Do any of you use PWM services?

11y

Best Response

MomentaLaugh:
Instead of having several thousand just sitting in my bank account earning 0.01% interest, do you suggest I go to a bank's PWM service and just have them invest the money for me?

Invest it yourself using a discount online brokerage ... Any "talented" PWM FA will only take multimillion dollar+ accounts and the FAs that bring on small accounts (PWM account structures usually will charge you a 1-2% fee on your total account value and then probably just put you into mutual funds that will carry another 1-2%

Authored by: Certified Investment Banking Professional - 1st Year AnalystCertified Investment Banking Pro

Hooked on LEAPS

11y

The Kid:
MomentaLaugh:
Instead of having several thousand just sitting in my bank account earning 0.01% interest, do you suggest I go to a bank's PWM service and just have them invest the money for me?

Invest it yourself using a discount online brokerage ... Any "talented" PWM FA will only take multimillion dollar+ accounts and the FAs that bring on small accounts (PWM account structures usually will charge you a 1-2% fee on your total account value and then probably just put you into mutual funds that will carry another 1-2%

Dead on.

Competition is a sin. -John D. Rockefeller

Flake

11y

Who the fuck is going to manage your pathetic $5,000?

Under my tutelage, you will grow from boys to men. From men into gladiators. And from gladiators into SWANSONS.

PCSC

King Kong

11y

No, open an account with an online brokerage and dump money into the SPY, or sector etfs. Insurmountably cheaper and probably better return than PWM.

Authored by: Certified Corporate Finance Professional - CFOCertified Corporate Finance Pro

BTbanker

11y

I had like 30k with a manager, and the rest with TD Ameritrade, but I'm going to move it all to TD, because your FA will not give a shit about you. Their Bud Fox wanna-be high commissions given their community college education don't justify you giving them your money.

The only way I'd use an adviser is if I had like 10mm+ to invest, but even then, it would be with a seasoned Harvard grad at GS PWM.

Sandhurst

11y

BTbanker:
The only way I'd use an adviser is if I had like 10mm+ to invest, but even then, it would be with a seasoned Harvard grad at GS PWM.

I agreed with you at first. But then you said GS PWM.

Don't go bulge bracket for your money management. Find a specialist with a perspective you agree with and a long history. Ideally with a privately held company, or at least something not so huge. We're talking BBH here, guys.

Also - go with Fidelity if you want a discount broker. Great people - they'll pick up the phone even though you're not worth their time, because they're focused on a lifelong relationship,

"There are three ways to make a living in this business: be first, be smarter, or cheat."

BTbanker

11y

Sandhurst:
BTbanker:
The only way I'd use an adviser is if I had like 10mm+ to invest, but even then, it would be with a seasoned Harvard grad at GS PWM.

I agreed with you at first. But then you said GS PWM.

Don't go bulge bracket for your money management. Find a specialist with a perspective you agree with and a long history. Ideally with a privately held company, or at least something not so huge. We're talking BBH here, guys.

Also - go with Fidelity if you want a discount broker. Great people - they'll pick up the phone even though you're not worth their time, because they're focused on a lifelong relationship,

Actually, I take that back. I would probably put a sizable amount with a HF. Then manage the rest myself.

Kenny Powers

King Kong

11y

i highly recommend Fidelity.

My drinkin' problem left today, she packed up all her bags and walked away.

SECfinance

Senior Neanderthal

11y

Fidelity or Vanguard are the only ways to go.

MM IB -> Corporate Development -> Strategic Finance

dwight schrute

King Kong

11y

Fidelity->SPY or Lending Club

Making money is art and working is art and good business is the best art - Andy Warhol

bonks

King Kong

11y

I'm just starting out too, but it seems like Vanguard has some pretty awesome life-cycle funds with extremely low fees. I'm beginning with the Roth IRA from them.

Does Fidelity have a minimum investment requirement?

Nothing short of everything will really do.

Sandhurst

11y

bonks:
Does Fidelity have a minimum investment requirement?

For a basic account, no.

Also, as a note to everyone: if you're thinking about investing your own money for the first time, I highly encourage you to allot at least a portion of it to yourself. It is important to anyone to learn the (hard) lessons of having a direct personal stake in the marketplace. This is especially key if you're going to, or thinking about going to work at a bank.

Think about it. An old timer mentor of mine refers to investment banks as being in the "investments business." This makes a lot of sense. An i-bank is basically business of working with clients to arrange financing on one side, and producing investment products on the other. If you want to be a part of this in any capacity, even on the corporate finance-side; it's a good idea to develop at least a basic feel for what is ultimately your end product.

"There are three ways to make a living in this business: be first, be smarter, or cheat."

yeahright