JP Morgan PWM
Is it possible to work in the PWM group of a firm such as JP Morgan for a couple of years and then start your own wealth management or RIA firm with some of the clients who you develop relationships with? Or are the clients most likely to stay with the bank? I guess my question is assuming you don't want to stay in the PWM group with a bigger bank forever what would be the exit opportunities?
If by "a couple of years" you mean 10 (which include picking up your CFA and forging strong relationships with clients, as well as, creating some sort of explicable strategy which trumps what JP is doing at the time) then sure, no problem.
PWM is all about relationships. I know someone who switched from MS to UBS ($500M AUM) and brought with him every client. Now the firm is not going to make it easy, but I'm sure there are ways of going around that.
What you're asking is possible, I just think those relationships take a bit longer than a few years to develop.
I have an offer in the PWM group of JP Morgan but ultimately I'd like to end up more on the analytical side of things for example, portfolio management, research, trading, etc. I haven't been able to get my foot in the door doing this type of work so I'm wondering can I use a position in PWM as a stepping stone into those types of areas (even if its within JPM?)
Yes, it's possible, but it will definitely take some time. Also, with most PWM firms, if you leave the firm, they make you sign some kind of a non-compete clause that restricts how soon you can work with your old clients that were with you at your previous firm (even if all of your clients decide to come with you).
Analyst or Associate?
Investor Associate
As an investor associate, you will be going to your fair share of client meetings (depending on the team of course). If you were an analyst, then the direct client exposure would be much less.
Having said that, JPM PWM/PB has seen a signifigant amount of turnover in the Advisor roles over the past few years. So some of the advisors you will be working for may be new to hertigage reltionships or trying to win new clients with you on their side. You can build relaionships with these clients at the ground floor, and potentially take them with you if/when you leave.
If it's the case that you wind up working on a team that has not seen as much turnover, then it's likely the advisors have fairly long term relationships with their clients, and stealing them away will be tough.
Hope the helps.
Why do you want to go independent?
I guess I have this entrepreneurial side of me that would like to be my own boss one day (along with the ability to control how much money I make). Seems like having your own RIA shop wouldn't be a bad gig. I'm amazed at all the independent RIA firms out there that are able to attract so much capital....
That being said....does anybody know what type of pay one can expect to earn if you're promoted to an Investor within JPM PWM? How does JPM PWM compare to other firms out there? It's my understanding that JPM PWM is a little different b/c you're basically working on a base + bonus structure and there isn't really any commission piece to it like some of the other firms have...
What office?
JPM PB/PWM is best in class, with Goldman being a close second. You are right in that they differentiate themselves through their pay structure. They use that as a way to win clients over their competitors who use the brokerage/commission model. That is, we (JPM) have are interests aligned with you (client) since we get paid on growing our client assets and acquiring new clients, not by sellign you the flavor of the month stock/bond/hedge fund, etc.
The structure is interesting in that the front office/advisor teams rely almost soley on the strategy/solutions teams in NYC for the info that they relay to clients. So the strategy team is the one who sets the asset allocation, macro strategy, manager due diligence, etc. And all that info is then fed to the front office advisors so that they can focus on their clients (rather than focusing on researching a stock or what interest rates are going to do, for example).
tan86 have you ever heard of the Investment Professional role at JPM PB?
tan86-
The Miami office.
I assume you work for JPM in PWM? If so, what restricitions do they place on you regarding trading your own personal account?
PWM with JPM - Good Place to Start a Career? (Originally Posted: 11/22/2017)
Hey all -- I have the chance to accept an offer as an analyst for JPM in their private bank - specifically in PWM. I was wondering if someone could touch on more about what this career offers coming out of undergrad, such as exit opps, B-School, etc. I am not sure that PWM is what I want to do as a career but would like to start somewhere that offers me the best opportunities.
Any and all advice would help --thanks!
It's going to be like stepping on PWM glue. Your first job in your career is always the deal breaker
I also have an offer for a credit analyst position in commercial banking at a regional bank. Do you think this offers more opportunity?
Has anyone interviewed with JPM PB Superday?
JP Morgan - Private Wealth Management (Originally Posted: 08/12/2010)
Does anybody have any insight into the hiring specifics of JPM's Private Wealth Management for 2010 MBA grads? Specifics on expected salary, signing bonus, expected bonus, life on the job, daily duties, quality of life (work ours, etc.) would be great.
Thanks in advance...
bump.
does PWM tend to hire more ivies since it is more focused on interacting with high-net-worth individuals?
also is it considered middle office?
Isn't the Investor Associate position just like the Client Associate at Merrill or a Client Service Associate at UBS ? If yes, then basically your success will depend on whether or not they associate you with a successful team of advisors or single adivsor.
I was a CSA at UBS and I know plenty of CAs at Merrill. It is really an entry level position and it all depends on whether the advisor that they assign to you wants to help you grow, or simply wants to use you like a secretary.
You are responsible for new accts paperwork, presentations, keeping in touch with clients etc. Not all advisors take you to meetngs, some just want to keep you in the office and do the dirty work.
The good thing is that you get to observe and learn, and they sponsor you to get your licenses. But again, it all depends on the team or single advisor you join.
Actually, the CSA role is different than the Investor Associate role at JPM PWM. Generally, an office will have a team of CSAs who handle incoming calls, place trades, open accounts, and other admin stuff. The Investor Associate may place some trades, but generally will focus on building/maintaining a book of business for the Investors on their team.
I see. What do you exactly mean by "building/mantaining a book of business" ? Is the Investor Associate responsible for acquiring new clients ? I am just trying to understand exactly what you would do on a daily basis if you do not have to deal with calls, opening accts and trades.
Because at UBS they had a position called the "Investor Associate," basically something in between of a CSA and an FA. But because no one could really understand how they were different from a CSA, and since most of them were too young to be able to get new clients, when the market crash came, they were the first ones to get fired. Some of them were "demoted" to CSA just to stay with a job (but lower pay). The position was removed completely for two years, but just recently I saw it popping back.
These positions are mostly "luxuries" to these companies, in the sense that they are not really needed, but it looks cool to have them. But as soon as trouble comes, they are out.
I would definitely take the job, it is a great company to have on your profile, but if you see that the team is not that great and you are moslty used for crappy stuff, start to look for something else.
But take the job. Especially in Miami, now finance jobs are tough to get. Just spoke to a recruiter the other day who told me it is brutal. A bunch of unemployed professionals applying like crazy. Companies are taking advantage by offering crappy salaries.
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