What exactly is the difference between private banking and private client in terms of daily resposnsibility, function, career progression, salary progression etc.? JP morgan seems to have both groups and ML has private wealth management and private client. Some people i know out of university get jobs in analyst programs for private banking, which seems to carry more prestige than private client (financal advisors).
I think private banking take a higher minimum account size. I believe private banking is more complex. You have a team of people who specialize in certain areas who complement a relationship manager. I’m curious what are the exit opportunities for a product specialist in a private bank? ex… fixed income specialist, etc…
You deal with mega mega wealthy individuals, providing them a large range of services, not just investment advisory. Can be from equitites, to loans etc
I’ve been told that JPM’s definition is that Private banking refers to accounts > 10 Million, while private client is between 1 and 10. Every place will define it differently.
at Merrill the PBIG (Private Banking and Investment Group) is the ultra-high net worth > $10 MM, Private Client Group includes all advisors and is the name of the whole retail unit
Relationship managers at Private Banks are still Salesman. Selling Porsches(Private Banking) vs Selling Hondas (Private Client)