How top banks like Morgan Stanley and JPMorgan train young advisors to work with ultra-rich clients

Goldman Sachs analysts have to train for two years before working with the bank’s wealthiest clients.

Private banks cater to the wealthiest clientele, who typically have at least $10 million in assets.
The advisor training can take years and spans from case studies to voicemail training.
Insider spoke to 4 top banks about how they prepare bankers to work with their most prized clients.

See more stories on Insider’s business page.

The world’s top banks are fighting for America’s wealthiest. Even banks with household names are competing for talent to service this niche clientele, which often have at least $10 million in assets.

But getting hired is just the first step. Wall Street banks put analysts through their paces before letting them work with the most coveted clients. It can take hundreds of hours of lessons, sometimes spread out over years or condensed into a matter of weeks, as well as exams, case studies, and — more exams. 

Here’s our running list of training programs for aspiring private bankers at top US banks.


David Frame, CEO of the private bank, is doubling down on a recruiting push. JPMorgan aims to hire as many as 1,500 new private bank advisors over the next five years, which would double its current headcount.

About half these advisors will come from JPMorgan’s analyst ranks, who are mostly newly minted college graduates. These young analysts have to complete 250 hours of training over three years with a mix of live lessons and self-study on topics from alternative investments to lending.

There aren’t any written exams, but analysts are tested on their mastery in role-play sessions with fictional clients, which Frame compares to language labs.

“We view a lot of these topics as like learning a foreign language. You have to be conversant,” Frame said.

about JPMorgan’s “objection clinics” with fictional …read more

Source:: Businessinsider

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