High paying investment positions in California?

Chase rjames
Oct 14 19 Comments

I am currently in Private Wealth Management in NYC making about $300k TC about to take a pay cut ($250k TC) and work in Southern California to be closer to family. If I were to stay in my current role, in 10 years, I will be making $700k TC, while my new role would only yield about $350k TC.

I want to find a position within the next 10 years that can replace that lost income. Are there many investment roles in California that will pay over $500k? I am currently in the Director level in Private Wealth, but my passion is in sales. I can reinvent myself to work in a different investment asset. I am thinking VC, hedge fund, institutional, etc. I don’t know the landscape of roles and companies on the West Coast. Thoughts?

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TOP 19 Comments
  • New / Mgmt
    xsAS42

    New Mgmt

    PRE
    PARC
    xsAS42more
    You're a banker. If you can make $700k in 10 years why would you leave, you only have one shot at that.
    Oct 14 1
    • Chase rjames
      OP
      Family, friends, quality of life. Many factors. I just want to have my next position in mind to replace the income eventually, so I can start my MBA, CFA, or whatever else I need.
      Oct 15
  • Finastra HKsN65
    Always make these choices based on happiness, not financial reward. Good luck to you whatever route you choose.
    Oct 15 0
  • Deloitte / Product
    V.Y

    Deloitte Product

    BIO
    Hi There! How can I help?
    V.Ymore
    Move to CA, build a client base amongst the wealthy and famous in LA and Hollywood. If an outsider like Asthon Kutcher can be moderately successful in VC landscape, you're more informed, skilled and capable to execute.
    Oct 15 0
  • New
    pmblue117

    New

    BIO
    Investment Analyst at an Outsourced CIO
    pmblue117more
    How years of experience do you have now? And are you looking to exit PWM completely? If not, why not continue PWM after you move considering the pay ceiling is quite high?
    Oct 15 0
  • New
    pmblue117

    New

    BIO
    Investment Analyst at an Outsourced CIO
    pmblue117more
    Can’t speak too much on the institutional sales side since I don’t know what the pay ceiling is, but you could consider a private bank such as JPM or citi if they have offices there. The pay is a structured base + bonus, so you wouldn’t be “restarting” necessarily and obviously they will appreciate your background in PWM and your ability to bring in clients. Have heard average MD level makes in the $500-$700k range. just an option to consider
    Oct 15 1
    • Chase rjames
      OP
      I’ll have to explore the institutional sales side more. I have consider PB at JPM, but it would be restarting. I have friends in the PB at other firms that are top producers, but make around what I’m making, after being in the role longer than me. I feel like I need to look for bigger dollar, bigger commission deals to reach that $500k+ level with sales job. I could go the MD route as well. Thanks for the insight.
      Oct 15
  • Chase DaimeJimon
    I would advice to seek for HFs too. Citadel has presence there, also VCs. There are a lot of boutique shops that would need capital raising or premium services for HNWI or UHNWI.
    Oct 15 0
  • Credit Karma iopsifnr
    PIMCO?
    Oct 14 2
    • Chase rjames
      OP
      Yeah, I was thinking institutional sales at PIMCO or Capital Group. Thank you.
      Oct 15
    • BlackRock XnMN37
      Wow Pimco sales earn so much?? That’s like many/ten times than our sales
      Oct 18
  • Bank of America wonderbro
    I worked in CA for a while in banking and saw all the sr promotions going to people from NY w big bank experience.. Hence make the jump at the right time. That being said if u r in sales and can kill it there you can kill it anywhere
    Oct 15 1
    • Chase rjames
      OP
      I think it’s the right time... 🙏🏼 Thank you!
      Oct 15
  • Chase rjames
    OP
    I appreciate the insight from all of you. 10 years experience in HNW PWM. I have built a substantial client base over the past few years in NYC that I would have to give up and restart in CA if I stayed in the producer role, while taking a big pay hit during the rebuilding process. I am taking a leadership role in PWM for similar pay, bigger title, leadership experience. Then later I can pivot back into production or leadership elsewhere. I’m open to PWM, but finding a position with an existing client base is tough.
    Oct 15 0
  • Voya / Finance
    Blind867

    Voya Finance

    PRE
    Voya Financial
    Blind867more
    LA and San Francisco both have a heavy presence, with some options in San Diego or farther away in Phoenix. Your exp is probably great to get you in but CFA or MBA or both wouldn't hurt to help you pivot.
    Oct 15 0
  • Credit Suisse t9520045
    Institutional sales at asset management shop should be $500-$900 for someone established at an individual contributor level. Higher on the scale are for the alternative shops l- maybe Ares , Oaktree, etc. PIMCO more at the lower end but if you do well and are there for longer time then you can be middle of the range as an individual contributor. When you lead a team that’s when you typically cross the 7 figure mark and usually ranges between 1 and 2 over time. When starting in at a support level or with smaller clients, that’s about $300 or so. West coast may actually be easier to break in than nyc as less competition
    Oct 21 0
  • First Republic fakeacct
    First republic bank is heavily recruiting private wealth managers. I’m sure if you can bring in a big book, frb will throw money at you.
    Oct 16 0
  • Goldman Sachs / Eng ?+!;:
    Wealth management talent is slowly drying up as all the baby boomers are retiring. Whether is CA or NYC you will rake in big bucks from either. Also, Cali has lot of big name family offices, that can a potential path for you.

    Mind sharing your current YOE? Why do you want to opt for a CFA rather than CFP?
    Oct 15 0
  • Bloomberg AMI<GO>
    How many years of experience?
    Oct 15 0

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