The Art & Science of J.P. Morgan ProfessionalismAuthored by Adrian R. Park

J.P. Morgan U.S. Private Banking

J. P. Morgan U.S. Private Banking:The Art & Science of J.P. Morgan Professionalismby Adrian R. Park

Our EthicsAs Private Bankers in the J.P. Morgan business, we are preceded by a rich tradition of practicing ethical business, doing it well and setting the example for not just our peers, but for the global marketplace. It is a privilege to serve clients as a J.P. Morgan Private Banker and we are each charged with practicing these standards each day, every day.Ethics, as we will define it here, is doing what befits another. By focusing on our social intelligence, we will earn more business and serve our clients well. Moment to moment, we respond in real time to the things around us, before we can consciously think about them. For example, when startled by something, we immediately “freeze.” Our amygdala is responsible for these reactionary judgments. We are communicating whether we are speaking or silent through our nonverbal behavior. (Navarro 26). Our professional standards, then, need to be based on an understanding of how we are being perceived and on how we relate to our clients. By understanding this and practicing these standards, we will cultivate a more socially intelligent business and be more attuned. This will further distinguish us and our J.P. Morgan Private Banking business. We can do this through impeccable attire and grooming, taking care of every detail related to our client interactions and by being experts in strategic etiquette.

Personal PresentationThe very first thing that we notice, when we greet someone is their attire, their face and most importantly, if they are unkempt in any way. For this reason, we as Private Bankers are the standard in personal presentation. People also infer competency from our look. A tidy, well-dressed banker will in most cases be thought of as thorough and mindful of details - both traits that clients expect of those who handle their wealth.

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Our Professional Attire Female Bankers

Acceptable:• Business suit-blouse/skirt-blouse/pants and a dress• Earrings, necklace, a ring, a woman’s watch and bracelets• Polished matching shoes with moderate heel

Unacceptable:• Materials that wrinkle easily or are wrinkled• Jewellery that is excessive in style or quantity• More than one ring on each finger• Perfume that is heavily scented or heavily applied• Wearing a disproportionately large watch• Clothing that is too revealing• Clothing or accessories which are too trendy• Shoes or heels that are showing their wear• Sandals

Preferred:• Crisp suits and clothing combinations• Jewellery that fits us, our look and our audience• A watch that will go well with various accessory combinations• One ring is considered classic• Polished shoes with heels that are in good repair• A nice pen and notebook

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Male Bankers

Acceptable:• Business suit• Crisp shirt• Tie• Watch that keeps time accurately• If appropriate, cuff links• Polished shoes / Matching belt• Over the calf socks

Unacceptable:• Materials that wrinkle easily or are wrinkled• Short sleeve shirts• Athletic watches, watches that are disproportionately large• Falling socks• Shoes that show their wear or are not polished• Belts that show there wear or do not match our shoes• Cologne or heavily scented body spray

Preferred:• Navy blue or dark gray suit, wrinkle free and newly pressed• White or soft blue crisp shirt• Crimson, navy or pastel tie, solid or with small repeating pattern• Watch with small face, should not garner unnecessary attention• Cuff links that are not audacious, but fit our audience• Black or navy blue over the calf socks• Polished black shoes, matching belt with buckle that is not too contemporary or too large• A nice pen and notebook Research tells us that colours matter. The darker one’s suit, the more authority it connotes, both for women and for men. Patterns such as stripes add more authority and should be chosen carefully. If we are of slighter build, stripes should be wider apart. If we are of a more substantial build, then stripes should be closer together. Wide stripes will draw the eye back and forth and narrow stripes will take the eye up and down.

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GroomingWe take care of grooming details, because well-groomed people like our clients, enjoy spending time with others that are also well-groomed. A crooked tie, hair out of place, jewellery that is askance - each of these demonstrate a lack of attention to detail. It is surprising what we will see, when we give our appearance a “once-over” before going to a meeting. Women, we should check hair, makeup and jewellery to make sure that everything is in place. Men, we need to adjust our ties, comb our hair and check our teeth. We should also apply a lint brush to our suits. Keeping basic grooming tools in the office can be very helpful here. A few helpful tools are:• Brush/comb• Lint brush• Toothbrush/toothpaste• Deodorant• Hair product

When we look into the mirror, we should think, “If someone took a picture of me today, would I want that picture in The Wall Street Journal?” Meeting Opportunity: The Detail QuotientAndrew Wyeth, an American artist, painted a picture of General Lafayette’s quarters near Wyeth’s home in Chadds Ford, PA. In the painting, there is a sycamore tree behind Lafayette’s home. In preparing to paint the sycamore, Wyeth drew a number of pictures of the tree’s trunk and gnarled roots, even though these parts of the tree would not be in his painting. When asked why, Wyeth said, “For me to get what I want in the part of the tree that’s showing, I’ve got to know thoroughly how it is anchored in back of the house.” Our client interactions require the same level of detail and preparation.Every interaction with our clients makes an impression. When they come to our offices, they have a very high expectation of what their experience will be. Above all, remember to be a gracious host, attending to every detail.

