According to Statista, the wealth management industry is due for rapid growth. Assets under management are on track to reach over $87 billion by 2028, which will only increase the demand for qualified wealth managers. This talent has to come from somewhere, though, which is why experienced professionals like Justin Nelson are taking an active role in mentoring the next generation of financial experts.
As the managing director and head of the asset management and financial principals coverage team for J.P. Morgan Private Bank, Nelson oversees a group of 20 employees who advise some of the most influential people in finance. With $15 billion in assets under management, Nelson’s team is under pressure to deliver white-glove service to discerning clientele.
Nelson excels in his career, but his atypical educational background didn’t make him a shoo-in for finance right out of college. He shares how this experience opened his eyes to the value of wealth managers with diverse experiences and how mentoring the next generation is the key to success.
From Premed to Finance: Justin Nelson’s Unique Journey
Justin Nelson initially planned to be a premed student at Tufts University but soon realized medicine wasn’t for him. “It took me a while to figure out that I don’t like blood, and I didn’t want to do that, but I knew I liked finance,” he says.
At the time, Tufts was still a relatively small school, where half of the graduates went on to graduate school. Nelson felt stuck leading up to graduation and wasn’t sure what to do after earning a Bachelor of Science in chemistry and economics.
Fortunately, his college pals paved the way for his career in finance. “I had a bunch of friends who were going into finance, and they helped me think through the process, like how to get a job, how to get an internship. I got an internship at J.P. Morgan. I’ve been there for my whole career,” he explains.
Bringing up the Next Generation of Financial Experts
After establishing his career at J.P. Morgan, Justin Nelson felt the urge to give back. He wanted future Tuft graduates to have a clearer path forward and more opportunities in the finance field. “I wanted to figure out: What can I do to change that on campus? Who’s there to give people advice? Whose people help them make connections, get a job?” he says.
Nelson knew J.P. Morgan could mobilize its resources to revitalize opportunities at Tufts, but it wasn’t an easy sell. “This is not a school that J.P. Morgan would typically recruit at, so I think I had to push a little harder internally to be able to do that,” he explains. However, Tufts soon realized it needed more finance grads and built a recruiting center to partner with engaged alums.
That was all Justin Nelson needed to jump in headfirst. He partnered with the recruiting center to do all he could for aspiring finance professionals. “There’s a finance initiative on campus, part of that where we created a finance minor, which is a big deal. There are several clubs on campus that have direct recruiting opportunities for students. There’s a finance person in the career center there, so it’s changed so much,” he notes.
This involvement with his alma mater gives Nelson more opportunities to understand young graduates’ needs, making him a more effective hiring manager. “When I’m out looking to hire people, I actually couldn’t care less what your major is. I’m just looking for the right people,” he explains.
However, his involvement with Tufts is more than recruiting reconnaissance. Justin Nelson finds the experience motivating. “I get a lot out of it, because I feel like that was always something that I was missing or there were a couple of people, other students who help me out. People just need some help to get on the right path to do what they want to do, and it’s amazing how much it changed over 25 years,” he says.
Today, as many as 100 Tufts graduates go into finance every year. Justin Nelson acknowledges this process was decades in the making, but through collaborative efforts with Tufts and other alums, the school is well equipped to educate tomorrow’s wealth managers. “I loved being involved there and being a part of it, and the school has been great and supportive,” he says. As the financial industry continues to evolve, experienced wealth managers’ dedication to fostering talent and guiding young professionals ensures that the next generation is well equipped to shape the future of finance.