The PWM industry is very different than the "retail" industry (Ed Jones, Charles Schwab, etc.) Most retail industry services its clients (from average Joe's to "rich" individuals) in retirement and simple small investments (mutual funds, etc.) Wasting Time:Shouldn't people start out somewhere like Edward Jones and deal with low scale ass people to build up confidence and then move up into PWM? in a PWM industry, a typical pay (post-MBA) would be between $115k-$250k depending on your background. If you are looking into the industry for non-broker position - such as a portfolio analyst, etc. If the broker is recruited by other firms, they typically pay huge upfront buyout pay (which can go into millions). But most of the brokers make the big bucks from the fees. Typically the salaries last only the first 18-24 months, and are typically less than $60k. Typically, the top 5 firms would pay very low salaries (before the commissions/payouts) to encourage the brokers to produce. Unlike IB where "associates" are higher than "analysts", in PWM, associates are same level or below than "analysts". Most of these firms, the "salaries" are really not there (unless you join as analysts or sales/marketing associates).īy the way, in the PWM industry, "associates" are secretaries or other supporting staffs (mostly in sales/marketing). If the firm brings in $1m in fees from a client, the rep will keep $350k as his fees.
35% payout would be basically 35% cut of the fees the firm brings in. I'm just trying to understand how their salaries are sturctured. IB2PWM:- Payout : 35% of the revenue (between 25-45% depending the firm)Īs you stated in point # 2, what do you mean by pay out.
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