Don't see why this got MS'd. Employers/corporations have no loyalty and they are out for their best interest even if it means outsourcing, layoffs, etc so he should accept the offer and take something better elsewhere if given the chance. But PWM is not a bad place to be.

 

It's a sales position. Nobody makes 300k out of the gate in FA. And most successful FAs are probably in the 150-250k range. Better than 95% of Americans and a (relatively) very low stress jobs with your own hours. The job has very high initial turnover because sales goals are difficult for young grads.

You couldn't have come to a worse site to ask this question lol. Everyone here thinks you're a joke if you're not at a top BB or EB IB job.

 

I think he is getting hired into a team.

If you are joining a team and getting a split of the rev. take it.

If it is for you to just join the general program....id reconsider

 

Yeah a team of 7 FAs and the rest are support staff. The offer is to join as a financial advisor in the team. But I decided to pursue the search fund position. I feel like I can always come back to PWM after I've established myself but I probably can't do it the other way around.

The only thing I'm iffy about is that this specific team has a large amount in AUM...

 

1.8B is huge for a wirehouse team. PM me, chances are I know them (if you're NYC)

Broadly speaking WSO isn't ideal for this question. But if you can make good money while you get your licenses and perhaps CIMA / CFP (hit the ground running) you will have some decent exit opps within AM

Compensation is not commensurate with education.
 
Best Response

We're missing important information. So frequently these offers go nowhere. You get used & abused by the team to do the grunt work, etc. Not saying that is the case, but in order for this offer to be anything other than a $50K a year job that you'll most likely get fired from due to lack of production within 2 years (which is what it is at the wirehouse training programs), the team needs to be giving you a cut of the revenue.

So besides offering you license sponsorship and "mentoring," are they offering you a cut of the revenue as soon as you enter production? If no, specifically what are they offering?

Next question, what are you offering them (i.e. why do they want you on their team?).

Last piece of advice...get everything, everything in writing. Not a generic "we'll mentor you" or "we'll help you meet the hurdles." If they are giving you 5% of production as a team member, put it in writing.

Also find out specifically how you advance on the team (grunt, junior partner, senior partner, etc.). And get that in writing too.

 

My advice is forget the wealth management job and go pursue your dream working as a venture capitalist. PWM can be a lucrative and enjoyable job but unless your passion lies within this area you will most likely burn out on it long term.

Also, contrary to what the FA might be telling you, there are a million different variables that might derail your success within this field/team long term. What is the revenue sharing agreement? How will that change over time? What is your function within the team? Are the goals they set for you actually attainable? Do you build equity in this business long term? Etc,etc.

I can't even count how many times I've seen big wirehouse teams bring in a new FA, promise them the stars and then watch that same FA get fired or quit because things didn't work out well. Keep in mind you are joining a business AND IT IS NOT YOUR BUSINESS. You are simply a tool and they will provide what they need to provide as long as it is in their interest. Don't produce, don't bring in enough assets and you are out the door...it is that simple. That said, there are some good teams that will take care of you and there are also some good long term opportunities in PWM but it will definitely take time and you need to link up with the right people.

I would go into VC, spend 10 years there and then if still interested tradition over into PWM as a second career. Your contacts would be worth a fortune at that point and you could easily join any large team as an equal partner versus being a junior person that only prays of eventually getting bumped up. Just my two cents...good luck.

 

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