JPM Private Bank Vs GS PWM Vs MS Investment Management

I've looked for an existing forum on this but haven't found one. Can someone explain the differences between these firms/divisions within Wealth Management? (Prestige, pay, exit opps)

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Comments (13)

Apr 29, 2021 - 6:50am

Not as familiar w/ MSIM, but if it's MS PWM, it would be very similar to UBS/ML.. thebrofessor has a lot of good content there. JPM PB/GS PWM are most similar (true Private Bank model)... I believe JPM Securities (now advisors?) is more similar to UBS/ML/MS... Comp at the junior levels is likely highest at JPM PB then GS then the others. Comp gets capped at JPM PB at the higher levels as it is salary bonus... the rest are eat what you kill.

Apr 29, 2021 - 7:22am

peep my profile and read my 4 part series for any questions on PWM. feel free to PM me if after you read all of those threads + comments/replies, a lot is covered there.

MSIM is not PWM, it's AM. MS has 3 divisions under the wealth management umbrella: MSWM (traditional), MS PWM (UHNW, higher minimums), and Graystone (institutional). Merrill PBIG is akin to MS PWM, all under the same umbrella, just higher minimums. MS PWM is the legacy business of MS & Co pre-dean witter & smith barney acquisitions

also, fuck prestige and exit opps for PM, you have unlimited upside in the field, so do not look for exits, there are none better in my opinion (leaving aside being solo PM of a HF with $5bn in AUM and you can make $100mm in a good year)

happy to answer Q's

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Apr 29, 2021 - 10:17am

they have definitely improved them but it's still a lower probability than surviving WW1 as one of the guys storming a machine gun nest, I'd estimate <10%. survival rates are higher for those on teams, but if you're asking % success of people who start out as a rookie and then go on to at least make $200k a year, probably no more than 1/3 of the survivors.

I don't have hard data, just guessing based on what I've seen. often times people who are seen as surviving FAs don't go the bizdev route and end up being analysts/associates and help with book management rather than growing the business, which doesn't pay as well.

unlike IB where the attrition is on entry and an insanely small % of people make it to the top, if you survive your first 5-7y in PWM, your chances of making at least $250k/yr working <50 hours a week are incredibly high.

Apr 29, 2021 - 10:04am

Agreed - PWM is the exit opp. You have some optionality in the analyst programs at GS/PWM due to brand name and clientele... but it is less than IBD. Have seen analysts go top 10 b school, consulting, internal mobility, etc.

IMO, if you are truly interested in PWM long term, pursue GS over JPM (less security up front but much more upside potential) or pursue UBS/ML/MS... punchline is eat what you kill is better IMO.

You will make less in the first 5 years at GS than JPM but have potential to slingshot past.

Apr 29, 2021 - 10:21am

Echoing the recommendation to read his posts, very helpful to me over the years. And fuck prestige... seen plenty of dorks at prestigious shops... IMO get to a place where producing is the prestige...

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