JPMorgan Private Bank best for Private Wealth Management?

How would people rate JPMorgan Private Bank for Private Wealth Management when compared to Goldman Sachs PWM, Morgan Stanley PWM, and UBS high-net worth PWM ?

I have heard JPM was by far the best, but that was all heresay can anyone provide additional color?

Comments (15)

Aug 4, 2008

I've heard rumors that GS employees in wealth management are pushed to pitch high commission grossing products to clients, but that may be a myth.

Aug 4, 2008

I have certainly heard that Goldman's private bankers work more on a sales platform than other firms. JPM is a great choice (in private banking) IMO better than GS and MS. Like the show said, Credit Suisse has one of the top private banking groups and from talking with family friends, has been actively recruiting top produces at ML Private Bank-- in a big growth stage, or so I've heard.

Like you said, Private Banking is considered on a different level than PWM.

Aug 4, 2008
bankerchic:

I have certainly heard that Goldman's private bankers work more on a sales platform than other firms. JPM is a great choice (in private banking) IMO better than GS and MS. Like the show said, Credit Suisse has one of the top private banking groups and from talking with family friends, has been actively recruiting top produces at ML Private Bank-- in a big growth stage, or so I've heard.

Like you said, Private Banking is considered on a different level than PWM.

I don't disagree with anything you said, but he just seems hard to turn down Goldman Sachs I must say.

Aug 5, 2008

From things I have heard, Goldman Sachs is not established for Wealth Management (whether it be regular or $50MM+ clients). It appears that others would agree. Credit Suisse has been poaching some serious talent away from other top Bulge Brackets in PWM recently.

Aug 10, 2008

JP Private Bank is number 1 by long shot. Then Wells Fargo in this area.

other players are Northern Trust, Citi and CS

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Aug 10, 2008

Having worked in PWM/Private Banking, I have a few things to say. First and foremost, Monty, you seem a bit biased towards JPM. Nothing against it, they are good, especially in Private Banking, but they aren't number one within that sphere, definitely in the top 5 though. I'll get to that in a second.

On the subject of Goldman, there are a few things I need to say. First, this is a bit of second hand information, but regardlessof how well established or not they are and without knowing fee structures, products and pitches having not worked there, Goldman does a bang up job in the wealth management department in that they offer more services to their clients than just about any other bank I have heard of. It really is a one stop shop there. The reason why I know that gem of a fact is that one client of ours moved from Goldman to our bank and fought tooth and nail to keep his accounts at Goldman until LCD told him move them due to serious conflicts of interest that a Rule 407 letter wouldn't cover given his particular job. Then again, the guy resigned a few months later over some hooplah and still has his accounts at Goldman. Point I'm gunning at here is that he said every time we spoke with him that he would move his accounts over the day we offered the same services (In-House Legal, Trust, and Estate Planning services, Tax Accounting, etc.) as they did. I've also worked with Ex-Goldman wealth management guys at my shop and they have said similar things, making me inclined to believe that they are relatively true. At the same time though, Goldman's wealth management group, however, is an inflexible machine. They are extremely ridged in how everything is structured and refuse to compromise that.

On the subject of the top 5, according to Euromoney (Jan '08 edition), you are looking at, in no particular order, UBS (I don't care how bad their IBank is doing, they make more with PWM/PB than they do in IBanking), Citi, JPM, Goldman, and CS. IF you ask me, I'd swap Goldman for Morgan Stanley, but that's just me. IF you want to talk the actual order, IIRC, it's Citi, Goldman, UBS, CS, JPM. Rounding out your top 10 are going to be Morgan Stanley, Merrill Lynch, HSBC, Pictet y Cie (it's a rather small, unknown Swiss Bank that has no offices in the US), and Deutsche Bank.

In respect to the rumors about CS, yeah, they have been actively recruiting. A buddy of mine in their private bank was telling me that they are targeting all banks. In the last few months, they brought a number of groups from other firms, a few names that you'd be surprised at actually. Unfortunately, he didn't mention any names, so I can't really comment on where, but I would assume Citi, Morgan Stanley, UBS, Ex-Bear/JPM guys, Merrill Lynch, Lehman, Jeffries, maybe a Wacky Bank (Wachovia) or BofA type as well. Pretty much your Teir 1 and Teir 2 banks.

Hope I could shed some info on this.

Aug 11, 2008

What is the trajectory for compensation in this field?

Aug 19, 2008

Frieds, Great post! Thanks!

Feb 27, 2017

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Aug 5, 2008

Krakauer why do you think JPMorgan Private Bank is so much better? I know in the ultra-high net-worth space($30MM+), JPM is the number one player by a long, long margin. However, in the lower net-worth space ($5-10MM, $10-20MM) I don't think JPMorgan is as strong.

Sep 24, 2008
Investor1:

Krakauer why do you think JPMorgan Private Bank is so much better? I know in the ultra-high net-worth space($30MM+), JPM is the number one player by a long, long margin. However, in the lower net-worth space ($5-10MM, $10-20MM) I don't think JPMorgan is as strong.

...the minimum deposit at JPM PB is $25 mm in liquid assets, so they wouldn't really be a player in the "lower net-worth space" would they

Aug 5, 2008

The stated minimum deposit at JPM PB is $25 million. It is routine practice in Private Banking to take people with half the stated amount. I'm sure JPM Private Bank takes people with $12-15 million.

Feb 27, 2017

Huh? Do you even work in the industry? Seriously, if you ask a question, respect the advice and take it for what you will.

JP has a separate group for the lower net worth, PWG (formerly PCS). Further, while I personally think the PBing experience would be tedious, if you're going to be in the field, why would you not want to deal exclusively with the "ultra" high net worth people? AUM isn't all that matters. JP is extremely picky about the clients they take on and routinely reject people that would like to join.

Oct 27, 2008

Has anyone gone through the interview process with JP Morgan Private Bank?

Dec 24, 2012
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