All,
Facing a slight dilemma here. I'm currently a RM at a big 4 bank where I'm responsible for managing a portfolio of ~$200MM. An investment manager (FoF/Family office/etc) focusing on alternatives (10-20B AUM) reached out and asked if I'd be interested in joining as a VP (asset allocation, client relations) with the expectation that I'd be in that role for 4-5 years before looking for a promotion.
Normally, I'd have said yes considering it'd be a more challenging and technical role compared to bringing in assets/managing a book, but is it worth sacrificing quality of life and possibly taking a pay cut (10-20k) to move into that space? I currently work 40-45 hours (vs 60-70+) and earn enough that the role would be a pay cut, as mentioned. On the other hand, career trajectory could potentially be more lucrative there vs. aiming for promotions at a bigger bank.
I would love to hear opinions from everyone, as you are likely much more experienced. Really appreciate all the input, in advance. Thank you!
How long have you been at the bank and what is your role?
Maybe it would be worth having a chat with your management to discuss your career at the bank. Unless there is substantial upside in both the value (enjoyment) you extract from the new role as well as like you say significant monetary value down the line I will say 4-5 years seems quite long for a promotion?
One other point could you perhaps leverage the offer to get a better offer from your bank or elsewhere?
Current role is client facing, driving revenue to the bank. No income cap as well, as bonuses are performance based. 4/5 years is a long time for a promotion but they were very specific saying they're not looking for someone to come in and want to move up within 2-3 years. The external firm is also much smaller which means more hours for staff as they deal with issues that haven't been automated (portfolio reporting, tax statements, etc.).
I guess it comes down to work/life balance or money down the line.
If you are on the fence I would defo progress it to the point you can then say to your current employers I have a job offer for xyz I really want to stay here but they are offering a more competitive salary (even if they are not) and see what they say. Of course you can only really do this if you are willing to take the deal with the new company. I know a few people who have used this method to leverage better deals.
I wouldn't leave the bank. All the resources and processes you have today don't exist at the Family Office
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