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What are everyone’s 5 year goals?
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Going from a wirehouse to a bank, especially JPM is a BIG culture change and you need to be ready for that. The banks view is that they own the clients and that you are an interchangeable part whose job it is to follow directives from above without resistance. You can quickly build a book there and make a nice living, but it’s not for everyone
It depends on your personal goals. But as a previous JPM Private Client FA I’d see it as a stepping stone at best. Restrictions, strict banker hours, multiple mouths to feed and a revolving door of underpaid bankers and branch managers will eventually prove frustrating. Politics got in my way and I had to bounce. Jones has afforded me double the income so far. Id rather be my own boss and not have a under qualified bank manager trying to direct my activities. And you sell home team product, limited fund family access, limited to zero quality insurance options, no retirement options when your done and by the way they can take you book anytime they want. Your an employee with a fancy title but you will ultimately be underpaid for your value. I’m biased but you should consider Jones and not waste good quality years at JPM. Sorry I can’t be more encouraging on the point. Being and FA means you are a business minded individual who loves to take care of your clients needs with the potential to build an amazing business.
How was the compensation like? What was the base salary range?
Former PCA here, was in the role for about 3 years. A couple of things. Branch location and banker quality is everything. The number one advisor in the group made about 10x as much in revenue as the last place advisor. It wasn’t all talent - the fact that they were in downtown Affluentvillle vs. suburban Trashburg made a huge huge huge difference. Ironically, this is The Thing That Shall Not Be Said at Chase, where your manager will tell you with a straight face that an advisor in Beverly Hills and an advisor in the poorest part of Oakland have the exact same opportunity for business. Of course, anyone with a brain can see that’s not likely, but give pushback and expect a huge tirade in return. However, advisor turnover is huge at Chase, so if you stick around you will have the ability to “trade up” on branches, so to speak. Managers have full discretion in these decisions. If your manager loves you, you’ll be gifted a ton of revenue. If they don’t like you, you are truly stuck. Also, “Chase Private Client” was a cool, exclusive thing for its first year. Then they got cheap and watered it down. It’s just marketing vapor now. A Private Client Advisor at Chase is no different than an FA anywhere else. In fact, their toolbox is much smaller. Their payouts are really low, but at least there are no splits with your bankers, etc. like there are at Wells. Also, don’t take a promissory note for this role. It’s a deal with the devil.
First year was something like $75k, by the third year it ramped up to about $125k. Remember, your first 2-5 years as an FA anywhere (yes, depending on a lot of variables) are basically poverty, at least anywhere where the cost of living is high. After leaving Chase I was absolutely blindsided by how few clients wanted to switch to Wells. These are people that used to send me birthday wishes and bring food to the branch for me. I was not prepared for their ‘no, thank you’ replies to my asking them to come over after I left. I thought that I was selling me as the product, with the support of the bank. Turns out most of the clients felt differently. Bank clients are different than wirehouse or RIA clients. They’re with the bank FA partially for the convenience of consolidation, so you’re taking that away, unless they move their entire banking relationship - which most people are reluctant to do. It would be better if you left a bank and went to a wire or independent. I’d say you have far better chances of retaining clients that way.
Also, the payouts are drastically different working for a bank. I don’t doubt for a second that EJ1 is making significantly more. If you really want a big payout, go to an independent broker dealer-Cetera, LPL, Advisor Group or head to an RIA-Hightower, etc. First Republic is great too-a bank, but they pull tons of advisors from Merrill, UBS, etc.
If you would like the referrals, then a bank or wire house is a good path, for sure. The questions you are asking are good, and absolutely in my professional wheelhouse, so I want you to have all of the info. Another option is to work with an established advisor or team to eventually take over that book. It can be done over years, or a purchase plan-there are a number of different ways. Many IBD’s are ramping up their succession planning strategies with what is going on now.
I want to move to a different market that I think will benefit me more than where I’m at and a paycheck to move would be nice
Beware of the clawback on the check to move. Long term notes don’t tend to pencil out.
Definitely depends on the city/neighborhood/branch. It could be a good position if you are willing to coach bankers to send you referrals and prospect on top of your prospecting. You could also have some really awful bankers and it could be challenging for you. Whats driving the desire to leave Merrill?
May I ask about the base please? I am planning to take this role in another city, so basically start from scratch and hopefully can build my book with this. But the base salary gon be clutch at the beginning so I kind of want to know. Thank you
Did you take the job? If so what was your first year of comp like?