What are the best Private Wealth Management firms? (Salary, benefits, prestige, culture, etc)
Interested in PWM and want to know which firms I should target for networking. Just looking to hear any thoughts on the top players in PWM.
Hey nsek365, I'm here because nobody responded to this thread after a few days...maybe one of these resources will help you:
Fingers crossed that one of those helps you.
bump.. still curious
PWM - Merrill Lynch, Morgan Stanley, UBS. we can argue all day about who's #1 (I think I'm at #1), but these are the 3 to focus on unless you're looking to recruit for an independent shop
Private Banking - JPMorgan, Goldman (called PWM but looks much more like a private bank), US Trust, Northern Trust, Bessemer Trust. other banks do this like CS and DB, but JP and GS are the best
read my 4 part series on PWM from a few years back, it's still relevant. and feel free to post more questions
I'm not going to argue with the overall point, other than saying that I feel like UBS has a smaller footprint in the US than the other two.
What I don't think you put enough emphasis on though is joining/founding a RIA. You lose the packaged back-end and marketing support, but also the chunk that the wirehouse takes from you. You hear of successful FAs and teams leaving wirehouses to join or found a RIA pretty regularly, but almost never hear of the reverse happening.
caveat to joining an RIA - the net profit margins end up working out to be about the same. I've compared numbers with RIA people who run similar practices to me and once you're done with expenses, the net net is the same or only marginally higher (like 5-10%), not the 95% payouts they advertise.
if someone's new to PWM, I would recommend they go with a bigger shop, get their chops, and if they want to found an RIA, great.
You also can't replace the value of the brand vs independent. If you already have the AUM, independent is great but if you are starting from scratch, much easier with the brand , leads, etc.
I read your 4 part series on PWM. I found it extremely extremely helpful. I am curious on your thoughts on the Investment Soltuions Group within Bank of America. I know you say that being a financial advisor is the way to go, but is this group still good- even as a bit of a support group or revenue user like you state? If not, are there exit possibilities from these analyst-type positions?
bump
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