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I would suggest to start at JPMC … as they’re the industry standard and it’s much harder to get into JPMC after you’ve started. You’ll want JPMC on your resume - as most other banks will respect the brand equity - and recruit you solely for having worked at JPMC . But JPMC won’t recruit you if you’ve worked at the others. Best of luck!
Personally, fidelity gives you a longer landing strip. You start as financial representative you move on to be planning consultant and then financial consultant. They have good benefits and they will fund and encourage you to get to your CFP. If I am staring out, that would be the ideal place to start.JP Morgan and BOA are just meat grinding shops and the minute you are off target of your goals you are out the door looking for a job at Fidelity.
Perfectly stated, late to the party but same thing with public accounting firms. You’ll hear people say start at big 4 which is not the ideal path for most. Turnover is high and meat grinder for sure.
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I have worked at both Merrill and JPM in management and would suggest fidelity if you are starting out from scratch. Much better training programs. No one likes the private bank at JPM (outside of people who work in the PB.) you are a glorified banker vs an actual financial advisor. ADP at BOA is a nightmare and it’s sink or swim. The training they provide is laughable.
Good to know, that was kind of the impression I got too.
Completely off topic, but I have a senior executive I partner with and he was in the financial advising world at JPMorgan then went to Edward Jones as a financial advisor. Now he’s in the insurance industry focusing on financial investing and tax free retirement while making double the pay and more flexible hours. I spoke with him today @2:30 pm while he was picking up his kids from school he made $3,000 just today.
Just thought I’d throw that out there…
Where does he work?
Fidelitys pays the lowest
Spend some time also reviewing the people & titles on LinkedIn and seeing which people were able to climb from position to position. I typically do that for some perspective, tho limited.
Started at Fidelity and moved up the ranks to advisor. Great place to start career/get licensed and learn. Eventually found myself on a hamster wheel mostly getting paid for new development and not being recognized or paid (very small amount) to take care of clients I had already onboarded. Came over to JPM this year - main difference is you do get revenue from existing clients which only continues to compound as your book grows. For that reason I wish I would have started sooner at JPM - much more sustainable business model as an advisor to not burn out and do what’s best for the clients
Fidelity has excellent training and culture. I started last year, got fully licensed, and am working my way up now.