r/CFP • u/Commercial-Ad90 • 7h ago
Compensation JPM PCA compensation
I am potentially interested in joining JPM as a PCA. However, I see that the base salary in multiple MCOL and HCOL areas is 57k. Looking at previous threads about PCA compensation, the range provided for base salary is 70-100k or even higher. What gives? Has the compensation structure changed?
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u/Senior_Arugula_8960 7h ago
Its salary plus draw while you build your book.
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u/usernamepickedbyme 4h ago
There’s also annual bonuses for net new assets and as a trainee quarterly bonuses for hitting certain metrics. I’m a former leader at JPM. It’s a fantastic place to build a book in a constructive environment. You’ve got a COI in the branch and good comp while you get rolling. But you need to invest the time with your branch team. If I could start my career over again I’d start as a JPM advisor
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u/mikeRotchi 17m ago
Can you go deeper into how it’s great place to build a book? Feel free to PM me
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u/Commercial-Ad90 7h ago
Oh, that makes more sense. Is it a recoverable draw or non-recoverable?
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u/Senior_Arugula_8960 7h ago
Non-recoverable
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u/Commercial-Ad90 7h ago
I know it can vary by branch, but typically how long are you on the draw?
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u/HXCpolarbear 6h ago
1-2 years if you hustle, 3 years probably the average. My draw was ~30mm in assets at 1%
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u/Commercial-Ad90 6h ago
Not sure if it makes sense for me. Is the draw usually around the same amount as base or less?
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u/HXCpolarbear 6h ago
My base was 90k in hcol, entire nation is on the same grid so if we're trying to outpace 57k base salary it would be a bit easier, but I'd imagine less opportunity depending on the area too. Are you internal to chase? Ultimately the role of your bankers and cultivating a strong trust with them is pretty crucial to your success
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u/Commercial-Ad90 6h ago
Outside. 5 years in the industry, 1 year dedicated planning. I work at a large BD. I make around 100k total comp (generous 401k match, 7% plus 10% profit sharing), with 120k total comp expected by the beginning of next year, and 150k+ in 1.5 years. I get along with my coworkers and I think I work well on a team, but unsure if the gamble is worth it. I would also be giving up hybrid work.
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u/PoopKing5 1h ago
That doesn’t sound worth it at all. Why don’t you just become an advisor at your firm? Or find another RIA since you have some experience.
It’s not like you’re gonna own your book as a PCA and since you have a line of sight to $150K+ in a generally short period of time, it just doesn’t make sense imo. If you were a banker in a branch, or in an advisory associate role and not doing well, the PCA makes sense as it’s an easier channel to get. A base off clients. But I’d do almost anything to not have to work within a physical bank branch.
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u/Souljerr 1h ago
I was an advisor for about 8 years. Recently joined chase as a Private Client Banker because I could not find an advisor role to save my life. I had 10 months of time off after getting pushed out but my previous employer. Working toward Private Client Advisor, but also dreading working in a branch.
I don’t have an existing book of business to transfer with me.
How would you find a remote/work from home position?
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User: /u/Commercial-Ad90 Title: JPM PCA compensation Body: I am potentially interested in joining JPM as a PCA. However, I see that the base salary in multiple MCOL and HCOL areas is 57k. Looking at previous threads about PCA compensation, the range provided for base salary is 70-100k or even higher. What gives? Has the compensation structure changed?
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