Comments (40)

Oct 1, 2017

bump

Oct 1, 2017

interested too

Oct 1, 2017

This looks like a highly involved administrative assistant role. PWM is a better bet IMO. If you had a chance to participate in research and making the roadshow materials, I would say this since you would have a chance to network with the buyside, but that doesn't seem to be the case. This is more like a corporate travel agent. Exit ops will be weak.

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Best Response
Oct 1, 2017

Given this is in Jacksonville, I assume it's DB? That's where you go when your dreams die. It's a lot worse than GS SLC and will be tough to move out of. Additionally, we work with these corporate access people constantly when doing non-deal road shows and there isn't much respect for those guys. Same level as the admins that book our hotels and flights.

I would steer clear of that role if possible. Do PWM if it's in one of the main locations with opps to network or possibly advance.

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Oct 1, 2017

What is your end goal...?

The answer to your question is 1) network 2) get involved 3) beef up your resume 4) repeat -happypantsmcgee

WSO is not your personal search function.

Oct 1, 2017

To make $250k/yr after 10 years is my goal.

I figured even if I don't have a huge book of clients, I can still make more in PWM than in ops?
What do you think

Oct 1, 2017

FO>BO>UBS

Oct 1, 2017
JeffSkilling:

FO>BO>UBS

Hey Jeff, can you please elaborate as to why BO>UBS PWM?

I know that in my complex, alot of the top performing FA's drive S550's Audi A8's to work.
However I have never seen a VP in the back office driving nice cars or living in nice homes. I feel like starting a job in the BO will just make me just another average American living in the suburbs driving around in a Ford Focus...

  • Mr. Cheese
  •  Oct 1, 2017
financialnewbie:
JeffSkilling:

FO>BO>UBS

Hey Jeff, can you please elaborate as to why BO>UBS PWM?

I know that in my complex, alot of the top performing FA's drive S550's Audi A8's to work.
However I have never seen a VP in the back office driving nice cars or living in nice homes. I feel like starting a job in the BO will just make me just another average American living in the suburbs driving around in a Ford Focus...

If your reasoning is automobiles and nice houses then you have a wake up call coming

Oct 1, 2017

.

Oct 1, 2017

First thing, if you have an offer at a BB in BO, why would you look for a different BO opportunity?

Second, you need to really think about what it is you want to do. If you want to make money, that's fine, everybody does, but you're most likely not going to make a shitload of money doing something you don't like. PWM is very dependent on your skills as a sales person and to a lesser extent your personal connections (people you can build your book with). Ops provides a good lifestyle, you won't be driving a Ferrari, but an A4 isn't out of reach by any means if you manage your own finances well.

Oct 1, 2017

Easy, PWM, you can make money and it's much more interesting.

Oct 1, 2017

PWM can make mad dough...I know a advisor who was driving a bentley and he wasn't that old either

Oct 1, 2017

By the time he gets that Ferrari, he's going to be bald.

Oct 1, 2017

The starting salary for BB ops outside of NYC is 45-50k. Let's say the salary increases 5k every year, it will take over 10 years to hit the 100k mark.

I feel like doing PWM, if I just push harder than everyone else, even know my sales skills are terrible, I will be able to make a better living than in ops... What do you think?

And if I fail at PWM, can't I always go back to Ops?

Oct 1, 2017

I like PWM because I am interested in investments, but NOT to the extent of IB (analyzing financial statements, etc.)

You get to play around with investments, read morningstar reports to allocate 401k plans for clients, follow the market, but nothing crazier than that and I enjoy that. But in Ops, all you do is process trades, and paperwork all day. I feel like anyone can do that and it will be a waste of my finance degree...

Oct 1, 2017

You need to understand that PWM is a very sales-heavy role. Yes, having investment knowledge will help, but honestly for PWM, being a good salesperson is probably more important. There is a very high failure rate, but if you're successful you can do very well. Anecdotal, not in industry

Oct 1, 2017

So if I do not have that swag of a used car salesman should I not even try PWM? Do you think I will be eaten alive by all the other advisors?

