Employee Review

  1. 5.0
    Current Employee

    NA

    Jul 14, 2021 - Recruiter in Singapore
    Recommend
    CEO Approval
    Business Outlook

    Pros

    Great and top tier company

    Cons

    High pace and not easy to achieve work life balance

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  1. 5.0
    Current Intern, less than 1 year

    Consumer and Wealth Management - Ayco PFM (Ayco Personal Financial Management)

    Aug 7, 2021 - Investment Banking Summer Analyst in Dallas, TX
    Recommend
    CEO Approval
    Business Outlook

    Pros

    My internship class (Summer 2021) was the very first where "Ayco, a Goldman Sachs Company" became 100% integrated into Goldman Sachs - specifically under the "Consumer and Wealth Management Division" which also includes the much more well-known PWM (Private Wealth Management) division. Ayco is now rebranded as "Goldman Sachs Ayco Personal Financial Management." This has been a big pro in the sense that we have full exposure, and are very much encouraged to reach out to people from other divisions and they have a program for internal mobility that gives interns a chance to get in contact/interview with other divisions. Of course, it may be a bit of a stretch to go from personal finance to something like investment banking, but it certainly isn't impossible as long as you'd otherwise be a good candidate - any markets/investment-related ones would be a much easier switch. If you try reading Ayco reviews, you'll get a super broad range of things and for that, it helps to understand a few key things. Ayco is a company that offers financial planning as an employee benefit for Fortune 500 companies. This employee benefit has four different levels (all of which have gone through several name changes, so it's entirely possible that they've gone through another one or two whenever you're reading this). These levels are: Financial Wellness (formerly Financial Coaching & Foundational Counseling), Financial Management (formerly Financial Planning, now it's seemingly being integrated in some way with PFM which is the subsidiary that used to be called United Capital), Executive Financial Management (formerly Financial Counseling... I think), and lastly Ayco Family Office (which I don't believe is an actual employee benefit, so this one is a bit separate). Financial Wellness is the department that I interned in. It's essentially a call-in service that is targeted at the broad population of employee's at the company's that pay for Ayco. The employees are called Financial Coaches and they get phenomenal training on every category of financial planning and once they're ready, get to work with clients that want to call in for help. Pros for this department are the great training, super quick client-facing experience, and the broad financial planning knowledge that you will get. Cons are the lower compensation seeing that you don't actually own any relationships with clients and don't do any over your own business development. In other words, it's salary the whole time. For Financial Management, I'll be honest... I don't know very much so for the sake of accuracy, I'll instead talk about Personal Financial Management (PFM). PFM is a separate subsidiary from Ayco that was called United Capital. Working there is much more like your typical financial advisor job except for the key factor that they're a fee-based business. What this means is they use AUM fees (usually something along the lines of 1% of AUM on a recurring basis that goes down the more a client has). This also means you don't necessarily have to be a product salesman like most financial advisors and instead you can just get a comfortable book of business and service them on a recurring basis and not have to worry about starting at a $0 salary at the beginning of every year rushing to find new clients. That's a huge pro in my opinion. Another pro is that they have very cleat career paths. For the advisor route, you can start out as a Relationship Manager which is essentially a Paraplanner, and then you can choose to either go the Wealth Advisor or Wealth Manager route. Wealth advisors are like your typical financial advisor where they do 100% of their own business development (getting their own clients) and servicing them. Wealth Managers on the other hand don't do any business development and instead are handed clients by the Advisors once they reach their capacity (key point there is that the advisor still gets a cut of that money...). Executive Financial Management (EFM) is for the super rich people, hence the word executive. Here, you'll be working with people who have tens or possibly hundreds of millions of dollars and because of that it's a lot more hands-on. They also do taxes, so if you see any reviews on here talking about having to do tons of tax returns, they're talking about this department. Also, important factor here is that if you're good and you stick it out long enough working as an analyst, associate, etc. then the end goal is to become what used to be an Account Manager. These people directly manage and lead the servicing of these clients (but don't have to do business development) and take home hundreds of thousands of dollars/year. Think $400k+ Now, now that you know how different roles can be in Ayco, I'll talk about my internship experience this summer. I absolutely love the Financial Wellness division. You get to talk to everybody from new-hires who are working on their licenses (oh, by the way, they pay you for the first couple of months to literally just study for your exams - SIE, Series 7 & 66) to leaders with decades of experience. My role specifically ended u being under the operations umbrella so got tons of experience with PowerPoint and Excel projects, but they have you listen in on the financial coach's calls. This was awesome to me because there were clients at awesome companies calling in for advice on whether they can afford to buy a new $2 million dollar house in California and others calling in worried about paying off their debt and fixing their credit. We also had one of the most popular companies in this industry that was IPOd a few days ago start paying for Ayco to help their employees know what to do with their 10,000 shares they were about to have in RSUs. That's a random number as an example, but you get the gist it was really cool to listen to. The people were so extremely nice and it was a genuinely welcoming and low-pressure environment. We also got to set up Zoom meetings to get to know the other interns from the other locations and we all got along really well. All in all, it was an awesome experience and I'm pretty bummed that it's over now. Highly recommend!

    Cons

    With this new rebranding/integration with Goldman Sachs, it seems the one and only thing that was left out for us Ayco interns is the pay. Ayco's previous internship program titles were "Financial Planning Intern" and they paid $15/hour. Now, Ayco interns are called Summer Analysts just like every other Goldman Sachs intern, but we still make $15/hr. I know from talking to interns from other divisions and simply from this website that most Goldman interns make between $20 and $35/hour so that's been pretty disappointing. However, it's always possible that they'll increase it going forward in which case it's just bad timing for me. The only other downside I can think of with this integration is that Ayco's financial planning interns used to be allowed to go year-round. That went away with Goldman because they only offer summer internships, hence the title "Summer Analyst". Other than that and the pay, I genuinely don't have anything to complain about. I would encourage anybody whether interested in personal finance or not to give this internship a shot!

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  2. 5.0
    Current Employee, more than 1 year

    GS Renewable Power

    Sep 18, 2021 - Analyst in Boca Raton, FL
    Recommend
    CEO Approval
    Business Outlook

    Pros

    It’s a great time to join the Renewable Power Group at GS. We’re a fast-paced shop that has quickly become the largest C&I solar asset owner in the US. You’ll be tasked with a lot of responsibility, even as an early-career professional, and expected to deliver day-in and day-out. My favorite part of working with the group is being able to bring my authentic self to work everyday and feeling like my voice is heard. The vibe is more similar to a small-shop solar developer than an investment bank, especially in the Boca office. Pros: - Lots of responsibility - Goldman Sachs brand name - Constant learning and rapid growth - Friendly peers

    Cons

    Frequent project acquisitions and financial closings can lead to late nights for everyone on the team . . . but you’re working with the best in the industry and learn something new everyday. This is to be expected in a dynamic environment with the level of capital the team has to deploy. If you’re looking for something more “chill” with flexible hours, GS and GSRP are probably not for you.

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