Hi,
I accepted an offer for a summer internship with JP Morgan's Private Bank with their investment solutions team (not the advisor/sales side).
I am excited about this but people have told me that private banking/wealth management sucks, even though I think I would enjoy it.
Does anyone have any thoughts about the private bank at JP Morgan and if it's a good place to stay for a career?
Any input would be greatly appreciated!!
Thanks
If you’re in the Investment solutions group, that’s great. Also, if you enjoy it then it’s irrelevant what other people think. You’ll be making great money at a great firm with lots of opportunities
Thanks for the response, yes it's with the investment solutions group. Although, I'm not sure specifically what team/desk I will be on. Do you know how they allocate you to a team and would it be a good idea to email someone on a team I'd like to be on?
I'd email your recruiter and ask how it'll work and all that
When you say people do you mean people from this site? This site is a bunch of undergrads echoing what the last undergrad said. The secret nobody on this site seems to realize is you don’t need an exit opp when you actually like your job. PB doesn’t give you the optionality that IB does but it’s a great career and you’ll outlast the majority of people who go to IB.
started saying this in coffee chats (no need for exit opps if you like what you do) works like a charm, thanks
The PB is also different in a way than your run of the mill FA. Not that there’s anything wrong with either, but it’s definitely a step up from like a financial advisor training program. All the PB clients tend to be UHNW and you get to work with some very interesting clientele. Echoing what others have said, it doesn’t really matter what others think, rather what you enjoy. Considering it is a massive firm with a great reputation, you will definitely have some decent exit ops. You won’t be going like right into PE or a HF or anything, but if you look on LinkedIn you’ll some of other people have switched into IB after a couple years or gone to B school or other interesting jobs.
And as a follow up it can be a great place to stay, definitely good comp and there are I bankers/S&T people that have left for it. It’s definitely not a 40 hr a week job probably like 60-75 maybe 80 extremely rarely but you will never pull a 100 hour week, don’t really have to work on weekends either. Some of this depends on group and market tho
Bump. going to join solutions team and understand this will expose to more technical skills compared to the normal team. if anyone has additional insight would b great
Have the same question about the Solutions team. Would love to hear more insights on this.
JPM PB is 100% the move if you're looking for decent pay per hours worked. They raised entry-level base to $100k for PB (which is the same as IB and ER).Fuck anyone who downplays Private Banking. You're clearing great pay for less hours.
Personally, I'm in IB and am heavily considering making the switch to JPM's PB department. The solutions group will offer great stability while collecting decent pay (granted, it will be capped lower to the client-facing group at the senior level). If you believe you have a good sales-person skill set, I’d recommend lateraling to the client-facing advisor group. You’re comp will be much higher later on and more human interaction. It is higher risk tho
I'm an analyst in the PB now, and although hours are less than IB, analysts are still putting in 60+ a week which is not great imo. Plus bankers/investors still work a fuck ton (my bankers work even more than I do), so long term that only gets worse. And pay is salary + bonus at the PB, and the way bankers get paid is to literally just constantly sell and bring new business, which contributes to those hours, and since we don't get paid fees, our compensation lacks heavily when compared to Goldman, MS, UBS, etc.
As an analyst, sure, make good money and not work IB hours. But long term it isn't the "make $500k+ while working 30 hours a week." I'm not coming for you personally, just wanna make it clear that imo it's not that great lol
Thanks for your insight. Appreciate hearing someone who’s actually on the job.
If PB is not as glorious as it’s painted out to be, I’m sure many analysts will leave for greener grass. That said, I’d be especially curious to hear if you have any color on the exits for most PB analysts.
Have you seen many stay up to the VP level? Do most leave to Wealth Management or leave the industry completely?
Just asking because I’ve seen quite a couple people from my college go to JPM PB at the analyst level but I have no idea what will happen to them after that (assuming most don’t progress?)
First, congrats on your offer - you should be excited. Second, who cares what other people think, especially if you think you will enjoy it. I have friends at the D/MD level and make good money and really like their jobs. Ultimately, if you find out you don't enjoy the career path you can always pivot to something else - this happens in most sectors, not just PWM.
Good friend is an MD in PB and makes over 500k (closer to 750k).
Current JPM PB analyst here. ISTG this is so underrated. This might be the chillest/least stressful high finance six figure job. Making $100k out of college without yelling VPs. Clients are interesting families/entrepreneurs/founders and their family offices. No facetime culture. Can log off at 6 most days and finish up at home. Rarely have to work weekends unless you have just been slacking during the week. Culture is awesome. Most seniors are ex IB/S&T folks. Interesting to learn from high caliber people all around. As an Associate you can wear both hats as investor and banker. Most associates in my office are out on client lunches and attending events. But also get back on desk to help clients trade and talk about markets/investing. Private Banking isn't typical WM. Its more sophisticated imo.
Day to day is mix between client servicing/account openings/putting investment proposals (pitchbooks)/client reviews/credit docs/Alts deals/helping bankers with prospecting. JPM PB also does a ton of Alts (PE/HF) deals for clients so its always cool to be part of fundraising. Most common exits are IR/Fundraising type roles.
Can you provide any clarity into the comp progression?
Is the listed information above in this thread accurate?
yes comp info above is accurate. Analyst years: 100 > 105 > 110. Our Comp progression is same as S&T.
well said. this sounds accurate ^
.
Just curious, what office or market are you in? I’m currently in another program at JPM looking to get into the PB
Anyone know if it's easy to move from an investment role in PB to an investment role in AM?
There’s a decent amount who love internally to either IB or AM from JPMPB
thanks for the reply!:)
I've heard internal mobility at JPM is good and considering what you've just said supports that, what's your opinion on it?
I'm an analyst at a regional office (advisor track). My advice is to not give a fuck what other people say or think (especially on here lol). The pay is great (albeit advisors make more than the investors since they "own" the clients) and long term is probably one of the few ways to make 7 figures while still having a life.
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