Financial services provided to wealthy clients, mainly individuals and their families.
• More expansive than asset management
• Large scope of careers
• Large scope of securities researched, analyzed, and managed
• Entrepreneurial

• Financial Advisor
• Client Associate
• Operations Associate
Types of Firms:
• National Wirehouse: o Examples: Merrill Lynch, Morgan Stanley, JP Morgan, Wells Fargo
• Independents (RIAs) o Example: LPL Financial, Acme Capital
• Banks o
Examples: Citizen’s Bank, Sovereign Bank, Rockland Trust

Individuals, families Institutional investors
Wealth managers Internal managers
Internal asset allocators
Portfolio consultants
Fund of funds
Sell side research
Independent research
Market research
Arrows indicate flow of capital
Mutual funds
Hedge funds
Index funds
External legal counsel

Investment partnerships managing relatively small pools of capital, specialized in investment style and/or asset class.
• (Relatively) unregulated o Flexible in ability to invest, but restricted in whose money we can manage
• Unique profit split and downside protection features: o 2 / 20 economics – performance oriented, volatility agnostic o Absolute performance, hurdles, high water marks
• Styles: specialized and concentrated o E.g. value, long/short, trading, special situations, global macro
• Small firms vs. big firms o Less silos - more independence o o o
Less politics/bureaucracy - more of your voice
Less splitting of the pie
No less job security

•
Research analyst o o
Reading: SEC filings, transcripts, product literature, news
Phone: Talking to management, competitors, customers o Traveling / meeting: Meeting management, site visits, shareholder meetings, conferences o Modeling: Excel, valuation, projections
• CFO / COO
• Trader
•
Legal counsel
• Marketing
Ancillary career options:
•
Sell-side research o CraigHallum, B. Riley, Needham, Northland, Sidoti, all the major banks…
• Independent research: o E.g. Telsey, Zelman, Hedgeye
•
Market research: o E.g. Gartner, Forrester, IDC

•
You will likely get a job through a reference
• Some hedge funds are continuously interviewing
• Resume – don’t fluff it up, keep it short, have someone in industry look it over o
Don’t use pre-canned cover letters/thank you letters. Email is fine. Keep it short.
o Attach a stock idea. One page. Bullet points.
•
Know your accounting and how to read financial statements.
•
Interviewers will look for the following in a entry-level analyst: o Integrity o o o o o o o o
Intellectual Curiosity
Loyalty
Accounting skills and familiarity with financial statements
If they can picture working with you everyday
Interest/passion for investing
Clear and concise spoken communication
Style fit
Why you picked that firm

Generally speaking, a mutual fund is a type of investment that invests in securities (typically stocks or bonds) led by a portfolio manager.
Two Types:
1. Active: Actively managing with the goal of beating their benchmark. Example:
Fidelity Investments
2. Passive: Index funds that match a particular index. Example: Vanguard

• Investment Associate
• Junior Analyst
• Senior Analyst
• Portfolio Manager
• Operations Associate
• Information Technology
• Internal/External Wholesaler: Marketing/sales
Examples of Companies: Fidelity, Vanguard, Capital Research &
Management (American Funds), JP Morgan, Blackrock, PIMCO,
Franklin Templeton, Federated, Goldman Sachs, Eaton Vance,
Putnam