Comments (10)

Mar 20, 2011

sorry, i don't know any. out of curiosity, why do want to make the switch?

Mar 20, 2011

While the IB experience is great, but it is a crowded market IMHO. I think there is a lot more opportunity for growth in the PWM space, for my personality at least, rather than in IB, and subsequently PE.

Any advice on recruiters in general or past experiences with specific recruiters?

Mar 20, 2011

Recruiters for any good PWM shop (I'm not talking about Edward Jones, Raymond James, Amerprise, Northwestern Mutual, etc who will take anyone with a pulse to cold call all day) generally don't go after younger people.

Rather, they go after somewhat established advisors who already have a book of busniess.

This is a fairly common practice in PWM -- advisor A works for Firm XYZ for 5 years and builds up $200M book of business. Then advisor A gets calls from Firm ABC and Firm JFK to offer him an upfront bonus to switch firms. The upfront bonus is paid out depending on how many assets (see $200M book) advisor A brings over to the new firm.

Mar 20, 2011

Thanks for the insight. Obviously I don't have a book of clients, so I am interested in starting in a junior position. Any suggestions for the best way to go about moving over to the PWM side?

Mar 20, 2011

well you could be an analyst in pwm and then become an advisor after a few years

Mar 20, 2011

Yes, that's why I was trying to find a recruiter that deals with the PWM space. Anyone know the best to get my foot in the door?

Mar 20, 2011

ill swap with you

Mar 21, 2011

I just talked to my FA after work.
I was told that PWM offer Training programs where new trainees are paid a base of $50-80k for the first 4 years. After 4 years it is strictly commission based because they assume you will have a book of clients by then.

Mar 21, 2011
financialnewbie:

I just talked to my FA after work.
I was told that PWM offer Training programs where new trainees are paid a base of $50-80k for the first 4 years. After 4 years it is strictly commission based because they assume you will have a book of clients by then.

Sounds like you are talking about BAML's PMD training program. MSSB has a similar program as well. These programs have a high attriton rate.

There are other ways that firms will break you in though...

GS PWM has a role for lateral hires who are in between analysts and associates. I believe it's called FIP (financial investment proffesional??).

Also, JPM PWM has lateral analysts as well as associates.

For both JPM and GS, you will be an "advisor in training", so to speak. So you will be learning how to be an advisor, but your comp isn't based on bringing in clients; rather, you get a salary + bonus.

Mar 21, 2011
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