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I was surfing online at these Financial Firms (ie. Morgan Stanley, Charles Schwabb, etc),
and I came across their financial advisor's contact pages.
A few just have "Financial Advisor" as their title.
But then for multiple others, under Financial Advisor, I see Vice President.
And some VP titles has additional rankings such as:
Vice President
First Vice President
Executive Vice President
Senior Vice President
What do these "Vice President" mean in their titles??
In the financial industry, "Vice President" is a free wheeling title like "(fill in the blank) Manger" is to quickie mart/gas stations. Different firms use different criteria to establish VP titles. Usually the only real executive levels will have "executive" or "VP of..." in the tile.
In the non financial industry, VP titles were normally used for those with true executive authority and/or autonomy in their area. It was seldom used as a "ranking" within the workforce. However, times are changing. Now, every dolt out of collage thinks they are CEO material so titles are becoming more a recruiting tools. As such, they are less important and kinda meaningless as they continue to be cheapened.
Vice President
First Vice President
Executive Vice President
Senior Vice President
What do these "Vice President" mean in their titles??
Generally speaking in re: corporate heirarchy, a VP oversees Directors relative to one department/area and reports to an Executive VP who is typically involved in strategic planning as well as operational, financial and/or legal considerations i.e. Executive VP of Legal Affairs or Executive VP Operations, for example (depending upon the company size). They are often second-in-command.
That said, I consider 'First VP's' to be the same (in terms of role/salary) as Assistant VP's i.e. essentially the level of a Senior Director.
In banking a VP isn't actually very high on the totem pole. It varies bank by bank, but usually it goes something like Analyst, Associate, VP, SVP, Director, Managing Director, etc.
I was surfing online at these Financial Firms (ie. Morgan Stanley, Charles Schwabb, etc),
and I came across their financial advisor's contact pages.
A few just have "Financial Advisor" as their title.
But then for multiple others, under Financial Advisor, I see Vice President.
And some VP titles has additional rankings such as:
Vice President
First Vice President
Executive Vice President
Senior Vice President
What do these "Vice President" mean in their titles??
For the financial advisor field it’s their level of revenue generation that drives the title. Fa>fa vp> fa 1st vp> fa sr vp > fa exec vp is most likely the correct order
I did more research and came to the conclusion -
the VP title for a Financial Advisor (aka. Wealth Manager) - has nothing to do with any corporate hierarchy in terms of overseeing departments and/or staff, this is not a reporting structure pyramid of any kind; "VP" in the financial world does not conform to the traditional/mainstream definition that we the general population would know or understand.
The Charles Schwab website, I saw over 99% of their Financial Consultants are VPs, some may have "Sr VP" in their title - it was a headscratcher to think how can this company have "all Chiefs and no Indians"?
The Morgan Stanley site displays the same thing.
I would have to agree with Lowexpectations response.
The VP title has to do with MONEY and nothing more!
I was thinking the more clients with money a financial advisor possess, your ranking & title goes up.
But Lowexpectation hit the nail on the head - its the "level of revenue generation that drives the title".
This reminded me of my aunt, she is a millionaire and her money is being managed by a financial firm.
However, her account has absolutely no movement. Her stocks and bonds and shares are the same today as it was 10 years ago. She mentioned to me one time that she frustrates her advisor, he does not draw a commission from her account or draw a measley amount in any given year.
So it really is how much $$ one makes for his or her firm would grant you the "Vice President" title!
My followup question would be, would the firm recant your VP title if your revenue generation dips?
A VP is a low level officer in a corporations. To execute binding legal agreements you need an officer to sign so a VP can commit the company to a contract etc.
I did more research and came to the conclusion -
the VP title for a Financial Advisor (aka. Wealth Manager) - has nothing to do with any corporate hierarchy in terms of overseeing departments and/or staff, this is not a reporting structure pyramid of any kind; "VP" in the financial world does not conform to the traditional/mainstream definition that we the general population would know or understand.
The Charles Schwab website, I saw over 99% of their Financial Consultants are VPs, some may have "Sr VP" in their title - it was a headscratcher to think how can this company have "all Chiefs and no Indians"?
The Morgan Stanley site displays the same thing.
I would have to agree with Lowexpectations response.
The VP title has to do with MONEY and nothing more!
I was thinking the more clients with money a financial advisor possess, your ranking & title goes up.
But Lowexpectation hit the nail on the head - its the "level of revenue generation that drives the title".
This reminded me of my aunt, she is a millionaire and her money is being managed by a financial firm.
However, her account has absolutely no movement. Her stocks and bonds and shares are the same today as it was 10 years ago. She mentioned to me one time that she frustrates her advisor, he does not draw a commission from her account or draw a measley amount in any given year.
So it really is how much $$ one makes for his or her firm would grant you the "Vice President" title!
My followup question would be, would the firm recant your VP title if your revenue generation dips?
Typically titles reset annually, some firms might allow you one year grace period for the title downgrade. Fwiw having more clients isn’t necessarily a good thing either, not for the advisor or the clients
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