Best way to prepare for WM SA position

Whatever1984

Almost Human

AM

4y

Most Helpful

I cannot comment on an internship in WM, as I never had one, but I had a job in it for a better part of a decade.

People think that you will add value with investment recommendations. You probably can't, and in my experience most FAs are borderline idiots when it comes to it.

People will not realize how much value you can add with planning savings and distribution timelines, succession planning etc.

Honestly, my most enjoyable client, and the one I spent the most time with was an internal FI PM for one of the biggest companies in the world. In 20+ hours of conversations, we spent less than five minutes talking investing. "What's your preferred equity/FI mix?" "Our model expects X.X% annual geometric mean return from that. Does that sound good, or should we use a different number when modeling?" I spent hours of research time getting up to speed on IDGRATs and whatnot for him. It beat the hell out of the standard "This is a stock, this is a bond. Stock riskier than bond." conversations.

Also: Selling. In your standard WM job selling is more important than anything else. If you can't get clients none of this happens.

The only difference between Asset Management and Investment Research is assets. I generally see somebody I know on TV on Bloomberg/CNBC etc. once or twice a week. This sounds cool, until I remind myself that I see somebody I know on ESPN five days a week.

sandals.com

Neanderthal

AM

4y

Start reading about various investment philosophies. Start taking cfp coursework at school. Become the best version of yourself. As for finding clients think about this: "Success is not the result of making money; earning money is the result of success" -Earl Nightingale

Money can purchase freedom, if you have the guts to buy it

Whatever1984

Almost Human

AM

4y

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