JPM Private Bankers??

There was a post talking about how JPM has their AM groups split into three types of people. The title of the post is "Private Wealth Management/Private Banking guide for associates". One of the types of people was a Private Banker: a person who "focuses on new business acquisition and on maintaining existing client relationships." Can anyone expand on this? How to get in? Are there internships?Comp/Hours/Lifestyle? Do any other banks or AM places do this? 

Comments (34)

 
Most Helpful
Aug 26, 2020 - 4:48pm

Most major banks have Private Banking. It's an interesting role. Typically a team consisting of relationship manager, portfolio managers, tax advisors, trust officer, and lenders work with HNW / UHNW clients (individuals, endowments, family offices, etc.) Minimum client may be 3M but many are worth way more than that. Have a buddy who is a senior relationship manager (MD) and he has clients in the high 8 figure bordering on 9 figure range (think PE principals who have huge liquidity events). Big fee generator for the bank. Big money maker as the relationship manager gets paid based on AUM. That can easily get into several billion at a BB private bank.

Many on this forum will say, "It's sales not real finance" blah blah blah. It's a client facing, fee generating role dealing with real money. You need to know the markets very well AND have excellent people skills. Will you be a model monkey? No, that's the point. Why would you want to be? The folks who stay in PM roles within the private bank are more technical (same have CFAs) but the relationship manager makes the money (as it should be).

 
Aug 26, 2020 - 10:10pm

They have summer analyst and summer associate internships. Analyst base compensation is the same as all front office analysts across the bank. First year Associate pay starts at $125k. 

They recruit at a number of top 25 MBA programs. I just wrapped up a summer associate internship in the JPM PB. Happy to answer any specific questions here or via PM.

 
Aug 27, 2020 - 11:59am

Thanks. Very helpful. So how does the recruiting process work for MBA's? Is having an MBA the only way to get this position/similar? Do most people work for a few years (probably in AM) and then get someone to sponsor their MBA? Or do people get an MBA right out of undergrad and then shoot for this position? 

 
Aug 27, 2020 - 1:50pm

An MBA is the most clear path to break in at the associate level. Most of the people in the Summer Associate program did not come from Asset Management, and all of us have prior work experience before getting our MBAs. They don't want to hire people at the associate level that have never worked before. 

My background is in Audit/Consulting at a small firm, getting my MBA at a T25.

 
Aug 27, 2020 - 1:58pm

At the associate level, all in comp is dependent on performance. The FT offer I got was $125k base and $57.5k sign on bonus. In your first two years as an associate, your comp is paid out of NYC and not out of the team's revenue, but the revenue you bring in helps the team. This provides an incentive for senior bankers to help you bring in clients. I was told as a single coverage advisor (High Net Worth - 5-25M), for every $5M in investment/banking/credit flows brought in, that's an additional $25k bonus. Beyond that, it is up to the Market Managers discretion. 

There aren't likely lateral options into IB from the PB at the associate level - different skill sets. There are a lot of people who have moved from IB to PB, but didn't meet anyone that went the other way. 

 
Aug 28, 2020 - 9:01pm

Was curious about the investment professional role at JPM PB? Typical day in the life? Ability to move up to associate? I have my CFA but am coming in from a non-related field and am wondering if this the investment professional role has the potential to get me onto the associate path?

 
Aug 30, 2020 - 5:07pm

What do you know about the investor professional role? I have my CFA but am coming from an unrelated industry. Opportunity to move from IP into associate investor track?

 
Aug 27, 2020 - 3:58pm

I'm recruiting for a regional office's 1st-year Analyst role currently. For recruitment, I'd look into alumni/family friends that can get your foot in the door. If those don't work, cold-messaging on LinkedIn couldn't hurt for the office you're interested in. 

 
  • Analyst 1 in AM - Other
Sep 5, 2020 - 7:58pm

Wrapped up summer as an undergrad at JPM PB and will be returning FT. Base comp is the same as IB analysts (1Y: 85k, 10k sign-on), although not sure about the bonus structure as I couldn't ask that over a virtual summer. 

It's an interesting area of the bank, most bankers/client advisors and investors either worked in IB or S&T and made the move to private banking for better work-life balance. There are 3 roles: Banker (relationship person), Investor (portfolio manager), and then there is a Client Advisor (wears both hats - banker/investor for clients with assets between 5mm-25mm). Clients with a net worth of 25mm> are covered by a banker and investor as a team. 