Treat prospective clients as if they are guests in our home and they will want to come back. Treat existing clients like they are guests in our home and they will not want to leave. 

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Symmetry and Beauty

We perceive symmetry as beauty: In his latter works, Piet Mondrian, a Dutch painter, sought to create balance, however, his paintings did not have perfectly even lines and shapes. Regardless, when you look at a Mondrian painting, you are struck by its symmetry, balance and its beauty.

Meeting Preparation Checklist• 20 to 30 minutes in advance of our meeting, the room should be gone through and cleaned• Chairs should all be the same height and distance to one another• Beverages, food and materials should be symmetrical• Be conversant on the art in the room

When setting the meeting details, share our list of available beverages with those attending and ask which they would prefer when they arrive. Clients will take note of this small, but significant detail.

The Art of SmilingEach of us has a true smile. We give these away freely to our friends, family and others that we trust and know very well. We also have a pseudo smile. This is reserved for acquaintances and those whom we do not know as well (Navarro 87, 88).We should purposefully give our prospective and existing clients our full, true smiles. Joe Navarro, a world leading expert in nonverbal behaviour gives this instruction:

Do not immediately smile when you first meet a person. Pause for a split second, take in the person’s face and then issue a full-faced smile. The momentary pause before you issue a smile tells the recipient that your smile was custom made especially for him or her and not just a routine smile issued in public to strangers.

“There is no nonverbal more powerful, more disarming or more welcome than a true smile.” Joe Navarro

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Be the First ImpressionWe should remember to judge our client’s experiences through their paradigm and not our own. Their experience begins when they first darken the doors of our office building. The very first interaction they have in our lobby should be seeing one of our smiling faces walking toward them with enthusiasm. When there are two or three of us attending a meeting, some bankers should wait near the meeting room and serve as a welcoming party, ready with more warm smiles and more firm handshakes. Navarro tells us that this is important, because we have an emotional and neurological response to smiles and to physical touch. When we receive either, small amounts of endorphins are released. These make us feel good. This is a very real and critical part of rapport building.

Our Handshake Should Be:• Firm• Should not swallow the other’s hand• Should be one to two seconds in length

Introduction DetailsWhen making introductions, we should remember to follow these guidelines. • Use full names and avoid nicknames• Always remember to use titles, such as Dr. for PhD and dignitary

titles, even if they are retired (Casperson 17)• Make a brief statement about each one’s interest or any recent

accomplishments• Begin with the more senior, elder or unfamiliar

Please also remember to Introduce . . .the older to the youngerour peer in another company to our company peera senior executive to a junior executivea client to a fellow executivean official to a non-official

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Empathetic ConversationsDaniel Goleman, Social Psychologist and author of Social Intelligence: The New Science of Human Relationships, says that Social Awareness "runs from instantaneously sensing another's inner state, to understanding feelings and thoughts, to 'getting' complicated situations." A meaningful conversation does not have to be lengthy, but it does have to have a few critical ingredients. Goleman outlines the following as keys to this.

• Empathy - the ability to understand and share the feelings of others.• Attunement - listening with full receptivity.• Synchrony - interacting smoothly at the nonverbal level.

Our words can also be more impacting when chosen carefully. Robert Cialdini in his best selling work Influence, The Psychology of Persuasion points out the power of using the word “because.”(159) We respond favourably to this word. Cialdini cites a social experiment where participants were asked if they would allow someone to move ahead of them in line. When the requestor used the word "because", they received a favourable response and were welcomed 93% of the time.

Intentionally Listening IntentionallyHostage negotiators understand the importance of asking questions that lead and listening to their subjects. Good ones know that they have a very finite amount of time to both build rapport and at the same time, extract information. Their effectiveness can save lives or lead to death. As bankers, our conversations carry with them a lesser cost, but are equally vital to our business. We also have, in many cases, little time to demonstrate our sincere interest and to establish enough rapport to earn another meeting. We can do this by asking good and thoughtful questions and then by listening, actively and intentionally. Mark Goulston, a renowned hostage negotiator and best selling author, suggests what he calls “the power of hmmm” (142). This has also been dubbed, the McKinsey grunt. As we are listening, we can show them, by inserting a “Hmmm” or a “Really?” This serves both as a primer for more conversation and it helps them to feel our engagement.

