High paying investment positions in California?
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?
You're a banker. If you can make $700k in 10 years why would you leave, you only have one shot at that.
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.
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.
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?
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.
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.
How many years of experience?
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
I think it’s the right time... 🙏🏼 Thank you!
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.
Always make these choices based on happiness, not financial reward. Good luck to you whatever route you choose.
PIMCO?
Yeah, I was thinking institutional sales at PIMCO or Capital Group. Thank you.
Wow Pimco sales earn so much?? That’s like many/ten times than our sales