Wealth Management Analyst at BB IB .... prospects and advice?

Did a strategy role internship for a WM division at a bank so I guess I know a little about WM.

There are many roles within WM business but I'd assume your are a FA trainee since it's the most typical WM role.

From what I know-It's a very network-heavy business and kinda like sales. You get commission based on your AUM of your clients. Different banks have different training programs. Some put you with FAs that already have a book of business, some let you go on your own to build your network, some let you start within the digital adviser group for you to learn the business.

I think people don't talk about it often because the comps for this business varies a lot- you can make millions a year if you get a book of really big clients or you can be out of business in 3 years (which is true for a majority of the FA trainees) . It's like running your own business and they don't really share a lot of things in common.

That being said, many major IBs are shifting to WM because it's a stable revenue stream given the S&T revenue decline- MS current CEO is the former WM head, GS is also trying to focus on high-end WM clients.

In terms of how to make a good start I don't know cuz I never worked in the front line. I guess being humble and trying to pick up your own business asap would help you to succeed. Do realize there's a significant attrition for the new FAs because most of them fail to establish their own book of business.