Oct 1, 2017

What kind of PWM program are you refering to? Did you get into an analyst program such as the ones that JPM and GS have OR are you talking about a financial advisor training program where you are expected to produce (bring in clients) within 6-12 months after starting? There is quite a difference between the two and the answer to your quesiton really depends on this.

Oct 1, 2017

What is with this question lately, I really do not get it. What is the comparrison between Ops and PWM? It is like asking if you should be a teller or a commercial banker...

Oct 1, 2017

PWM = Sales Job

Oct 1, 2017

It's not a used car dealer sort of sales. Are you ok with cold calling? Prospecting? It's really relationship selling.

Oct 1, 2017

We can't actually give you a good idea about what your experience is going to be like without knowing generally what type of program it is. Yes, PWM is sales, but no it's not used car sales. You will need to keep up with the markets in a general sense, as well as what you're investing people's money in. The exit ops aren't the best, but if you network your ass of you may be able to turn it into some other FO position, depending on the firm you're working for.

Oct 1, 2017

Sorry for the confusion. I was referring to PWM at a place like UBS/Merrill Lynch.
As far as investing you don't really get a say in a sense because you have to invest in whatever the wirehouse "recommends" to generate good returns for yourself.

Oct 1, 2017

I have had 2 BB PWM internships as well as a summer analyst internship coming up for BB Ops I go to a non target with a 3.3 GPA~ do you think I would be able to break into maybe private banking at JPM or GS at graduation? Or maybe even corporate finance at a big 4?

Oct 1, 2017

All of those options are very different from each other. You need to sit down and figure out what the heck you want to do rather than basing it all on money. Wise up.

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Oct 1, 2017

UBS just cuz that's what I'll be doing this summer for my freshman internship

Oct 1, 2017

Ops analyst and try to network as much as you can.

Fuck PWM at UBS and cold-calling for clients.

Oct 1, 2017

I guess it would depend on what role exactly you would be doing at UBS and the location. If its just cold-calling, going to Wells and busting your ass may be the better option. There are some more analytical/market roles within PWM though (although I don't know how UBS structures their program) so if you can get something like that, it may be a better opportunity.

Oct 1, 2017

PWM includes way more than just sales people. There are PMs in PWM that run separate accounts and assets for small groups of investors. That's very much a FO job, just with a smaller asset base.

Operations is BO by definition. Don't judge a job by the "qualifications required." Every employer in the world is looking for qualified, analytical and personable people.

Oct 1, 2017

Now, I have nothing against Operations; but, certainly Operations is less helpful to have on your resume than PWM; and for the record this statement isn't accurate: "it seems that PWM is the typical path to take in order to secure a IBD SA position." Although PWM can turn into IBD with a good gpa and relevant leadership skills, Operations will put you at a disadvantage at FO recruitment. At the end of the day, IBD is a sales job that is very much devoted to servicing clients as opposed to the firm's employees' travel arrangements.

"It's all nonsense. Firms use titles to pander to the egos of the employees without giving away the store. If you are getting the money, who cares about the title?"

Oct 1, 2017

To answer your question directly. Yes. Ops < PWM in terms of exit ops. I assume this is your concern as you will be an intern.

Oct 1, 2017

I think there may be some misconceptions here. What I mean to say is whether Ops or PWM would be more applicable as a sophomore summer stint in preparation for a IBD SA internship junior year. I understand that in preparation for a FT position, PWM would make more sense (but still weak compared to a direct IB internship) because by that time, an interest in FO financial services is the main selling point. However, I thought that for the types of skills recruiters for junior year internships look for, operations internships (data ops) is more relevant compared to PWM internships (a lot less exposure to asset management, mainly cold calling).

Oct 1, 2017

i would still advise you to go for PWM. Look....you will be doing the cold calling grunt work thing in PWM. But you get to see money makers make money!

You are there in part to do their bitch work and in return you get a front row seat. Looking at it from that angle what front seat ticket do you want? Do you want to watch a guy process payments, MTM statements, wire money, etc. in ops? Or would you rather soak up knowledge watching a revenue generator operate and run a business....you may even pick up some sales and finance skills along the way.

The skills and experience you will gain in PWM are superior to ops if you want to be a summer analyst in IBD

Oct 1, 2017
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