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http://www.wallstreetoasis.com/forums/jpmorgan-private-bank-compensatio…
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PM me and I'll try to get back to you by the end of the week. I've been swamped lately (and for some reason the formatting of this website on my work computer prevents me from accessing my PMs), but I will try and log on when I get home from work one of these days and get back to you with a more thorough response
thanks just did.
I would take the one of the offer. Private Banking is a sales job at the end of the day. As they say in private banking market knowledge acquires the client and liver ability keeps the client.
If you get experience at one of the Big 4 you should be able to easily get a PB job. A lot of private bankers are former accounts, lawyers, etc. I would get experience, keep yourself updated on the market and start networking while you are working
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I don't think the firms matter as much. I know EY has a financial planning practice that focuses on financial planning for executives of companies that they provide audit and advisory services for. That would be a good fit for you because you would learn all about executive compensation and tax consequences of exercising stock options, etc.
I think all firms have this. But I can give you one example of a person who used that experience to enter wealth management. She was working as a manager at one of the big 4 in tax and then started her own financial planning firm and took many of her clients with her and also does works with many of the partners at her old firm. Makes a lot of money.
I would do a good job on whatever team you are placed on and try to establish relationships with many of the senior managers and partners. They may become clients of yours one day. Partners at Big 4 make a solid penny and many of them are not allowed to invest their own money due to regulations and therefore use outside advisors to manage their portfolios.
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It is not really difficult, just reach out to some private bankers and ask them if you could grab coffee and tell them you would like to get into PB. On the PB side being labeled an accountant is not a bad thing. Being a CPA is well respected outside of wall street and you are going after clients that do not work on Wall Street.
You have to realize that you will be trying to get clients in about 3 years and will you be comfortable calling up UHNW individuals and convincing them to give their money to a guy in their mid twenties. Also tax planning is probably the most important thing to UHNW clients. A lot of business is created by talking to clients about setting up annuity trusts, life insurance, and any other way you can limit taxes. PB is not really about investing.
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