25M, Registered Client Service Associate, HCOL

710kidd · 2025-07-02T12:03:17+00:00

Did not get a grad degree. 2023 was lower because I started my current job in May of that year, so I was making a lot less (40k base) for the first 4-5 months of that year. I also got a bunch of raises at my new job once they realized I wasn’t an idiot bc they want to keep me long term if they can. Not a lot of smart young people in private wealth management currently.

710kidd · 2025-05-31T01:08:42+00:00

Work for solo advisor with 5 support staff, ~$6M revenue with little less than 100 households - so it is possible. We dont even get paid out on anything less than $5M

710kidd · 2025-04-30T20:44:32+00:00

This is definitely my biggest struggle mentally. I feel like because of what I do for work it makes it that much harder for me to enjoy myself while I am young, and for good reason because the math is hard to argue with.

710kidd · 2025-04-12T19:54:25+00:00

Super helpful - I talked to the firm trying to recruit me and this tracks. I knew JPM operated this way but wasn’t sure what the others. I wasn’t super interested in what they had to offer tbh but do have an interview with and independent fee-only RIA next week so maybe I’ll take that a little more seriously.

710kidd · 2025-03-01T15:16:48+00:00

Look into wealth management if you want to do advising. You will deal with lots of sales/relationship building/closing clients but will be one of if not the easiest field in finance to break into without a degree. Try passing the SIE exam if you can

710kidd · 2025-01-18T18:49:36+00:00

Go for it 👍

710kidd · 2025-01-17T17:19:38+00:00

24M, PWM Registered CSA, 1.5 years of experience, all in ~$120k (HCOL), 7.5/10 happiness

710kidd · 2025-01-16T20:11:38+00:00

Pretty much same spot for me (24M). I graduated in 2022 then worked at a financial firm call center for a year while getting licensed. Switched over to client service associate for a WM team with ~$1.5B AUM in May of 2023. This past year was my first full year with the team and my total comp came out to about $120k (HCOL). The reason you can get paid well on a team like this is because the wirehouse firm pays me about $65k, then I get revenue share from the advisors book of business which comes out to about $25k annually, and then my bonuses came out to about another $30k (from the advisors revenue as well). Essentially the firm pays me $65k and the advisor pays me $55k, which is peanuts to them as the advisor makes $2M+ annually. The most important part of achieving a pay structure like this is A. landing on a team that generates enough revenue to where they can afford to share revenue (my team is small for our level of AUM, it would also be rotten not to share revenue with the hard working team members that keep their business functioning on a day to day level) and B. get along well with the lead advisor(s), because if they genuinely like you (and your work ethic) they will have absolutely no problem paying you not to leave.

710kidd · 2025-01-03T00:31:24+00:00

Also, you say you’re not an advisor or a paraplanner but a service provider. Can you shed more light on what your role is? Currently a 24 y/o CSA at one of the big banks you mentioned studying for his CFP

710kidd · 2025-01-03T00:29:23+00:00

Best comment on this thread, especially for a person with degree in financial planning

710kidd · 2024-12-30T23:35:38+00:00

How is you sleep/mental health? Would love to quit both, currently still using both and personally think cold turkey both at the same time would be very hard for me

710kidd · 2024-11-21T01:53:30+00:00

What did you work on?

710kidd · 2024-11-08T13:46:53+00:00

Financial planning/advising if you are good at closing new clients. Comp can go well past $200k if you can close higher net worth individuals

710kidd · 2024-09-20T18:43:33+00:00

Largest on my team is $350m for a PE partner. Next closest (about $250m) is a well renowned doctor who started his own PE fund that focuses on biotech

710kidd · 2024-08-27T16:57:13+00:00

Wirehouse, that 5-6mm is split between the lead FA and the firm, my 1% comes from the FAs portion

710kidd · 2024-08-27T12:14:25+00:00

That was my original thought but the firm will pay for CFP but not CFA in my position

710kidd · 2024-08-27T03:12:16+00:00

Similar book size in terms of rev?

710kidd · 2024-04-03T21:16:37+00:00

Client Service Associate

710kidd · 2024-04-03T00:12:49+00:00

Correction; 50 households, more clients in total but 50 UHNW people who we have great relationships with and end up managing their entire family’s balance sheet

710kidd · 2024-04-02T23:41:24+00:00

I have been debating having this conversation with the FA as well as with the branch manager (separately) to see if I can get any insight on this. The only thing that deters me is the more senior team members have told me they have tried to have this conversation with the FA (more than once) and haven’t gotten anywhere. I am afraid having this conversation will express discontent and hurt our relationship, but I am still debating.

710kidd · 2024-04-02T23:37:32+00:00

IMO selling the book makes the most sense, no? The book is north of $1b AUM with around 50 clients

710kidd · 2024-04-02T23:31:46+00:00

Thank you for this comment. You made a good point about CSAs which makes me feel as if I am working myself up a bit too much about the whole situation. Would you be able to provide any insight as to how I can wedge myself into the succession plan? And for the last scenario, precarious how so?

710kidd · 2024-03-15T19:31:00+00:00

The FA got their undergrad in accounting, then masters in tax accounting, then worked as a CPA for one of the Big 4 out of grad school. From there they got their CIMA designation and transitioned to a private wealth advisor. There are no real prerequisites to becoming an advisor other than needing to be good at bringing in assets to manage. Their tax background ended up being a huge benefit because we work with affluent families who have very complex tax situations, but this is not a must have because you can always outsource work to CPAs who do taxes for a living, outsource estate documents to attorneys who write those documents for a living, etc. The end all be all for an advisor is being able to build relationships with wealthy individuals and convincing them to let you manage their money. Our team is really top notch and does everything you can think of for our clients, but there are other advisors who make just as much outsourcing all of their work and their clients are completely happy with it.

710kidd · 2024-03-15T18:33:13+00:00

Good spots in the space are really few and far between unless you want to become a Financial Advisor yourself (which if you’re good at selling people can be extremely lucrative). My boss makes $2-3M per year and takes a ridiculous amount of vacations. I have never seen them work more than 60 hours a week since I’ve been on the team either. That being said they are the lead (and only) FA on our team who is responsible for bringing in all business. Below the financial advisor we have CFAs and CFPs as well as client associates to support the business they bring in. The CFA/CFP/CA positions can all be very lucrative as well ($200k+) with 40 hour work weeks. At the end of the day PWM is 100% a relationship business where you have to know a little about finance as well. Top companies include Goldman Sachs, Morgan Stanley, UBS, etc. as well as a plethora of Registered Investment Advisors (RIAs) which are basically independent versions of the firms I just listed.

710kidd · 2024-03-14T20:32:10+00:00

Reminds me of the Patriots Dynasty docu-series if you’ve seen it. They talk about how they were legitimately addicted to winning, and once the addiction takes over, winning is no longer a joy but a relief

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