I had internships lined up with a PWM branch for this summer. Interview went well, but it ended up falling through because the MSSB wouldn't let the FA I was going to work for hire anybody. Now I just got an email from another PWM branch for a fall internship. The interview went well again, but this time they said that they couldn't take on an intern due to "lack of work" and told me to check back in the winter. I usually don't get discouraged over much but this is getting a bit ridiculous. I'm a junior and I have nothing on my resume of note in terms of experience at this point; I was planning on doing an MSF regardless, but still. Any idea where I should go from here? Does anyone think I could convince the guy they might need an intern? I just mainly want the name on my resume so I can be taken a little more seriously when networking.
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Ask to work for credit and a computer desk.
You have to work with a group that produces a shitload of money, consistently. Not those FAs who have 60M. I'm not sure how interns are paid, but I assume the firm pays (since they pay FAs base salary) or the group head or FA himself pays.
If you remove the salary that takes away from their drinking money/sandwich money, it's more convincing. Find the oldest guy in the building/complex, who didn't completely check out (i.e. he is not 70).
I'm talking about 500-800M and not MSSB but MS PWM. Look at GS Bay Area PWM.
I actually was going to work unpaid for both of these. These guys actually had a big client base (I think the guy was ranked as the number 1 FA in my state) and it was for ML PWM. I just emailed him saying that I could save a lot of time and was just looking for exposure, we'll see how that goes.
Also, I'm mainly interested in IB and real estate; I'm just trying to use this as a stepping stone for a boutique internship this summer.
That's strange. Maybe they are hiring a CSA, that's why. Here's a tip: Tell them, you're going to do marketing, dial for dollars, and you can do filing, paperwork, etc. I doubt that's so much to learn. Forget the guy, and call the branch/complex manager if it's non PWM and just general/global wealth. If it's PWM, go for a director/MD.
Please don't tell them you are using them as a stepping stone. Align it as closely as possible with private banking, being a FA -- "making money how they use to make it - earning it" (Some Shearson-Lehman-Salomon-Citi-Smith Barney-Morgan Stanley Advisors quote). They know the game, you know the game. Just say the right things.
I don't know anything about ML legacy PWM. But the building where I worked when I was a summer at BlackRock, some girl got a ML internship and bragged about it. Turns it out was WM, unpaid, so you can definitely get more. Look at UBS.
Why don't you aim higher and look at asset management firms too, like State Street Global Advisors? I interned there in high school. BlackRock also has a co-op program with some universities, and they hire assistants and year round interns.
GL
Thanks for all of the help Wolfy. I'll look into a possible co-op; Blackrock isn't located in my city, but my school does have a program for co-ops (although it's a non-target) and I'm on pace to graduate a semester early anyways. For now I'm just gonna cold-call some more firms in my city.
If you PM me your city, maybe I can help.
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