Anyone here familiar with MD PIM? Seems awful lot like TDW PIC or Scotia Cassels. I have an interview lined up but I’m wondering what the rule of thumb for signing bonuses is. If I just walk across the street, could I command $70K base with a $30K signing bonus if I elect to forego a year end '09 bonus? I just want to know what the PM turnover thing is like in the private wealth business. If anyone’s done like Nesbitt to Scotia Cassels to RBC PC to TDW PIC. Willy
Is that any relation to the Montgomery County, MD senior PM listing that was on the CFAI website? That one was asking for someone with 10+ years experience managing a diverse portfolio of assets. The compensation level was pretty low for a PM, $88,000-$130,000 but I applied anyways just for the hell of it. I got an email back from them saying – I kid you not – that there were “many more qualified and experience applicants than you.” Pretty scary who’s willing to work for $100K these days.
MD is the asset management arm of the Canadian Medical Association. But they have this huge push now to consolidate the assets of “Family members”…i.e. so they’re going mainstream wealth management in other words. A couple of TD guys went there and I’m sure they have a guy from Royal or Scotia Cassels too. Seems to be a revolving door in private wealth. I’m with TDW and it’s definitely a good firm. But they really pressure the PMs to have IA type sales figures which they justify any time we complain that we are busy managing money with higher base salaries. But it’s such a chicken egg type of thing because they can expense more against commissions while we get this perk or they get that perk. But basically it’s all about sales, SR and closing deals. Oh and for the record JohnThainsLimoDriver, I would gladly take $100,000 a year in this market. Willy
MD is the asset management arm of the Canadian Medical Association. But they have this huge push now to consolidate the assets of “Family members”…i.e. so they’re going mainstream wealth management in other words. A couple of TD guys went there and I’m sure they have a guy from Royal or Scotia Cassels too. Seems to be a revolving door in private wealth. I’m with TDW and it’s definitely a good firm. But they really pressure the PMs to have IA type sales figures which they justify any time we complain that we are busy managing money with higher base salaries. But it’s such a chicken egg type of thing because they can expense more against commissions while we get this perk or they get that perk. But basically it’s all about sales, SR and closing deals. Oh and for the record JohnThainsLimoDriver, I would gladly take $100,000 a year in this market. Willy
I’m sure a lot of people would take $100G’s in any market, but their job description was for someone who was probably making 10x that. I am wondering if people are truly readjusting their income expectations or if they are just viewing these types of low paying jobs as a temporary bridge until things get better.
JohnThainsLimoDriver Wrote: ------------------------------------------------------- > I’m sure a lot of people would take $100G’s in any > market, but their job description was for someone > who was probably making 10x that. I am wondering > if people are truly readjusting their income > expectations or if they are just viewing these > types of low paying jobs as a temporary bridge > until things get better. People are generally very slow to adjust their income expectations downward. Before the last recession (2001-2002) a lot of people working for dot coms were earning $150K+ doing work that normally went for half that. When these people got laid off during the recession, they were slow to go back to work for lower wages.
Well I’m interviewing with MD PIM and HTIC. It’s hard though because my honest opinion is as follows… I can close deals. I KNOW how to manage money. I can deal with the boss. So… Given the $30K kick in the nuts I took on my place my only real motivation for switching now is a signing bonus. If MD kicks out $30k up front while paying me the same base, I’m there’s. I really could give a dam about anything else. Rumors are now circulating that this market is going to be the way it is for 5 years so we can forget about these “super star” bonus figures that non of us are going to attain. Willy