There's been a bit of speculation as to why I've been so quiet recently, so for anyone who cares:
I left investment banking (which many people saw coming) and went to a small boutique wealth management firm that works with clients in the $100-$500 million range. Feel free to throw tomatoes, look down on my choice, or tell me I'm throwing away my life if you so desire, but do understand that I modeled it all out thoroughly and I have my reasons. I'm overjoyed at this opportunity, and at the fact that I get my life back.
I'm an associate now, making slightly less than I was and working less than half the hours. Thus, readers may want to take my new status into account when determining whether or not to listen to any advice I may give in the future. I'm sleeping, I'm working out, I'm reading books and enjoying leisure time, and I'm certainly no longer living the analyst lifestyle.
Luckily, my time as an IB analyst will help me in working with my own analysts now. A lot of people might think that going into PWM is a waste of a good IB background, but I think I'm fairly well set up for a good career here. It's going to be fun. And I look forward to sharing my unique and assertive viewpoint with all of you until further notice. Although, as I'm not chained to my cube these days, don't expect me to post with my old regularity.
What are your responsibilities there? Are you investing the clients money actively in equities and fixed income securities? Or is it more passive focusing on tax implications, income needs, estate planning etc?
Glad you're happy with your decision. Please do continue sharing your insight and perspective. Best of luck!
Miss Ind,
I have enjoyed reading your posts for over a year now, and you are one of a handful of posters here whose opinions I respect.
Thank you for sharing your personal insights.
ditto
Miss Ind,
1) I have been frequenting this forum for about a year now and for the most parts yourposts are informative and ocassionaly even amusing. I look forward to them.
2)Good to hear about and congratualtions on the new career. I hope ou do well in it.
3)I remember you had a serious boyfriened. Now that you have some time, when is the wedding?
Hope you continue to share on this board
Hi, Takingacrack. Wedding's in the spring. I need to go ahead and get it done, because I've asked the poor guy for a rain check a couple of times now and people are starting to joke about the eternal engagement. However, I refuse to get married within six months of either graduating, moving or starting a new job, which has pretty much blocked out the past few years.
Also, I dislike weddings (uncomfortable, silly, expensive) even when I'm not the bride, so I have no reason to believe I'll enjoy my own. Which is another part of why I haven't been pushing the whole thing along.
Thanks for the good wishes. Glad to hear I'm at least occasionally amusing.
Hi Mis Ind wave
Good to see you've relieved yourself of a hectic life. Hope everything goes well for you.
As one of the college students IBO loves to hate, I'd like to welcome one of the voices of reason back to the forums :)
Mis Ind,
Good to hear you're happy, but bear in mind you're no longer one of us and so you shall be shunned and your opinions rubbished.....................so what kinda hours do you work nowadays ? I start training in a couple of weeks so maybe it's not too late to switch....
throws tomato to each his her own. Did you change firms or lateral intra-firm? Now that you;re no longer with your old group, what more can you tell us that you were previously unable to? Anything profound you have learned from your experience and the jump you made?
Sorry, I don't put things across in the best fashion at times and it comes across as particularly brutal to Americans( in reference to my occasionally amusing comment). What I meant was you are adored on this board.. at least by the sensible lot. I am sure the wedding will be fine and fun. It always is.However, feel free to give me a call if you change your mind.
I am disappointed to hear you've left the banking side. I always thought your smart and articulate commentary showed great promise for your IB career as long as you could stick out the grind of the junior banking years.
Best of luck on the new endeavors. I think you'll do just fine for yourself, regardless of what it says on your business card.
Do you feel a lot happier? Do you miss banking at all? ;)
Thank you, Ghenghis. I agree that my IB career had promise, but I had the misfortune to end up in a particularly nasty group. If I'd gone to any of several other groups, I'd have been fine. Let that be a lesson, folks -- your group choice makes all the difference.
Seanc, I'm working straight 50's now. What's more, if you go over fifty you're ENCOURAGED to compensate by working less the following week... and if your work schedule doesn't allow that on a regular basis, they jack up your bonus at the end of the year to cover all the extra hours and apologize for working you too hard. This is the sweet life, I tell you. Lunch is on the firm, but never dinner because nobody's ever here. Everyone's happy and friendly and they actually laugh at my jokes, which didn't happen in IB. Moreover, the MDs apologize if they inconvenience you in any way... and you're allowed to push back on things as long as you have a good reason. Such as being too busy.
What's more, the MD I'm working for has a reputation at this firm for being harsh and unreasonable. Turns out that what they call "harsh and unreasonable" in wealth management equates to the sunniest, kindest, nicest MD I've ever worked for. The only thing that's wrong with the guy is that he snaps at you a little when he's under pressure, is a little nuts, and has a list of requirements for client materials (staples on the diagonal, tabs on the right, no creases or smudges). But the thing is, he APOLOGIZES after he snaps. So what the hell are these PWM people bitching about? I'd have cried for joy if I'd been able to occasionally work with an MD like this in IB. Sounds like the worst thing this guy has ever done is to carelessly make somebody work until 10 PM on a project that he then cancelled. Which, as my fellow bankers will know, is nothing compared to having back-to-back all-nighters thrown out because a MD hadn't thought out his strategy.
For me, this is the land of milk and honey, folks. I took a slight compensation hit, yeah, and my salary curve is much flatter now (these guys probably top out at $1-3m per year), but I'm very happy. I don't miss being an IB analyst a single bit. I'm immensely grateful to have my life back. I've learned that there are some things I don't want to sell.
Hmmm, that reminds me: I better check to see if my team is still pulling all nighters for that pitch scheduled for Monday morning that was cancelled last Wednesday.
Naw, I must have told them... probably.
Mis Ind - your last post honestly brings a huge smile to my face. knowing that you are getting out of the office and enjoying life is awesome -- especially after hearing some of what you went through.
This site's main goal has been to provide an outlet for young, stressed finance professionals ("oasis"). i love reading about our users moving on to rediscover their lives -- good luck with the wedding!
Hi Ms Ind,
First congratulations for your new job and upcoming wedding.
My only aching questions is that why didn't you wait it out till July, get your bonus and then say goodbye?
cheers.
What did you last, 1 full year?
How much was your bonus?
The details are all the matters.
The details are all that matters, so ... please let us know.
Good for you, Mis Ind!
Sounds like you thought everything through and made the right decision for YOU.
good for you and good luck. no shame in pwm.
mind telling us which group you worked in?
maybe you've mentioned it before but i never got it
Someone seems to have reached the oasis after treading across that scorching desert called IB.
congrats, best of luck
look forward to future postings from a new perspective
Well done Mis Ind, I enjoyed watching you put your stalkers in place.
A lot of smart people leave IB for PWM based on the exact same reasoning as you stated above. Pay is higher then most other industrys and you work a normal set of hours.
banking is for the inteligent followers of tomorrow
Do you see yourself staying in PWM long term or moving onto different things in the future?
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