Anonymous User wrote:So i asked someone who works in the finance industry and the person tells me PWM is typically for IBankers who are retiring, who already has an established client base...(so basically not for young people).. any truth to this? And is it smart to go straight into this after getting my JD/passing the bar??
I'm not the OP.
i dont see how working as a banker for 30 odd years leads to a position in pwm. the work they do is very different. also some who is in the position to be retiring from banking (meaning he's worked there for 20-30 years) is probably an MD by then. i don't know any MDs who would quit to go to pwm, esp since MDs hours are not that bad - most are out by 7. its not like partners at a lawfirm. i do know a few bankers who have gone on to do pwm (sucessfully) but they did this after 3-4 years in banking, not after retiring form it. there are also plenty of young guys (thinking 30s) in the field so its certainly not something people do when they retire.
i don't really see how you would get into this after your JD. there are exams that must be taken, that are not that easy.
its the same reason you see ex-NFL, MLB, etc. players taking jobs in PWM--its a business of contacts, not of business/financial acumen. investment banking (if thats what we are generically using the term banker to refer to) does not lead to a position in PWM, it just works nicely: you still receive benefits/paycheck, probably have enough friends/contacts who will open an account with you for shits and giggles, work from home a lot (even the days you go into the office you are probably only there for a few hours), and most importantly, you get to manage your own money/trade your personal account. its similar to seeing a mid-level manager at a fortune 500 company picking up a job in retail or as bartender when they get older--they just want something to do, which will not completely take over their lives
jd, or not, these firms hire hundreds and hundreds every year--its just the nature of the beast in this industry, given the drop-out rate, and the little capital the company puts up in hiring you