JP Morgan Wealth Management Analyst vs Private Banking
Hey all, just wanted to clarify the differences between the two.
The name of the position I applied to is Wealth Management Analyst, but will I be working in JPM Private Bank? I see these term used interchangeably and have had interviewers ask me 'why PB' instead of 'why WM' specifically, as that's the actual position I applied to.
Would appreciate some clarification on the structure of the organisation. Thanks in advance!
JPM has the AWM division. Asset management is the institutional side of the business i.e. JPMS. and WM is the non-institutional clients, pb/wealth
so is it fair to say the wealth management division is within the private bank?
I agree that it is a position within the private bank.
Within the bureaucracy, WM at JPM is called the Private Bank, and it is technically part of the AM group.
Wealth Management = Private Bank as a part of the Asset Wealth Management line of business. Inside the PB there is ultra high net worth ($10M+) which uses a team model, and high net worth which uses a single advisor model.
JPM PWM vs. PB Comp (Originally Posted: 09/13/2011)
Curious as to the differences in pay between the two groups. Obviously the clients are more sophisticated for the PB, but is there a real difference between analyst compensation?
Does anyone know what the base is? I've seen 60 and I've also seen 70. What is it? What about bonus?
For general PWM vs PB, you could go to Mergers and Inquisitions. They recently released an informative post on life in PB and the pay scale for analysts.
I want to know this too. I read somewhere that base is the same across divisions. i interned in the IBD at another BB working 20 hours a day, but as i think more about my career and life, i think i'm more cut out to be a private banker. less working hours, more parties, the same base salary. did i mention less hours in the office?
i could be wrong on this, but isn't JP Morgan PB its PWM division?
Yes and no. JPM PB & JPM PWM both fall under the asset management arm of JPM. They are not divisions of one another. The barrier between the two divisions is simply the AUM per client. JPM PWM works with clients with 2.5MM to 25MM. JPM PB is 25MM and up.
Base is the same in JPM PB and JPM PWM. The only thingt that effects your base is location. 98% sure that bonuses follow the same structure as base - same in PB and PWM, but depends on location.
A Mergers and Inquisitions article suggested 70k base with a bonus range of 18 to 35k.
BUMP
I think the average base is between 60-65k for most cities. NYC and a few others may be as high as 70 and was told to expect something between like 10-20k bonus.
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