NEW YORK, July 22 (Reuters) – JPMorgan Chase executives stated on Thursday they plan to employ far more than 500 fiscal advisers in the subsequent five to 7 decades, as the largest U.S. financial institution aggressively expands its wealth administration solutions for the incredibly rich.
That prepare would far more than double the 450 brokers now operating for J.P. Morgan Advisors, the bank’s boutique prosperity management agency.
“We are investing in this company,” Phil Sieg, chief executive officer of J.P. Morgan Advisors, explained to Reuters. “We want to increase to 1,000 advisers fairly immediately.”
J.P. Morgan Advisors would however be a small firm. Morgan Stanley Wealth Administration has all around 15,000 advisers. But rising JPMorgan’s prosperity offerings has been a best priority of JPMorgan Main Executive Jamie Dimon.
Dimon briefly led the retail brokerage Smith Barney in the mid-1990s, and has reported his favourite element of the job was overseeing its major 1,000 advisers. Sieg’s purpose of finding to 1,000 advisers in his division is a nod to Dimon’s record.
J.P. Morgan Advisors sits in the bank’s U.S. prosperity management division, which is led by Kristin Lemkau and includes Chase’s self-directed investing system and its approximately 4,000 financial advisers who perform at lender branches.
As of June 30, the wealth administration division had $673 billion in shopper belongings below supervision.
As section of the system, the bank hired Mollie Colavita from rival brokerage Merrill Lynch to lead follow management and Jessica Douieb from Goldman Sachs as head of wealth companions. Kevin Hale was named the new head of advertising and marketing for JPMorgan Advisors & Chase Prosperity Administration. (Reporting by Elizabeth Dilts Marshall Enhancing by Cynthia Osterman)