PWM and PB Questions
1) How does the hierarchy look for PB/PWM? For example, at JPM Private Bank, does the hierarchy generally follow the same titles as IB? As in, analyst -> associate -> VP -> Director -> MD.
2) How is the general atmosphere at a PWM/PB firm? Is there a constant competitive feeling to keep up with your coworkers? Is job security decent or are there many people being laid off for not bringing in enough clients?
3) Are there major differences between working at an AM firm and working at a BB? Eg: What differences would there be between someone working at JPM PB and someone working at Fidelity WM? Is there a compensation, lifestyle, culture difference?
4) I'm wondering how you guys recommend breaking into the industry? Is it better to start out fresh from undergrad in PB because I've heard a couple people say this is a bad idea since getting a book of clients at that age is fairly difficult in that case, is it better to start somewhere else in finance then move into PWM/PB ?
5) How often do people break 400-500k all-in compensation? How many years into your career could the average person expect to earn that much? What about breaking 7 figures, is this considered extremely rare in PWM/PB?
