JPM CHASE Position, Positives and negatives please

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Jul 28, 2009 10:16 pm

Ok, to be fair and bring all up to speed;

I was cut loose by EDJ about a month ago, I am currently in the interview process with JP Chase for a bank broker position. Tentatively speaking itSeems like a decent gig, referrals in house, base plus, higher payout for the first 6 months. So the DM, while still sizing me up, and not yet extending the offer, has has painted a fairly desireable picture of the position. I was hoping to get some input and advice from other chase brokers or those familiar with the system. Thanks in advance for the advice!
Jul 28, 2009 10:24 pm

… uh, to get right to the point …

Jones is #1, we’re better off without you, and you stink.

Signed, MeddleMe

I stayed at Red Roof Inn, AND I’m Jim Meddle.

Jul 28, 2009 10:38 pm

I take it since you were interviewing with the DM, you are looking at the PB role? Go for the FA role if they will take you.

  Negatives- At the very most $3 for every $1k Invested. Nice, Huh? You will only be able to sell Fixed Annuities (with sh*tty rates) and JPMorgan Asset Allocation Crap Funds. All other investments will be referred to the FA, so if you have a rookie FA, your numbers will suck. You will be forced to sell Credit Cards to EVERYONE with a pulse. They micromanage to the extreme, i.e. when opening any account, branch manager comes out and makes sure you didn't miss any opportunities while customer is still sitting there, which to me was very degrading. Also, they consistently lower the payout on everything you do, typically once every 6 months. I heard that PBs don't even get payed on 1035s now.   Positives-A huge base of 30k. If you have a supportive BM and FA, you may be able to make 50-60k a year with incentive.   I always viewed Chase as a nice stepping stone, but that's it. I would use my 7 for something more than that limiting role.
Jul 28, 2009 11:03 pm

Actually, he stated it would be the FA role I am currently interviewing for, do you have any additional info regarding the FA role at chase?

Thanks for the input Ms. Broker
Jul 28, 2009 11:15 pm

FA’s usually have to interview with the Investment Manager and the DM. It is a good position. I left Jones on my own to take it and I didn’t receive any assets. If you receive assets over 10mil its a no brainer. There is some corporate BS in terms of dealing with branch managers, but if you make calls and make yourself available to the bankers you can gather assets quickly.

Jul 28, 2009 11:20 pm

That's weird. The DM is not involved with the FA role.

As far as I know, the FA role does not have a base, but I could be wrong, and it may have one temporarily. Then just a draw after that point. I was actually just talking to an FA who recently got promoted. He sadd it is going well. He did say that the payout was a flat 30% for the first 9 months. After that, it ranges, I can't remember the low end (maybe 15), but the high end was 35% which is on 40K Gross monthly. If you get a couple of good PBs under you, you can do very well. My friend did 36K gross his 2nd month out.   Try to land branches that haven't had a significant amount of turnover. Obviously, that can be a drawback.   I can call my friend tomorrow and get some more details.   Ron- You are lucky. Our DM was not involved with the FA at all. Couldn't care less about investments. Just Credit Cards.   I didn't know you were at Chase. You can probably give a better idea on the grid.
Jul 28, 2009 11:33 pm

Ok, that is actually my miswording, it is the investment manager I’m meeting with. I have only spoken to him over the phone as of yet, but he said that he had 3 previous Jones reps, and average is 20-30k by month 4 in production. He did mention that the PB’s were 6/63 licensed if I remember correctly.

Thanks to both of you for the info, Any additional is greatly appreciated, and if preffered I would be fine with pm's as well.  
Jul 29, 2009 10:32 am

The DM role is not directly involved with the FA, but depending on their need for control they will, from time to time, put their 2 cents in. You get a base of 2k a month for the first 18 months, but that is only paid out if your production is below that level. You will also be on a straight 30% payout for those 18 months. After that it is a 12 month rolling, payout ranging from 22.5% to 35%. Once your book is established you can choose to go independent within bank where you don’t use branch staff. You just manage your own book, with an assistant and get 42%. The biggest negative besides having to deal with many different employees/personalities is all paperwork is the FA’s responsibility unless you gross over 500k.

Jul 29, 2009 9:17 pm

Thanks for the input.

Ron I believe you used to be at Jones, How would you compare the two?
Jul 29, 2009 11:11 pm

Complete opposites. At Chase there is zero training, very little mentorship, corporate BS, good insurance, warm leads, lower payout, more people to deal with, less freedom.