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?

 
Best Response

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.

 

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).

 

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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