JPMorgan’s House Product in DealBook

I know several people who work within JPMorgan wealth management group, also called Chase Private Client. They are, for the most part, happy with their jobs and feel that they are doing right by the clients.  I’ve never heard any of them say that they felt pressured by the firm to sell JPMorgan house product, but I know that this is exactly what most of them do. Client information is fed into a computer and out pops a recommended allocation that is almost completely geared toward the investment management products of the bank. Not that there’s necessarily anything wrong with that.

DealBook has a massive story about the “elite” division within JPMorgan this weekend…

Everything is scripted for the brokers in an elite group at JPMorgan Chase: the sales pitches; the personal voice mail message; even the preferred desk candy, Glitterati Fruit & Berry.

In a three-inch-thick training manual, the bank, the nation’s largest, details how to recruit clients, pitch products and, ultimately, close the deal — or, as JPMorgan puts it, “get to Yes!”

The manual is part of an intensive, weeklong training course. But it is only the beginning for JPMorgan’s army of top advisers, who are critical to the bank’s rapid expansion into wealth management, a fast-growing and highly profitable business. Interviews with more than 20 current and former JPMorgan brokers, as well as hours of recorded conversations between a former adviser and his bosses, portray a sales-driven culture that is unusually aggressive, even by Wall Street standards.

When you work at a smaller broker-dealer, the presence of sales scripts or house product being favored over independently chosen investments means you will essentially be shut-down, fined or kicked out of the industry.  The key to being able to pull this off is to be a multi-trillion dollar TBTF bank. Then you can make the practice standardized, apparently.

Must be nice.


Selling the Home Brand: A Look Inside an Elite JPMorgan Unit (DealBook)


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