Bad breath impedes rapport. Ensure that this does not happen by keeping a tin of Altoids Smalls in your purse, coat pocket or leather attaché at all times. Altoids Smalls are particularly desirable, because they are sugar free and are small enough that they hide and do not make an impression on one’s cheek. 

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Connective ObservationOnce inside the meeting room, we should sit at angles to our clients, because they are more collegial. Doing this also gives us the ability to observe their nonverbal behavior that we might not see, if we sat across from them. Angles foster an environment of working together. Sitting across from one another in opposition can imply just that.As socially aware bankers, we should consciously observe our clients, watching for signs of comfort or discomfort. Comfort is important because we knowingly and unknowingly base important decisions on how comfortable we feel. Comfort leads to rapport, rapport leads to trust and trust leads to profitable relationships. When we sit at angles, we can watch for signs of comfort or discomfort by observing their head, hands and their feet. These three are important, because they are the most honest parts of the body and are continuously communicating how our clients feel.

Discomfort CuesHead:• Lip pursing, disappearing lips, lip biting• Eye blocking – eyes that are closed for longer periods or physically covered by a hand• Deep inhales or exhalesHands:• Hand wringing• Hand massaging• Brushing one’s leg with the handFeet:• Feet which are interlocked under the table or chair• Feet which are pulled back tightly against the chair• Frozen feet

Comfort CuesHead:• Full-faced smile with eyebrows lifted• Nodding in agreement• Tilted head

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Hands:• Hands that are less concerned with their proximity to us• Hands which are moving with some rhythm• Their hands touching usFeet:• When legs are crossed, a foot that lifts with toes that are pointing up or leg extended and bouncing• Moving with rhythm• Feet that are less concerned with proximity to our feet

When we compliment, we should be sincere and we do not need to respond to a compliment with a compliment. A sincere “thank you” is sufficient. We should also avoid self deprecation when receiving a compliment, because, among other things, this suggests insecurity.

Mirroring WordsIn life, we naturally seek friends with whom we have strong commonalities. We do this because we feel comfort when we can relate to and understand each other. These same emotional drivers are at work in our prospective clients, when they are choosing us. We are all behaviourally self-centric. We instinctively use the words and gestures that we like and respond to others with whom we share these behaviours. Recall when you have met someone and they used a phase that is a regular part of your linguistic repertoire. You might have said something like "I say that all the time." Because of this, when we talk with our clients we should verbally mirror them. If we notice that they use the word “house”, instead of “home”, we should also use the word “house.” This contributes to rapport building.

If we can avoid lugging a large bag full of materials to meetings, we should. As Private Bankers, we should not be struggling to drag a collection of encyclopaedias into a meeting. Carry a leather envelope or leather attaché and the materials that will fit comfortably inside. If we are bringing more to the meeting, we should ask others to help carry the materials or send them ahead of time. This implies higher status and style.

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Hand Written Notes and LettersWhen was the last time you received a hand written letter from someone? Our email and text message society has left this very warm and important practice behind. Unlike an email, we can hold a hand written letter. This engages more of our senses and this is why we use heavier paper. We have a positive visceral response to the weightiness. 

Impact of hand written correspondence:• Shows a prospective client that we thought enough of them to sit down and write them• Conveys our appreciation through a warm and thoughtful medium• Gives our communication a better chance of being read

Stationery Ensemble short list:• Personalised J.P. Morgan Monarch letterhead (for hand written letters)• Personalised J.P. Morgan note cards

Tablecloth TrenchesWhen meeting for a meal, we should wait for our guests in the restaurant lobby or outside of the establishment. Apart from being the first person that they see as they walk up to the front door, this tells them that we are enthusiastic about seeing them and eager to begin the experience. Also remember:• The most important guest sits to our

right. This also puts us at an angle, so that we can observe.

• As the evening’s host, it is our job to lead. If we want to offer an appetizer, then we should suggest a few. We should also offer a couple of entrée recommendations that we know to be better meals or house specialties.

• The most appropriate time to discuss business is after the dinner plates have been removed.

• We should remember to pace ourselves and not to rush ahead of our guests or to lag behind them. Otherwise, they may feel like they have eaten either too fast or too slow and this will detract from the evening.

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• Remember the following mantra “elbows never, forearms some times and wrists always” (Casperson 56).

