efinancial careers did an informal survey of industry pros and came up with rankings of the most stressful jobs in the financial indusry. The top three, in this order, were Investment Banker, Trader and Compliance.
Number four was my gig…
4. Wealth manager/financial advisor: Finishing near the top on some surveys and further down on others, wealth managers and financial advisors deal with one particular vehicle for stress: the eat only what they kill. Wealth managers get fired nearly as often as they get hired. One WM who started five years ago said he is the only remaining member of his 30-person recruiting class still in the business.
It’s a sales job, and your target is often friends and family. You start with a barely livable wage and you need to sell to remain employed. But, at its core, wealth management is a relationship business. Unlike institutional sales, your heart – not just your wallet – is on the line with each investment, said Lipstein.
That’s the most wirehouse-y definition of the profession I’ve ever read, btw. None of us, in the year 2014, actually operate that way anymore. Not sure who they’re interviewing for these surveys…
Anyway, click over and see what you think of the whole list.