I have been struggling to figure this out for awhile, and I kind of feel like an idiot having to ask this question. But, what exactly is the difference between being say a financial advisor at let’s say JP Morgan/Morgan Stanley, and being an analyst in the private bank. I know JP Morgan calls there entry level program the “private banking analyst” program. I don’t know what Morgan Stanley calls theirs’.
Anyway, what exactly would be the difference between these two jobs? Would one generally be regarded as much more desirable than the other? Is the analyst program just a means of prepping college grads for a career as a financial advisor? Would the private banking analyst program involve more “analysis” whereas the financial advisor would be doing more sales? Which one would be better in the eyes of a future employer considering they both came from BB firms?
I have been in private banknig for years and have never heard of a “private banking analyst” position. Could be a fancy name for junior private banker.
Private Banking Analyst is only a title at JPM Private Bank (and its basically a junior private banker), I don’t think any other banks have that title. Private banking is typically more focused on high net worth and ultra high net worth clients; whereas, your typical financial advisor is more mom and pop investment mgmt and financial planning.
Private banking is more interesting investing you do more following of the global macro scene making tactical shifts in asset class allocations and funds and try an deliver a more “all inclusive” service thats more analytical.
i’d say private banking > financial advisor. defintiely less sales, but still lots of client prospecting especially at the lower level.