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WSO Free Modeling Series - Now Open Through
May 31, 2024
9 Free Financial Modeling Lessons
Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling.
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+Bonus: Get 27 financial modeling templates in swipe file
Sounds like he's pushing insurance... possible? sure. probable? not at all.
He told me it was considered wealth management but I’m not really well versed in finance enough to know the difference between the two careers
Probably equivalent to Northwestern Mutual calling what they do "Wealth Management." It's actually mostly just pushing insurance, which you can make a lot if you're really good... but it's a terrible job and not at all the same as high level wealth management.
If it is in fact wealth management, making $500k in your 20s could be possible I suppose, but you would be in the top 0.1% of people in that industry at that age... maybe in your mid 30s if you're a high performer.
sounds like an MLM. almost all these jobs promoting those high figures (less than 1-2%) even approach six figures
When I graduated college with no job lined up, I had a lot of “interviews” with these wealth management type places. They all have the same elevator pitch of how you might only make $40k for the first two years, but then it becomes $75k, $125k, $250k, etc.
Every place asked if I was comfortable giving a list of friends and family for them to contact. After several of these interviews, I connected with a former Morgan Stanley MD who told me not to take any of the jobs and keep applying to corporate finance roles. Explained how very few people get rich in these roles and that unless you know a lot of rich people, you aren’t going to be making the big bucks.
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