JP Morgan Chase

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Nov 14, 2007 1:13 pm

I am researching Chase. Are there any Chase FA in the forum? Would likke to know your thoughts, experience, and recommendations re: Chase.

Thank you for your response.

Nov 14, 2007 4:11 pm

upper right…search button.  It can be your friend, too.

Nov 14, 2007 6:24 pm

Thank you. I did the search prior to posting. I have not found any information on “Chase” or “JP Morgan” or “JP Morgan Chase”. I did find info on purCHASE, MORGAN Stanley, and one article regarding someone’s friend who was a Chase employee getting dinged for doing the right thing on a VA sale…

I am looking for something more substantial in regards to someone here actually working for Chase, how do they like it, what is the culture like, how does it compare to working for Jones, ML, AGE to name a few…   

Dec 10, 2007 11:00 pm

quite frankly, I don’t believe there is a position at JPMorganChase such as that. 

  JPM has an institutional asset management arm, as well as a private bank which deals with HNW clients.  They follow a similar model as Goldman Sachs PWM (e.g., they're not FA's, they're typically just hired to work for a smaller team of professionals in a trading, research and analyst capacity).   I stand corrected if someone has better insight, but that's what I'm familiar with re: JPM.
Dec 11, 2007 8:54 am

I worked for Chase for a few months & didn’t like it. There were goods & bads -

The goods:

I saw a LOT of people. Chase believes(at least in the market I was in) in licensing everybody on the platform & compensating them for sales volume if the business was referred. This led to being introduced to a lot of people. Since going to another bank b/d, I’ve stressed this introduction model because of it’s effectiveness.

Excellent technology - especially on the contact management side. Wish I had that where I sit now.

Very engaged management. They drive the business, and if they like you it’s a good thing.

Good training for you & your platform.

The Bads:

Just an OK wrap program. It’s filled primarily w/ JPM funds & you have to pick the allocations(don’t you do wrap so that someone smarter than yourself does the work & they have a wide universe?).

High pressure, what have you done for me lately, environment. I felt Chase was more about the slam than the relationship.

Massive haircuts. Chase haircuts everything from VA’s to funds.

No insurance. Where I sat we couldn’t offer protection or wealth transfer to our clients.

Multiple reps in a branch. Not a bad thing if you’re the 1st one & have been sitting there for a while. The 2nd or 3rd rep may be looked upon as an intruder depending on the 1st rep’s relationship w/ the branch.

Upon leaving I felt 1 - Learned a ton about how to generate referrals from the platform & how to effectively work with a bank. These I transferred to my current position. 2 - It’s a place one can make a lot of money & if one does it through wrap - good recurring revenue. 3 - Relieved to be away from the culture. Since I left there have been more than a few defections that I know of in my market.

Hope that helps!

Dec 11, 2007 8:58 am

A relative of mine just went to work for Chase as an FA. As far as I can tell, he’s selling just like the rest of us. He mentioned the other day that he lost a big account because he didn’t have his Series 66, so he went and took it a couple days later.

  Essentially, he's a bank broker, a.k.a., cannon fodder on this forum.     This is from their website:

Financial Advisor
Join the "Invest where you bank" team.

Our Financial Advisors help make investing easy. They are committed to our clients, our branch staff, and the growth of our business. Our Financial Advisors help our clients visualize their dreams and turn them into attainable goals by plotting a personalized financial road map. We believe to effectively help our clients retire we must support our program with talented financial advisors. Our financial advisor recruitment and development programs are an essential element to fuel our firms continued growth.

We require 1-2 years of sales experience preferably in the securities and/or insurance industry. Insurance license NASD Series 7 and 63 licenses and computer skills are required. Travel required as needed. This position is available within the Consumer Banking business. Bilingual a plus. See Financial Advisor positions now.  
Dec 11, 2007 9:36 pm

hey Ashland and borkerboy

don't you work for EJ?
Dec 11, 2007 10:09 pm

xej - nope, I work for a bank b/d.

Jan 19, 2008 10:10 am

Ashland do u know what Chase pays the FA assistant while they are trained for series 7??

Jan 20, 2008 12:20 am

Sorry, I don’t.

Feb 1, 2008 10:31 am

Don’t the Chase FA’s depend on the Personal Banker for referrals?  Any thoughts on breaking in as a Chase Personal Banker, although they’ll try making you open checking accounts all day?

Feb 1, 2008 11:08 am

Any thoughts on breaking in as a Chase Personal Banker, although they’ll try making you open checking accounts all day?

  No thoughts whatsoever.   None, nada, zilch...