Analyst program is 3 years (can be a generalist role or investment focused depending on the office). Analysts support bankers and investors with portfolio performance reviews, client pitches, business development and other ad hoc tasks like liaising with account opening teams and helping clients transfer assets, etc. It's a good role for someone that enjoys markets and interacting with clients. Clients can be interesting as you advise some of the world's most influential individuals and families with multi-generational wealth and complex balance sheets. Hope this helps! 

 
Sep 5, 2020 - 8:27pm

Awesome! 

Bit confused now though. I thought you needed to have an MBA to work with JPM as a PB (or other banks)? Can you explain your current path more in-depth if you don't mind? Like what happens after your 3-year analyst role is complete? 

 
  • Analyst 1 in IB - Gen
Dec 24, 2020 - 8:15pm

nope.. same as banking - two common entry-points are out of undergrad or out of an MBA. the MBA isn't necessary it's just another path in.

 
  • Analyst 1 in AM - Other
Feb 27, 2021 - 5:39pm

Not necessarily, an MBA is only needed to break-in at the summer associate level and then you join as ft associate after MBA, just like in IB.

I am an undergrad in my senior year now, so I will be joining as a 1st-year analyst next year after spending this summer as an intern with the private bank--which is housed under the Asset & Wealth Management Division (AWM). Apps for next summer internships/analyst roles should be up on the JPM website now.
Other banks with similar programs are Citi Private Bank, Bank of America Private Bank, and Goldman's Private Wealth Management. 

At the conclusion of the analyst program, you are promoted to an associate role either in your office or another market. Not sure about the exit opps as the skills are not too transferable to other areas of finance or banking. Culture in PB is extremely collaborative which makes it a less stressful high finance job. 

If you have relevant prior experience at a wealth management shop (e.g. UBS, Merril Lynch, Morgan Stanley), you may be able to recruit for a senior analyst or associate role at one of the regional PB office. Good luck! 

 
Dec 19, 2020 - 3:44pm

Anonymous, what is the typical ratio of summer analysts getting a return offer for FT?

Array

 
  • Analyst 1 in AM - Other
Feb 27, 2021 - 5:41pm

Depends-- this summer it was about 70% or maybe 50% for certain regional offices given we were in the middle of pandemic peak and hiring was frozen. But could be a lot better this summer. 

 
  • Analyst 1 in AM - Other
Dec 24, 2020 - 6:32pm

Its a mix. Most ex-IB folks that lateraled were internal hires but I met a good bunch of bankers/advisors/investors that came from BBs like GS/MS/UBS (usually doing WM) and some from boutique WM shops. All had same reasons: better WLB and raising a family. Two advisors I met previously worked on FI trading desks (one at BB/another at a European Bank). I think its very doable with little networking. Yes agreed, I think its a solid exit specially for S&T folks. In my knowledge, JPM, Citi, BofA and GS are the only Private Banks that don't follow the typical WM brokerage model and that's the best part. These are salaried roles unlike commission based. Good luck in your search sir! 

 
Dec 23, 2020 - 11:50pm

Think it's very important to distinguish between the actual "private bankers" and the "client associates / advisors" which are the helpers of the bankers. Have a couple buddies who work in PB / JPMS (legacy Bear Stearns).... and feel that there is great opportunity to make money. The problem that I have seen is that it is a relationship business and as the world moves more and more to digital, self-managed accounts, these people are less likely to want to pay certain fees. Just an outsider looking in though. 

 
Dec 24, 2020 - 2:09am

The PB and JPMS (legacy Bear Stearns) are different. They have different payout models. JPMS is more of a traditional brokerage with a grid payout structure. There are client service associates on these teams like you see in traditional FA teams. The Private Bank is different. Not commission based, there are many more PB offices and more PB advisors. JPMS and PB actually compete for the same clients so it can get a bit tricky in some markets. Client Advisors in the Private Bank are not "helpers", and legitimately bank/work with their own clients. It is literally just the name that they give the advisors in the HNW/single coverage space where you serve as both banker and investor. Partner coverage/UHNW advisors are just called "Bankers".

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