Hey guys!
Just wondering what an entry-level analyst in a BB PWM/Private Banking department does.
Heard it's very commissioned-based but not sure of the exact details, eg is there a base salary and the rest will be commission-based? How much is the average salary of a 1st year analyst?
How do you find clients? Eg Coldcalling, referrals, personal connections.
Appreciate any kind of inputs!
Yeah it is based on cold calling, but you gain clients slowly throughout the years and get referrals. Not sure about the avg salary but I want to say 60-70k. If you are good at what you do and bring in clients with a lot of money you can make a lot more. I knew an advisor who had a client with 400 mill invested at BofA wealth management and the advisor brough in a lot of comission. He was a top FA so he made a lot of money.
To be honest... i would stay clear from BB PWM unless you like it. There are other postions in the investment management industry that may suit your need better. PWM is not bad but it not for all people. The work is that challenging but it really focuses on the client side of things (FA dont make up stategies for asset allocation they usally have guidlines by the company so its less flexible in that sense)
Completely depends on the firm. Some places will have you cold calling all day. Others only do referrals. When a place is referral based it's often a good sign. Fund is running strong, no real need to increase AUM, team wants to continue to offer the same amount of attention to each account.
Some analysts do a lot of bitch work (booking flights on netjets, ordering new cards/opening new accounts). Some do real financial work/analysis and communicate that directly to the FA.
FAs are well-performing BB groups tend to make around 800k-1mm per year but there's often no salary so it could be $0 in a given year, but you probably wouldn't be around much longer if that were to happen.
Incredible work/life balance and you get to interact with incredible people (clients). Most groups are tiny and everyone gets along very well so the culture is great but you will be competing with the group down the hall (a bit strange). Attempts to poach FAs are made all the time by competing BBs for often large sums of money (5-10 mm just to sign).
I really don't see how one could complain about this. Make a lot. Have research teams do all the real work. Belong to a strong brand. Still have time to go to the kid's baseball game. If you can make it, it's definitely nice.
Thanks a lot guys! Appreciate the inputs!
The main thing im worried about here is the commission-based pay.
I have done two wealth management/financial advisory internships, one at a boutique and the other at a well-established independent firm. Do you guys think I have a shot at BB PB/PWM? I have decent grades (3.6).
With regards to my WM experience, do you guys think I could leverage on that to get into ER or AM? At the boutique, I did mainly investments and research work (Company Valuation, DCF)
Thanks again!
So what happened? Any progress yet, ERdream?
Thanks a lot for the advice!
I have recently started an M&A internship at an elite boutique. Plan to try it out, and keep my options open. Do you guys think that I can leverage on this M&A internship to get interviews for PB, Equity Research and AM?
All you have to do is bring in clients whatever way possible
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