In 2018 I have to make a pretty serious decision, which will determine the direction of my career. Currently, I have three real possibilities:
- Consultant Relations for a mutual fund.
- Institutional Equity Sales
- Inheriting a decent sized book in wealth management at a
I work at the BB in an entry level role in WM. I am 24 years old, and will haveand 66 under my belt by the end of 1Q '18. I was a liberal arts major at a non target so obviously /PE/IB is out of my league.
Essentially, I would like some advice from you guys on what you think the best career choice is for me.
-Get to deal with existing institutional clients, and win new business for the fund.
-Get to work with PM's/Analysts which will allow me to learn from the best.
-At the senior level, this job pays high 6 - low 7 figures.
-Success in this role is tied directly to the performance of the fund.
-The future of active management is uncertain, if the compression in fee's continues then it will certainly decrease the salary.
-On the road constantly, which can get tough once kids/family come into the picture.
Institutional Equity Sales
-If it were the late 80's I would take this job instantly, but obviously a lot has changed.
-Get to interact with some of the brightest investment managers in the city.
-Get to entertain clients on the firm's dime.
-Get to become a subject matter expert (equities)
-Total pay has shrunk quite a bit from what it used to be, and it seems like it will continue to do so.(MIFID/Trading revenue falling etc.)
-Many senior guys who work in the biz have described this role as a melting ice cube and to stay away from it.
WM at BB
-Would most likely work with my uncle, who has a 90M-110M AUM book that I could inherit.
-Love the entrepreneurial/control your own destiny aspect of being a FA.
-Get to create investment strategies for clients, and eat what I kill.
-Unlimited earning potential (guy in my office makes north of 4M).
-Not exactly thrilled about the estate/life planning, I am much more interested in investing.
-I believe that in the next 10 years BB's will make the FA role a salary/base rather than a commission/fee job. This will end with huge pay cut's for advisors.
Let me know what you guys think. If there are any other positions you can think of that I should consider, please share. I know there are some other roles out there that I could take a run at (private placement etc.)