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Hi Fishes, I have an interview with PwC AC in the coming week. My tech stack is Power BI, SQL, SSRS,SSIS and Tableau. YEO -4 Current CTC is 9 LPA. During the initial call with the recruiter he asked for ny expected CTC and I asked for 17 LPA. Can anyone from PwC comment on this? Is this too much to ask or is this what someone at my current level would get paid at PwC. Please let me know!!!! PwC PwC India Pwc AC Deloitte Deloitte USI
Do HRs renegotiate at KGS after accepting offer?
Coach
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After submitting my resume for the Global Finance and Business Management full time position at JP Morgan (my dream job!), I got a HireVue invite the next day! However, I completed it 9 days ago and still have no response....
When do we get a response in average, and after how much time does it mean I probably am not getting an offer to continue?
Thanks!
JPMorgan Chase JPMorgan Investment Management
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A lot of headaches. Wells is a mess operationally. They have many regulatory issues. They want and need people to get it shape for the regulators. If it’s a matter of money Wells is not offering a lot of money - salary or signing bonuses - without the expectation that the employee will work themselves to death. Think long and hard.
I don’t think you understand how the advisory business works.
I think a lot of people bounce around much more frequently to get that bump in pay. Is it worth it? Can't say for sure, but I can tell you the grass is not always greener. It might seem like it is at first, but it usually doesn't stay that way. Are you thinking of a switch yourself, OP?
Let me give you the real reasons: 1. They treat advisors like adults. There is no sugar coating this. This starts from the first day. No real training, and you have to find all the resources yourself or you get lucky and have an already familiar advisor who takes pity on you and shows you the ropes. At the same time, there’s no shift, no exact time you need to be there, no boundaries except don’t do illegal things and follow the risk and compliance parameters.
2. And this is the biggest one: all their onboarding contracts or “ramp” contracts are level pending production expectations. JPM and Merrill both have declining contracts over three years (starts at $X and declines by 30% annually to $0 by the end of the contract. WFA contracts are level. Same pay every year until you match production so long as you’re on pace by your checkin dates.
Bonus: you don’t get killed on withdrawals even if your net performance is positive.
Good thing about JPM is that give you a call list of current self-directed clients.
Wells provides CAs and pays them a fairly good base.
Source: Me; used to work at Merrill. Have a former coworker who jumped to JPM. I jumped to WFA. We’re both happy where we are. It should be noted that roughly 75% of the advisors that I used to work with at Merrill have jumped to other firms. Mostly JPM.
I thought people were leaving in droves because the bonuses were so bad. You think they’re throwing offers out there? I honestly have no idea. Maybe a combination of both?
Pro
@BOA 12 out of 15 consent orders have been resolved in the last year or so, or some similar numbers that leave 3 outstanding, including the largest, which is the asset cap. The thinking is that this new anti-regulation administration of ours will mean that the asset cap gets lifted this year.
They treat you like adults.
I’ve been with JPM for five years and now at Wells for a year. What was the final decision maker was that all the clients in my book is mine and let’s say later in the years I was to leave this roll, I am able to sell my book to another advisor. At JPM all the clients isn’t yours but it’s the firms. If you ever switch branch you have to give up your clients and start from beginning but yes you get a draw. Another thing with Wells your Net New Money bonus pay is much higher vs JPM.
Here is my experience JPM vs Wells. Both have pros and cons.
1. At wells they don’t micro manage you as long as your numbers are growing and hitting your goals.
2. When it comes to availability products or building your own. At JPM their core product is JPMCAP which is so simple where a new banker just got into the roll as advisor is able to learn the model very quick. JPM also has Mfab where you can build a model with ETF and MF but so much restrictions.
Now here at Wells we have PUMP which it can be very simple but a lot more options. You can add annuities in them which mean you can liquidate them. At Wells you can build your own model with individual stocks, etf and MF just like a brokerage account but with a fee attached. Also when it comes to fees at wells you can charge what ever you deem fair but at JPM it starts at 1.45% and you can give 10% discount. Over all Wells platforms is amazing vs JPM is too simple
3. Financial planning software wear at JPM has their internal soft wear which is also so simple and it lacks a lot of things like estate planning vs Wells we use money tool and again the sky is the limit.
4. I do miss that I would have access to the bank clients where I was able to do some calls to introduce myself at JPM but here at Wells we don’t have access to the bank clients and have to rely on the banker to book appointments so I like to focus on building my COI
Let’s say over all building you book and getting out of draw at Wells is much easier vs JPM and I would say Wells advisors are way more knowledgeable vs JPM advisors where they just regurgitate the morning calls from the private bank.
It has to be higher pay cheaper, health insurance or both