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.


Two years ago, JPMorgan laid out its plans to hire as many as 1,500 new private bank advisors over the next few 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 clients and voicemail training.

Morgan Stanley

Every advisor in the wealth management division has to pass an exam with a live case study in order to work with high-net-worth families.

Only some 60% pass on their first try and about 75% eventually pass after retaking it, sometimes multiple times. 

“We don’t have a requisite number that we’re looking to put through the program,” Alex Chester, who runs the bank’s family wealth director program, told Insider. “We want to make sure that the advisors that we’re promoting are equipped to work with the very best clients of the firm.”

In the case study, senior Morgan Stanley employees pretend to be a high-net-worth client …read more

Source:: Business Insider


How top banks like JPMorgan and Goldman Sachs train young wealth managers to work with ultra-rich clients

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