JP Morgan Private Bank?
Just checked out the Barrons top 100 financial advisor list and was surprised to see the number of reps from JP Morgan Private Bank. I’m in an area of the country that doesn’t have many JPM or former Chase branches but where they are expanding. Are private bankers at JPM not in a branch but more like the “wealth management” division at a branch? I just did a “series 7” search on the career section of the site with nothing listed as “private bank” per se, only branch personal bankers. Thoughts on the private bank? Experience?
JPM is more like wealth management. Only the MEGA branches have 1 or 2 Private Bankers (I’m talking the BIG branches that have massive HNW clients). However although this may sound glorious, here is the truth:<?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />
Turn over rate is so high its nuts. It makes other wirehouses look like working at Disney. They have monthly quotas and it’s very stressful. Even the veteran private bankers (Veteran FA’s at least choose there own hours at the office…) have stressful quotas. Jamie Dimon really puts pressure on Private Bankers and it shows.
On top of that, Private Banking clients can only do simple "deposit/withdraws" at a branch. If they lose a debit card or need maintenance on their accounts, you better be at the office because they will be FURIOUS.
I know this because I work in JPM (Not the private banking side but I work along side them so I observed and hear every issue). If you decide to go to JPM private banking, good luck and godspeed.
BankerBuddy, I’m also interested in the Private Banking side of things. Were the privates at JPM responsible for just banking quotas eg: deposits, credits, etc or did they have investment goals as well? Comparing compensation, were they 100% comiss?
Banker, Not real sure if i can help but i have worked in Private Banking for about 5 years. JPM, Citi, and BAC all have similar models. The Client Advisor is the main point of contact and is surrounded by specialists in the areas of trust,credit, alternative investments, derivitives, etc. Goals are high but you can make some real money if you are good. I have worked at both JPM and BAC and have friends at Citi. At BAC/JPM you got a large payment on new business which after 12 months switched to a smaller payout. You have to understand that the business is different. Larger accounts and large transactional business(derivitives, concentrated stock, large credit deals). Comp can range from 200M to 2.5MM. Hope that helps