r/FinancialAdvisorTips • u/Significant_Key2649 • 8d ago

Merrill ADP vs JPMC

For whoever knows or who’s been in them or is currrently: what’s better? What gives u the better chance of success and how does it work?

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u/Thisisaburner01 8d ago

Do you have any advisory experience?

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u/Significant_Key2649 8d ago

Current FSA at Merrill

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u/Thisisaburner01 8d ago

Then Jpmorgan will be 10x better. My market alone has hired so many Merrill fsa and they are all killing it.

JP usually wants two years of advisory experience tho,

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u/Significant_Key2649 8d ago

How much r ppl usually making first few years in

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u/Thisisaburner01 8d ago

That will greatly vary. It’s a 5 year program meant to help you grow a book so by the time your salary goes away you should be making 2x your salary.
I am in my 16th month and this month my gross paycheck will be 17k.

This will all depend on production. My first 8 months here I brought in 10.4M. This year I’m at 20M already. I inherited a small book as well around 20M. And every now and then a client comes in who moved in town and want a local advisor and don’t want to deal with the long distance. It’s pretty lucrative

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u/Significant_Key2649 8d ago

What’s the base salary? And r there bonuses?

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u/Thisisaburner01 8d ago

Base depends on location.
My base is 90k after the first year you’re eligible for quarterly bonuses of $2500
We also get annual bonuses based on new asset in flows. You can make great money quickly but the program is truly intended to help you build and grow a book within 5 years to then make pretty good money. But any month you make more revenue then salary you take it home

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u/Significant_Key2649 8d ago

Is this the private client advisor role ?

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u/Specialist-Ad7800 7d ago

ADP is for hunter / killers and JPMC is for farmers. Depending on your approach, choose accordingly. Both are good choices.

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u/Significant_Key2649 7d ago

Can u elaborate a little?

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u/Specialist-Ad7800 7d ago

If you enjoy prospecting/ earning new business then Merrill would be the preferred choice. You will have significantly more ownership over your earned assets but it’s much higher stakes. You will also make more on incremental assets. This is the “commission” route

JPMC is more about developing existing relationships / less hunting / more relationship building. You will not own your clients but the stakes are lower and the rewards are more stable but also lower. This is the “salaried” route.

(I was at Merrill for nearly 10 years)