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WEALTH MANAGEMENT CAREERS:BANK OR WIREHOUSE?

Wealth management is one of the fastest growing financial career fields due to the increasing number of individuals who are seeking to increase their investments.

A career as a financial advisor at either a bank or a wirehouse both require a strong desire for self-improvement along with motivation to recruit and retain new clients, yet there are significant differences offered by both.

As you explore your options, here is what you should know about the benefits and drawbacks of working at each one.

PURSUING EMPLOYMENT AT A WIREHOUSE

A wirehouse career is typically harder to start than one at a bank since independent brokerages expect advisors to do the majority of client recruitment.

However, it can be lucrative for driven individuals who set high goals for personal achievement. In bull markets, wirehouses do exceptionally well and advisors can expect to receive high commissions.

It is important to note, however, that the environment in a wirehouse is likened to that of a pressure cooker.

Those who do not perform well under pressure tend to not last long, and many wirehouse advisors are opting to transfer to banks due to their current state of growth.

WORKING AT A BANK

In the past, a career at a bank was considered the safe and easy route.

However, recent years have found banks taking more of an interest in investments, and having secured potential clients’ trust is a major asset for new advisors.

Banks are also easier to get your foot in the door because they offer several different positions from which you can work your way up after only a few months of demonstrating your competence.

Top-line transition packages, endless leads involving both new and established clients and referrals for your services …

… are a few of the benefits that come from working for a bank that are drawing more advisors away from the wirehouses.

CHOOSING THE RIGHT PATH

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To break it down, a wirehouse tends to offer greater risks but also a higher reward since the commissions naturally increase when you are dealing with high net worth clients.

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Yet, some advisors find the need to constantly recruit and sell their investment packages to be outside of their skill set.

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Banks offer a steadier option for those who are just starting out a way to get their feet wet as they work through the ranks.

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While salaries at a bank tend to be lower than those at a wirehouse, many advisors find that other incentives such as vacation compensation and transition packages help round it all out.

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Choosing the right place to start your wealth management career makes a significant difference in your level of success.

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As you explore your options, take into consideration your level of education along with the experience you have already gained within the financial field.

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Then, think about how much risk you want to take as well as the strength of your sales skills.

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While this is a heavy decision, remember that many advisors transfer from one type of workplace to the other as they learn what works best for them.

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As with any financial career, the only way to go is up when you are driven to exceed expectations while helping your clients increase their net worth.

Seeking a new financial advisor position? Speak with the experienced financial advisor recruiters of Willis Consulting Inc.

They can many top industry contacts and can help you land the position you want. See open positions at http://www.willis-consulting.com/financial-advisor-jobs/

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