Hello everyone, I was offered a role as an Associate level as a Private Banker at JPM Private Bank. The salary they are offering is 150k base and then bonuses/commission. The problem is that it deals with UHNW families. I don’t know any rich person that will give me 20 million to manage especially in a market downturn. Anyone know anything on this role or provide any insights? I am expected to be bringing 10 million year 1, and 40 million by year 3. Thank you,
Saw this on the Bowl as well… You won’t get commissions at all at the Private Bank, just salary and bonus. If you don’t produce to the scorecard expectations, you won’t get the full bonuses and you could get on a Performance Improvement Plan (PIP) which is a predecessor for termination. It will be tough. You’ll be competing with colleagues in your office for the same limited pool of prospects, and don’t forget GS, BaML, MS all doing the same thing. Also, unfortunately, JPM Wealth Management advisors also compete for the same prospect pool as JPM PB…a sort of cannibalism dynamic within firm. People do become EDs and maintain success….but they all know that after September 30th, it all goes blank to restart on October 1st.
What happens on Sep 30th/1st of October?
Jpm’s fiscal year ends
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I saw your post on fish bowl. The problem is you have no active book of business or pipeline. Expect to work 80 hours a week attending every event that you can get your name into. It’s a low likelihood of success. But you’ll be making good money if you do. The best path would be to try to click with a senior PB or senior WMA. They can often send a lot of business your way. But many of them are very particular on who they work with.
So is the best path for me to do some FP&A/financial analyst type role? I don’t want a job where I need to be consistently fighting to get a client to make a living.
If you’re not interested in fighting for clients/ prospecting this is absolutely the wrong role for you. I have no idea your skill set and goals. So I don’t know if FP&A would be right for you. If you want I can refer you to something at Wells.