the industry is more competitive than people think. Clearly it's easier to break into than IB but I feel that it's equally as difficult as a long-term career.
Every high net worth individual (who would ever need help) likely already has a financial advisor. Most of them have had long-term relationships with these people. If you're starting out today, wouldn't you literally have to persuade someone to switch advisors? When would someone ever switch?
I guess you'd leverage your investing capabilities but how difficult would this be considering that the investment products you use to cater to the client really aren't differentiated between advisors? Like it really comesand risk tolerance so the principles of finance and tax write offs only get SO complex.
Not in the industry but really curious to hear anyones take on the above.