Wealth Management(MS, UBS, Jefferies, Rock)

Curious to know the differences in pay structure, if any at all, and if there is a slightly lower failure rate when joining a team or being mentored and working with an experienced advisor/PM then say going it alone.  

Becauses of COVID and limits on in person socialization have firms loosened the requirements for gaining AUM in the first three years?

Anyone have thoughts on what it may be like starting out, on a team, as a FAA(MS, UBS, JEFF, ROCK) in these COVID times?


 

I work in the retail space for a big regional BD. So I may be of some help, maybe not.  MS and UBS are wirehouse of course, their associates will all start out at similar base salaries. I would imagine its the same for Jefferies and Rock (did you mean Blackrock?). Some firms, including mine have relaxed the production goals and AUM goals for now... really on a month to month basis. My advice to you if you are considering joining the industry would be to come in under somebody...be it a solo guy or a team. You have a much greater chance of success making it in the advisory space if you do so. I've seen countless kids come in and leave in a year because they can't gather assets and produce. Its flawed to think somebody in their twenties can gather millions in assets not having any experience or knowing dick relative to anybody else. Coming in under somebody can provide stability and the education you'll want to have. I've seen people come in as a Jr. Broker/FA or start as a client service associate and work their way in. 

Hope this helps a little bit. 

 

Agoody1 - Thanks for the reply.  I am in my late 30's making a career pivot.  I would be joining a wirehouse and to work for a PM I have known for 10+ years, family friend.  He has a established book of business from a long career.  We have talked about me coming in to go through the program and work with him.  He will retire in 4-5 years and I would take over the portfolio.  I know that FA has a high failure rate and having a family that scares me a bit.  But since I would be working with an established PM and taking over the portfolio when he retires makes me think this is an opportunity I should not turn down even if I make a bit less over the next few years than I do currently.  Thoughts?

 

Learning the business from an experienced, successful producer AND becoming his succession plan is a great opportunity. It is essentially taking over a business with an existing and profitable customer base. If you use the time together to both learn and become very acquainted with the clients, this is quite strong. Hopefully you'll be involved in client meetings, service, etc so they get used to dealing with you prior to your senior leaving. It really will be dependent on your relationship skills. Expect some attrition as that just happens but if you can retain 80%+ of the AUM it's great.

 
Most Helpful

I don’t know the situation directly so it’s tough for me to give you a definite yes/no. But I will say you have a couple things that are interesting. You’d be going into a wire house that’s going to give you a salary for a couple years so you’d be cheap labor for the senior FA. This would allow him to maybe give you some production and assets he doesn’t want to work with or doesn’t have time to. This give you an opportunity to show him you’re his guy for the future. Also, you’d be in an office with other FA’s... networking with them, wholesalers, managers, etc. This is a good thing because the industry is aging... the vast majority of brokers are 50-55+. They need to start thinking of succession plans soon- the firms will push them to for liability reasons also. If you feel the senior FA is committed rock solid to you and bringing you in under his wing/grooming you- take it. If it doesn’t work out you’ll at least have met other FA’s and people in the business that might provide opportunities.

 

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