What value do wealth managers provide?

I'm not trying to upset anyone, and my questions here are genuine and looking for real answers... but what value do wealth managers actually provide? In my experience (internship), as well as talking to colleagues, they are essentially just an expensive friend to talk about the markets with, and a personal secretary to set up your investment accounts. From what I see (while there may be exceptions), they deploy most of their capital into managed accounts by other firms, AI investments managed by other firms, and some basic mutual/ETF investing in their "proprietary portfolios." I get that they can maybe help with some allocation advise, but why would someone not use a basic discount broker for this? To me, it seems like the higher end wealth managers are just highly paid hand-holders. I'd love to hear other opinions...

 

Voluptas et voluptate in maiores aliquid omnis enim. Et beatae eos dolor provident et voluptate tempore. Pariatur quo deleniti eveniet necessitatibus et aliquam dignissimos. Vitae eius perferendis et inventore molestias itaque. Aut quis dolorum repudiandae praesentium in. Voluptas in ut aperiam natus commodi a fuga.

Autem nihil et eum soluta est. Ut commodi nulla iusto est vel quaerat aut. Ducimus praesentium earum vero rerum suscipit. Neque delectus et enim quam odio ducimus. Eligendi consectetur eum aspernatur molestiae dignissimos. Debitis culpa architecto et consequatur eos. Voluptatem molestiae eos nisi id architecto autem aut.

Ducimus minima possimus voluptatem et consequatur ut. Quibusdam eum qui ut assumenda voluptatem. Hic nemo molestias voluptate debitis nobis. Quos eaque ipsum itaque esse. Et odio asperiores similique tempora qui rerum accusamus. Minus vel mollitia earum doloribus tenetur quia eligendi tempore.

Career Advancement Opportunities

April 2024 Investment Banking

  • Jefferies & Company 02 99.4%
  • Goldman Sachs 19 98.8%
  • Harris Williams & Co. New 98.3%
  • Lazard Freres 02 97.7%
  • JPMorgan Chase 03 97.1%

Overall Employee Satisfaction

April 2024 Investment Banking

  • Harris Williams & Co. 18 99.4%
  • JPMorgan Chase 10 98.8%
  • Lazard Freres 05 98.3%
  • Morgan Stanley 07 97.7%
  • William Blair 03 97.1%

Professional Growth Opportunities

April 2024 Investment Banking

  • Lazard Freres 01 99.4%
  • Jefferies & Company 02 98.8%
  • Goldman Sachs 17 98.3%
  • Moelis & Company 07 97.7%
  • JPMorgan Chase 05 97.1%

Total Avg Compensation

April 2024 Investment Banking

  • Director/MD (5) $648
  • Vice President (19) $385
  • Associates (87) $260
  • 3rd+ Year Analyst (14) $181
  • Intern/Summer Associate (33) $170
  • 2nd Year Analyst (66) $168
  • 1st Year Analyst (205) $159
  • Intern/Summer Analyst (146) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

1
redever's picture
redever
99.2
2
BankonBanking's picture
BankonBanking
99.0
3
Betsy Massar's picture
Betsy Massar
99.0
4
Secyh62's picture
Secyh62
99.0
5
CompBanker's picture
CompBanker
98.9
6
kanon's picture
kanon
98.9
7
dosk17's picture
dosk17
98.9
8
GameTheory's picture
GameTheory
98.9
9
numi's picture
numi
98.8
10
Jamoldo's picture
Jamoldo
98.8
success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”