Ask anything about private banking/pwm

Current analyst at top BB private bank in a regional office (still have VERY large clients). After an insane amount of networking and now some real experience I feel like I can answer most questions PB/PWM related. Feel free to ask me anything.


Could you advise on the best shops for analysts in PB? Don’t really see a sort of “ranking” for private banks especially in this IB dominated forum. 


Top firms for juniors are (JPM/GS... and Citi, but it's behind the first two). As you start to build your own book it matters less where you are at, just as long as you're a revenue producer. Having said that, starting at a top private bank is extremely beneficial because you will inherit a book of HNW clients as an associate rather than start from scratch. Also the pay is much better starting off at a PB, but has a lower ceiling due to the salary+bonus structure. I'm sure the top dogs get taken care of on the backside tho.


*Not sure if they got raises 

AS: 57k signing, 125k base, 25k bonus for every $5MM in flows you bring in (have heard of associates bringing in 50MM in some cases and even 500MM this year in NY)

VP: 210k base, bonuses are highly variable. But have heard that the yearly quota is $25MM in flows for a 125K bonus (probably varies by region and book size) 


I know this post is a couple of years old, but do the signing bonuses still apply if you're lateraling vs. coming in through an MBA program for associates?


Where can you exit after? Currently an analyst at a top BB and do not want to be an advisor. I like markets and clients but don’t want to rely on asking people for money for my whole career.


Hey thanks for doing this.

- Do you have any insights into how different PB is in offshore territories (BVI, Malta, Channel Islands...) or Europe (especially Luxembourg, Switzerland...)? 

- How do you feel about your career path, will you stay or seek an opportunity in other roles (AM, IB..)?

- What do you like the most about your job?

- What does your day typically look like?

- Does your regional office still provide good networking opportunities, especially with clients?

- How big is tha D?


- Do you have any insights into how different PB is in offshore territories (BVI, Malta, Channel Islands...) or Europe (especially Luxembourg, Switzerland...)? 

  • Nope

- How do you feel about your career path, will you stay or seek an opportunity in other roles (AM, IB..)?

  • I like it and could see myself staying with it long term, but I also have interests in a couple other paths (IB/MBA/Law). I'll know for sure at the year 2 mark.

- What do you like the most about your job?

  • The fact that you're kinda building your own business, and the relationship aspect of it.

- What does your day typically look like?

  • No typical day, but hours r usually 7-7/8

- Does your regional office still provide good networking opportunities, especially with clients?

  • Yes, regional is arguably better for client exposure and overall exposure than NYC.

- How big is tha D?

  • Mediocre at best

coming from a big 10 school should make the networking much easier. find an alumni to introduce you to someone, continue to ask to meet others (i.e. ask the person you networked with at jpm to introduce you to someone else, then that person for someone new, then on and on), and then it'll just be waiting for a role to open up (assuming you're a senior so you'd join off-cycle). that's how i got it after a couple years of recruiting through covid - once a role opened up they basically just gave me the offer, no interview or anything.


Was at the firm left for LO AM but I think I may want to come back. I never got much clarity on senior pay can you breakdown what the base + bonus is for Assoc, VP, ED, MD? 


Is it true Goldman pays like shit at the analyst level? Heard sub 10k bonus in Chicago office?

Most Helpful


- Could you talk about what your work consists of as a PB analyst?

(More specifically do any tasks involve coding in languages other than Python and R, or use Statistical Learning techniques for data analysis, or Portfolio theory?)

- Do you have any advice on eventually progressing from an Analyst to a portfolio manager

- In a previous response, what did you mean by "$x MM of inflows you bring in"?

(Does inflow here mean return on investment or the amount of money that the clients you garner added to the AUM of that regional PB?)

- How did you end up going about an insane amount of networking? What did you network for? 

Some information about me:

I am currently in a quantitative finance program and want to become a portfolio manager.

I got an offer in November as an SA in PB at JPM, and am debating whether or not to keep looking for more quantitative opportunities. I like PB for the potential to have a genuine and interesting connection with clients, to be able to play with rich people's money, in a good way, of course. 

But I also want to be able to use a fair bit of math, probably not stochastic calculus, but I am interested in basically using things I learned with my expensive math finance degree. For example, techniques in (Introduction to Statistical Learning by Tibshirani), time series, portfolio theory, and writing code in C++, R, and Python (not just Excel).



Flows are determined by AUM, deposits, credit. So $3M AUM + $2M Deposits + $25M private jet loan = $30M flows. 

JPM currently is up to $50k bonus for every $10M flows. Can confirm as they're recruiting me currently.


Hello, spent the summer talking with a PB recruiter at a "top BB" who helped with my resume and really turned into a solid connection in the PB world. My main fear is I've heard the exit opps are quite low. Would you say its viable to move within the company from PB? For example if I discover it's not for me, would I have the ability to jump into IB or other areas? Have you seen anyone in a similar position? Thank you!


About to start an investment analyst internship at a mid sized RIA (~$6bn) this upcoming Monday. What does career trajectory look like for pwm analyst and what are common/potential exit opps?

Thank you


Questions from a client perspective:  What level of AUM does it take to get reasonable attention and activity at a BB PW group?  Just having enough assets to get in the door may not be enough.  Also, what's the story regarding all the client talks with alternative managers (how many fees are there?), and how do alternatives transfer to other shops in the event of changing?  



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