Private/International/Global Wealth mangament questions
Had some questions about wealth management to explore my career actions.
What are the various duties involved besides the obvious?
What are the hours like? Vacation time?
What is the compensation?
Hours starting out in Wealth Management are around 12 hours a day during your production period, and then slowly widdle down as you have grown your practice. I work at a Wealth Management branch for a BB where the FA Trainees (passed their 7/63 but don't have the assets yet) will work from 7 to 7 and are cold calling, allocating their existing clients' assets, or running financial plans for older FAs. When compared to IBD it is a lot nicer and more flexible. Vacation time is given but most Trainees do not use it for risk of running behind on production.
Compensation for the Trainees is around $50k a year as you don't have clients yet, but once you have a significant practice you're taking a small percentage off of all assets held, which puts you more in the $150k+ range. Definitely an entriguing business where you initially trade off the money from I banking for the better work-life balance in WM.
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