Sumary of JPMorgan is planning to double the size of its financial advisor force to go head-to-head with wealth giants like Merrill Lynch and Morgan Stanley:
- JPMorgan is setting out to double the size of its financial advisor force catering to rich clients.
- The 450-advisor unit sits within the wider wealth management arm, run by Kristin Lemkau.
- The bank is the largest in the US, but its wealth business has looked to catch up to bigger rivals.
- JPMorgan is setting out to double the size of its financial advisor force catering to high-net-worth clients, executives said on Thursday, underlining the bank’s quest to catch up to larger wealth management firms it has trailed in size.
- The bank is planning to hire around 500 financial advisors to work in its JPMorgan Advisors business, which sits within JPMorgan’s wider US wealth management business run by Chief Executive Kristin Lemkau.
- “The belief is that 1,000 is the right balance between getting the strength in numbers to have a more consistent reinvestment in the business, but still keep what’s a boutique, consistently exceptional client experience,” Lemkau said during a media roundtable Thursday.
- “While the bank is the largest in the US, its wealth management business that serves clients who are not ultra-wealthy is smaller than its largest rivals, like Bank of America’s Merrill Lynch Wealth Management and Morgan Stanley Wealth Management.
- JPMorgan Wealth Management, which also encompasses the bank’s digital wealth products that a client can use without a financial advisor, oversees some $673 billion as of June.