JP Morgan FA
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Can anyone tell me anything about being an advisor with JP Morgan Chase (not private wealth, the bank broker position). Salary? Production payout on top of that?
Coming from a major wirehouse, what will be the big differences?
Also, I am very close to my 2 year production anniversary. What are the chances that my Wirehouse will pursue training costs? I will be relocating if offered the position and not taking my book.Are you speaking from experience? I was told by one firm that most of the time those things are forgiven because advisors switching firms nets out (i.e. Smith Barney rep leaves to UBS but Smith Barney forgives because they picked up a UBS broker).
I personally do not know anyone who has been held to the agreement...I've read the opinions on the board, but want to talk to someone who has actually had their ex-firm come after them.What’s funny is I did ask a lawyer and he said it was cookie cutter and chances are it was just to scare me…almost the exact opposite of what you just said!
I guess it boils down to this...who ultimately makes the decision to pursue legal action?The BOM does. Mine said he has only gone after one guy and thats because he lied to him about leaving.
In these tough times, they will go after you. Our firm is going after a guy right now that left within the first 2 years and it was not up to the BOM. Who was the attorney you asked? I can only hope, but wouldn’t be surprised, that it was not one from your own internal law dept.
Ha, I’ve read some pretty ignorant posts on this board…I assure you I am not naive, I would not ask a lawyer from our internal legal team about this. I spoke with 2 lawyers, 1 who has handled no-compete cases and the other a corporate lawyer for a mid-sized company in town that I happen to know.
The corporate lawyer said it really matters industry to industry. He said in their industry, they use no competes with computer programmers but rarely enforce as these programmers tend not to move around a lot. The lawyer who handles no compete cases says that they are 9 times out of 10 defendable. He said circumstances have everything in the world to do with it and after explaining my circumstances, he said I shouldn't have a problem. Bud Fox, if you don't mind me asking, what firm are you with?I recently interviewed for the Chase FA position and it seems like you are attached to a branch location and get to service and prospect the depositors of the bank. The staff of the bank branch (tellers, bankers) are insentivized to refer you business. The pro’s as I see it are the opportunity to get in front of people all day and the potential for good income right out of the gate. The cons are the “retail” environment and the limits to the upside for your compensation, long-term. Not sure what guys are doing right our of the gate, my feel is 80-100k gross takehome is reasonable the first year. What have you heard?
Bud Fox is with Jackson Steinem…ummmm AGE, ummmm WB, ummmm WFC…I liked who it was yesterday, hate who it is today, can’t say about tomorrow… I guess I have to grow a pair…
In my area, the JPM FA travels to 2-4 local branches. According to my old co-worker at JPM, pay out ranges with production. She thinks 80-100 is a high unless you do a lot of annuities(which is what banks do right?) 1st year more like 55-75.
I LEFT A FIRM WITHIN 2 YEARS AND THEY CAME AFTER ME...........YOU NEED TO MAKE SURE THAT THE FIRM YOU ARE GOING TO AGREES TO PAY THE COST....GET IT IN WRITING...MY BM CAME TO ME AFTER THE FACT AND WANTED ME TO SPLIT IT....I HAD TO GO TO REGIONAL FOR HELP.....THEY WILL COME AFTER YOU, BUT AGAIN HAVE THE OTHER FIRM PAY AND GET IT IN WRITING...GOOD LUCK
[quote=Hangin]
I LEFT A FIRM WITHIN 2 YEARS AND THEY CAME AFTER ME...........YOU NEED TO MAKE SURE THAT THE FIRM YOU ARE GOING TO AGREES TO PAY THE COST....GET IT IN WRITING...MY BM CAME TO ME AFTER THE FACT AND WANTED ME TO SPLIT IT....I HAD TO GO TO REGIONAL FOR HELP.....THEY WILL COME AFTER YOU, BUT AGAIN HAVE THE OTHER FIRM PAY AND GET IT IN WRITING...GOOD LUCK
[/quote] Can you Private Message me with the firm name? Did they come after the full amount?
[quote=iceco1d][quote=Hangin]
I LEFT A FIRM WITHIN 2 YEARS AND THEY CAME AFTER ME...........YOU NEED TO MAKE SURE THAT THE FIRM YOU ARE GOING TO AGREES TO PAY THE COST....GET IT IN WRITING...MY BM CAME TO ME AFTER THE FACT AND WANTED ME TO SPLIT IT....I HAD TO GO TO REGIONAL FOR HELP.....THEY WILL COME AFTER YOU, BUT AGAIN HAVE THE OTHER FIRM PAY AND GET IT IN WRITING...GOOD LUCK
[/quote] Seriously. Slide your pinky to the left, and just tap the key...[/quote]