I’m a Merrill Advisor based in the east coast, HCOL area and I graduated from our development program and joined a team making $90k plus paid on whatever I bring in. I’m interviewing for a private banker role at another firm where the base is $165k plus “discretionary” bonuses based on what I bring in. You would jump ship right?

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Depends on your confidence in your ability to bring in your own clients... in Private banking you will never make as much as a truly successful advisor.... but if you don’t have the connections to bring in clients then private banking is safer.

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I would be out the door after two weeks and 1 hour

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Yeah, especially since Merrill just let a bunch of advisors go today, and will likely be letting more go in the future.

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From the former Merrill advisor I spoke with the day before I made the comment

B1 - Merrill let advisors go?

I agree with P1: If you have the connections and clientele that you’re ready to close on then staying an FA will bring you more success. If not, jump to private banking.

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Exactly what is the difference between wealth management and private banking?

OP - is the offer from JPM Private Bank? I spent 10 yrs there.

I am assuming it’s a junior associate banker role? If so, you will work closely with a senior banker, be given a book of clients, and then you will be expected to bring in new AUM. The market manager and the senior banker will help to get you started, but you will need to produce on your own. Bankers are ranked by quartile each year, your job could be in jeopardy if you consistently rank in the lower quartiles.

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