Related Posts
More Posts
Bowl Leader
How to be program manager?
Conversation Starter
What is work life balance?
Visual Storyteller
New to Fishbowl?
Download the Fishbowl app to
unlock all discussions on Fishbowl.
unlock all discussions on Fishbowl.
Now how can I leave accounting to do private banking
what does private banker do? is it like financial advisor?
and how did u get 6 figure bump within JP? Promo? IC to manager?
No I wasn’t licensed before. Had 90 days upon hire to pass SIE plus series 7 and 66.
Pro
JPMorgan Private Bank?
Pro
Yes, quite familiar with the integrate team approach. I was an investment specialist with the GIO group.
Do you have annual AUM goals? Revenue goals?
If so, what are they?
I think it depends on the market, team. I inherited about 30 relationships total over my first year (a few of them 9 figure deposit institutions). Single coverage bankers don’t usually inherit much unless there is turnover, but their goals are lower as well as minimums (I’m partner coverage and we target family offices, larger clients, foundations etc). Inheriting is a double edged sword though. You have to service the clients but unless they are going to bring in more money you’ll never get paid on them specifically. Growth doesn’t count, just new inflows - which are offset by any outflows/distributions.
Have you always been in a private banker role? Did you build your book from scratch?
I’ve always been a private banker (credit analyst for a few years then bank officer out of college before AVP then VP). But I was on the lending side for 15 years at smaller and regional banks underwriting and originating loans rather than managing/gathering investments. Even though I was a CFP and more interested in the full wealth picture for people. Now at JPM I directly manage the full relationship and can be paid to bring in loans, deposits and investments as well.
I’m interested in pivoting into Private Banking internally at my bank. What does your day to day look like? How do you get new clients? Are they referred from other divisions? What’s the career trajectory? Are you doing more client servicing or client prospecting?
This can really vary even within the same company from banker to banker. Some new people have zero clients and are 100% prospecting; other bankers who have large client lists may be closer to 100% client management (especially at firms where your comp is not based on bringing in new money/clients every year). How to get new clients is an age old question. Some people network extensively with attorneys, CPAs and commercial bankers for referrals. Some have personal networks of wealthy family and friends. Some inherit client lists and do a good job mining them for additional business or referrals. A surprising amount of people cold call executives and business owners. The entire job function is basically to figure out how to get new clients. Which can vary by geography. (In Silicon Valley it’s getting to know startup founders prior to their liquidity event; in west Texas it’s having or building ties to oil moguls; and so on.). There isn’t really any career trajectory. Your title may change every so often but it’s the same job today as it was when I started my career 17 years ago. And the people who are 20 years further along are still doing the same things. Unless you want to move into management and up that ladder.
Day to day changes seasonally. It’s slow right now as clients tend to vanish in Summer. In January there are lots of annual meetings and reviews; around tax time there is cash flow planning; in spring there are more home purchases; when rates drop the mortgage refinances ramp up; when the market acts up there are lots of calls and check ins (like during the mini regional bank crisis this year). In fall and around year end there are lots of client events - that banks put on but also to attend that clients invite you to (charity galas etc). In general I catch up on market and internal news in the mornings, try to have a few meetings a week with clients or COIs, find reasons to call or email clients with updates or news they can use, and the rest is reactive when someone has a need or problem.