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I do think that in the next 5-10 years, WM is gonna be an option a lot of the HF space moves onto.
I don't it'll be a noticeable shift, merely for the fact going from a HF to WM would set your career back quite a bit. Not saying your career is ruined, but advisors built their books through decades of work, having an ex-Citadel monkey isn't really a value add to their team. Like any career, people want either two things 1) Someone with direct experience or 2) someone willing to learn that experience with an impressive background. Since that ex-Citadel monkey doesn't have actual WM experience, the only thing they can leverage is their background and learn as much as possible, which would result in a pay cut. Below FA (Financial Advisor), you really don't make anywhere near what people in IB/ER/PE make, let alone at a hedge fund. So why would a HF analyst, who was clearing at the worst $150k base, go to a job that's gonna pay them ~90k with a literal fraction of their usual bonus? If I were a HF monkey I would just go corporate. Better pay, similar or better upside in career trajectory, you can get equity, and WLB is better (not WM better where you leave at 5 on the dot at some places).
I could see family office types really boom, but imo that's not really WM or even Private WM (PWM), it has its own distinction.
Fair — I get that. I tend to think of it as more of a spectrum based on sophistication and assets. WM at a wirehouse might be more product-driven, while family offices and private wealth groups usually serve fewer clients with more complex needs and discretion.
That said, there’s still a lot of overlap in skills — especially when it comes to planning, trust, and relationship management. Just depends where on the spectrum you want to sit.
Alternatives no longer make sense. WM will go by the wayside as well. Finance is mostly cooked.
As long as I’m being cooked into something tasty, I’ll take it.
How come you think alts no longer make sense?
This guy is the biggest doomer on this forum. They think finance essentially will go to zero.
The people I know who went into WM usually have had better careers than the IB folks. Zero to low burnout and a steady bookbuilding career.
No duh, you leave at 6 at the latest during non-tax season and are in the 'game' for the long-haul to hopefully have your own book one day. if you burn out of wm that just means you should not be working in finance.
How does a prospective student get into wealth management?
Top college > internship with Northwestern Mutual > top 7 MBA > Edward Jones?
Sadly you need a family member to vouch for you and a presidential letter of recommendation to even sniff an Edward Jones seat. It's more sought after than blood diamonds
Can you elaborate? I've spoken to a few FAs at EDJ, curious what you mean by this
I think there was a sub-forum a while back and then they removed it and now I guess added it again. I think PWM is one of the better finance career paths to join for younger people as long as you get some client exposure eventually.
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