Private Wealth Management: Is It Better to Work At a Bigger Firm?
I'm talking about comparing PWM at a huge corporate firm such as BoA, Vanguard, UBS to your typical small, private "XYX Capital Management" firm. Obviously we're assuming that the small, private firm is a solid group but does anyone have any insights into the difference in culture/comp/mobility? It seems like at the bigger firms the younger guys get shafted really hard in terms of being holed up in a call center for the first two years of their careers.
I was wondering if at smaller PWM firms that only deal with Ultra High Net Worth Individuals, if there is less of an emphasis on constant client outreach and you get more of an opportunity to really do start making moves earlier in your career in terms of actually performing portfolio analysis and evaluation.
From what I've read the choice would be the superior brand name. The later part is probably firm specific. I assume clients of the "ultra high net worth" variety typically work with more senior members of the firm.
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