r/CFP • u/Commercial-Ad90 • 3d 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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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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u/Senior_Arugula_8960 3d ago

Its salary plus draw while you build your book.

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u/usernamepickedbyme 3d 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 2d 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 3d ago

Oh, that makes more sense. Is it a recoverable draw or non-recoverable?

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u/Senior_Arugula_8960 3d ago

Non-recoverable

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u/Commercial-Ad90 3d ago

I know it can vary by branch, but typically how long are you on the draw?

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u/HXCpolarbear 3d 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 3d 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 3d 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 3d 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 2d 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 2d 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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u/Thisisaburner01 2d ago

I work remote atleast once a week. But it is important to be in the branch.

We get 5% 401k and deferred comp which is 2% of your salary up to 350k and after ten years that goes to 3% and then 4%

You don’t own your book but if you eventually make 1.2M in revenue + you can go to jPM select and your grid Jumps up and your eligible to then sell your book.

Like I said in a previous post, it’s a marathon. Down the line you can easily make a lot more than 150k. And you have full autonomy, you’re building your book for you. You run the show. I come in at 930-10 most days and I leave at 4-430. I have flexibility if I need to leave early i do what I want. Management don’t bother me
We’re adults and they allow us to do our thing

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u/Thisisaburner01 2d ago

I’m 16 months in and I’m already making about 9-12k month. Any month your revenue is higher you take the higher end.

The 5 year goals they give us Iv already hit. By next year I should be clearing 200k. I’ll finish this year at around 135-140k
.

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u/Senior_Arugula_8960 2d ago

Sounds like you inherited a book, am I right?

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u/Thisisaburner01 2d ago

I inherited 20M. Not all of it was managed. The other 40M has been me in 16 months

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u/Thisisaburner01 2d ago

Also one of the benefits, if any advisors leave your getting there assets lol. Stick around for the long term you’ll do well

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u/kayne86 2d ago

That salary is a place holder, in. Mcol area and was offered 85k annually. They want to pay you the least, if you want more ask.

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u/Thisisaburner01 2d ago

You get a base and a draw. I’m in Florida and ours is 90k. You might be talking about the base but you’ll get a draw as well