Weath Management Controller

Water Cooler Careers
#1

Got reached out to for an interview for a Wealth Mgmt Controller position and tbh I am not even really sure what they do. Job description seems vague its with a top bank: Some highlights I suppose

"This role supports revenue and expense recognition for the WM Sales

segment: Inter-Company Revenue Transfers, Financial Advisor

compensation, Conference, Consulting and License Expense.

Accounting support functions, which include but are not limited to:

 Month end close

 Balance sheet reconciliations

 Variance analysis

 Procedure documentation

 Ad-hoc projects/requests

 Handle and coordinate audit inquiries from:

 Internal Audit

 D&T

 RCSA/FinRisk

 SOX

 Regulatory Reporting

 Work with business partners across firm including but not limited to:

 Financial Advisor Compensation

 Business Unit CFOs

 Operations

 Regulatory

 IT

 Legal

 Tax"

Anyone have any idea wtf this role is like?

#2

Mind numbing minus a decent salary…^^^especially considering the above

#3

Seems pretty clear to me.

#4

whats the salary? My guess is $150k in NYC

#5

I wish, like 100-110. Still a 20% bump from my current base

#6

What you doing now? Sounds miserable.

#7

It sounds like a normal accounting job in the bank. If you get a 20% pay increase and the work is similar, it might be worth considering.

#8

currently BO accounting for a admin. Hours are pretty chill but the work is boring as piss. Only plus to it is my current role i have some connections that might lead to me getting a FO role within our asset mgmt unit as I have talked to a few people. Waiting for some spots to open up so i can get an interview but who knows when that will be

#9

figure ill at least go to the interview and see what the people are like get a feel for the position a bit better. If I get an offer and dont care for the position at least i can leverage that to get a nice pay bump at my current gig likely

#10

cool man go for it…all jobs are miserable imo. Whether you are in IB (i was never in IB) working 90 hours a week to become a master in excel and powerpoint bit**boy or an analyst at a fund sitting on your behind for 13 hours a day catching up on quarter end numbers, revisions,predictions and updating excel sheets…all miserable in imo…going to moma with wife tomorrow morning then afterwards, like a noob, i am coming back to my office…my office, we are advised to stay in the office for lunch during work hours.

ok i am done…Yayywork…good luck! I would think if you hang with the right people you will be able to transition into FO at a wealth manager assuming wealth manager here is RIA. I think it is easier to transition at RIA (financial advising firms) than at banks or hedge funds. Banks, way too many people. Hedge funds, everyone has a niche skill set and nobody got time to train anyone.

#11

Good luck. I have to agree with infinitybenzo, all work is miserable.

#12

Thanks, got an interview Friday. This opportunity popped up out of nowhere so I am a bit nervous about passing a possible drug test since i have smoked weed until a few days ago

#13

You smoke everyday or just here and there? I am honestly so sick of this pervasive attitude of scrutiny towards marijuana across most industries still, especially finance. I know a lot of people in FO roles that have DUIs and this is perfectly OK, but smoke a little herb and you are cast out.

I will say though, it does greatly depend on what you smoke though tbh. There are many studies that show weed does make people unproductive but it is usually Indica and not Sativa flowers. Anyways, I’ll end my rant there.

Buy synthetic urine OR get a 24 hour detox drink. There are some that actually work but taste completely disgusting. Additionally, you can take 500 mg of zinc 12 hours before testing which will reduce the detectable amount of THC by product in your system by 50 percent.

#14

+1

#15

Yeah I think it is redic we are living in a free country and cant’ have a few puffs on the green after work with a nice scotch. Stop by a head shop and get some cleanser. Its like $30-40bucks but worth it.

#16

do it kid, controllers rule

#17

my smoking varies, ill go on kicks where i smoke daily for a few months then usually stop for a while when my tolerance gets too high. I use it as a way to tone back my drinking (and it works, dropped 15lbs since cutting back on booze)

Thanks for the tips, going to try and do a natural clense take a test a few days before if I am still pissing hot ill get a friends or buy some fake stuff online. Tbh those attitudes seem to be changing, most people I know smoke when they are in comfortable quarters they just dont advertise it. Once you see New York legalize pot I think thats when the industry will have to address it but until then itll just be status quo. I honestly dont even know if they care if you test positive for pot do they? Its a silly system, blow, opiates, math/mdma are out of your system in a few days the only thing they would find out is if you are a raging drug addict who cant stop for like 2 days (which I guess you would want to know)

#18

it is really silly

#19

How did it go kid?

#20

Just got back, went fine. Director seemed a little thrown off with my experience not being particularly related but seemed to be fine in the end seemed to care more about motivation to switch gears into a different field. VP lady who would be direct report was nice seemed to care a bit more about operation skills and lets be honest it doesnt really matter what youre reconciling in excel & an accounting system its pretty similar.

We’ll see got a bit more background on the position, handling a lot of the revenue & expense recognition looking at p&l for individual wealth management branches as well as looking into creating holdbacks and such with legal. Seemed kind of boring to be honest but we’ll see, im sure they just gave me a rough overview. Not sure if I would take it if I got an offer, might see what my current gig would counter.