As J.P. Morgan Private Bankers, we are always mindful of the cost, and we should recommend potential meal choices that are delicious, but also delicately priced. Conversation Topics & Behaviours to Avoid:• Religion• Politics• Diet and Weight• Talking about your significant other, except in general terms• Talking about coworkers• Gossip• Criticism• Swear words• Jokes with ethnic undertones• Lengthy personal stories

Also avoid:• Finishing other’s sentences• Belching• Coughing without covering one’s mouth• Yawning

Addressing DissatisfactionGood wines tend to get better with age, problems, however, do not. They should be addressed with swift action. Problems are intrusions to our client’s very busy schedule and nothing intrusive is ever easy and is rarely welcomed. When an unhappy client calls us, it presents an opportunity for us to strengthen our relationship.

The University of Texas boasts one of the largest university endowments in America. Robert Holland served as the University’s CIO for more than 20 years and was responsible for more than 10 billion dollars in assets. After a meeting, one of our Private Bankers (who working as an institutional bond salesman then) gazed down at Mr. Holland’s phone and seeing each of the competitor firms on his speed dial, became curious.

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He asked Mr. Holland this question. “How do you choose who you’re going to call?” Mr. Holland paused, thought about his question and said that he called the person he “most wanted to have a problem with.” The Banker looked at him perplexed. Mr. Holland explained that he preferred those people who would be ethical and fair in how they solved problems. He went on to say that arguing over solutions takes time and the sooner the problem is solved, the better. When we handle problems with grace and poise and genuine concern, we will earn the respect of our clients and this will deepen our relationships. The Jamie StandardOur CEO, Jamie Dimon, has a practice of returning each communication that he receives in a day, that day. This is a critical non-verbal practice that each of us should emulate. A sense of urgency to follow up with our clients speaks loudly to our competency, personal organisation and interest in them. Each of our clients is vital to our business and having a strong sense of urgency in our communication, says more than we could ever say with words. ConclusionAs we continue to think of our business through the paradigmof our client’s interest and desires, we are strengthening ourcultural fibre. Our clients feel this when they walk into ourlobbies, meet us for dinner, pick up their phones to call us and when we thoughtfully discuss their balance sheet. We need to hold each other accountable to these standards. We can do this by practicing them daily, each of us. These behaviours are contagious and when we execute, others will see our results and will seek the same.

We are the Private Banking culture and our clients feel the power of our Firm through us.

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Bibliography

Birren, Faber. (1978). Color & Human Response. New York:John Wiley & Sons Inc.Casperson, Dana May. (1999). Power Etiquette, What You Don’t Know Can Kill Your Career. New York: AMA Publications.Cialdini, Robert. (2007) Influence, The Power of Persuasion. New York: Harper Collins.Ekman, Paul. (2003). Emotions Revealed. New York:Henry Holt & Company.Etcoff, Nancy. (2000). Survival of the Prettiest: The Science of Beauty. New York: Random House.Goleman, Daniel. (2010). Social Intelligence, The New Science of Human Relationships. New York: Random House.Goulston, Mark. (2010). Just Listen: Discover the Secret of Getting Through to Absolutely Anyone. New York: AMA Publications.Iacobini, Marco. (2009). Mirroring People. New York:Farrar, Straus & Giroux.Itten, Johannes. (2001). The Elements of Color. New York:John Wiley & Sons Inc.Lindstrom, Martin. (2008). Buy-ology: Truth & Lies AboutWhat We Buy. New York: Random House.Lisa Park, Florence, Italy. Personal photograph by author,p 6. 19 Sep. 2007.Malloy, John. (1988). New Dress for Success. New York: Warner Books.Morris, Desmond. (2002). People Watching: The Guide toBody Language. New York: Random House.Navarro, Joe. (2010). Louder Than Words. New York: Harper Collins.Navarro, Joe. (2008). What Every Body is Saying. New York:Harper Collins.

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About the Author:

Adrian Park is a Vice President and Investor in the Chicago Private Banking business. He received his BA from North Central University and he has been with J.P. Morgan for just under nine years, serving wealthy clients for six years. Adrian has been researching social intelligence, human nonverbal behaviour and neuroscience for the last decade and has implemented many of the these principles into his practice. Adrian considers it a privilege to advise wealthy families.

He is a husband and a father of two children. He enjoys running, biking, music, great conversation and particularly enjoys reading.

He has two maxims that have continuously served as a guide. One comes from Ralph Waldo Emerson who said, "every person is my superior in some way. In that I learn of them." Another comes from Leonardo da Vinci who said, "the noblest pleasure is the joy of understanding."

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