JPM Wealth Management vs. PNC Institutional Asset Management
Here lies the remains of a conversation. I have to meet the character requirement of editing a previous post because you can't delete :/.
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JPM as in the private bank? If that’s the case JPM hands down
Good question, when I asked the recruiter she said the summer isn't directly the private bank but full-time it would be.
Hey mate, what you're placed in is J.P. Morgan Advisors (J.P. Morgan Wealth Management), which is the legacy "eat what you kill" brokerage division that came from Bear Sterns during the GFC. It is quite different in terms of the advisor make-up, compensation structure (more volatile, minimum salary and more focus on performance), independence, prestige, etc than the Private Bank.
The Private Bank is more structured with integrated teams and has certain criteria for who clients can be, much more stable comp path ("easier" to become a millionaire as an Advisor than it is in the PB bc of more stability), etc. If you're starting in the brokerage model as an intern, it can be hard to switch over to the PB for full-time but I know it's been done! If you want to do asset management long-term, PNC might be something to consider, but exit opportunities out of the PB are difficult if you’re in a financial advising type of role. Private banking and asset management are quite different.
Thanks for the info on J.P. Morgan Advisors. I knew there was a difference between JPM Advisors and the Private Bank I just wasn't sure what that difference was. The area sounds great for finding a client base because West Palm Beach is insanely dense with HNW individuals, but I don't know about the long-term opportunities it might offer other than having the JPM brand.
So your choices are ABS origination, AM, and advisor assistant. Idk why the guy said JPM hands down unless it’s for the brand name. Judging by what you want to do, being an advisor assistant isn’t going to be an investing role, maybe an asset allocation role but even then barely. For HNW individuals, the advisor just helps them allocate capital to things like corporate bonds, value stocks, treasuries, metals, real estate etc and chooses weights based on their goals, but there is little to no security selection involved. The good thing is you’re in a market with a lot of wealth to manage.
The asset management role would be more of an investing role where you are working with portfolio managers to generate ideas to drive alpha. Idk what sector or asset class but generally that’s how that works. The ABS role sounds pretty cool too, though it is a deals role not an investing role. You are packaging up asset backed loans for investors to purchase. ABS imo is pretty interesting but again, you’re really marketing and originating these securities rather than investing.
I think it is tied between ABS and AM and I wouldn’t do the advisor role unless you’re dead set on becoming an advisor. The other two will provide better/more valuable experience and slightly better pay in the short term. Obviously becoming an advisor with a huge book of business you could become really well off too but that is at least 5-10 years out. It’s harder to go to AM or ABS later than it is to become an advisor later especially coming from an investor role.
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