JP Morgan Financial Advisor Target For 2023
JP Morgan Financial Advisor Target for 2023 is aimed to hire 1,300 additional financial advisors by 2025, with the goal of reaching $1 trillion in client assets managed by its wealth management business, the bank informed investors earlier this week.
Jennifer Piepszak, co-CEO of JP Morgan’s consumer and community banking division, announced the hiring plans during the firm’s investor day on Monday. The new advisors will be part of the consumer and community banking division, which includes two advice units: JP Morgan Advisors and Chase Wealth Management.
As reported by Bloomberg, the increase in personnel will bring the total number of financial advisors in those divisions to 6,000, up from the current 4,700.
Since 2017, the two divisions have added 1,100 advisors, which the bank said could result in an additional $130 billion of assets under management over time. Questions about the seniority of these advisors, whether senior or executive, have arisen, with some speculating that they may be on the higher side.
JP Morgan also indicated its intention to expand the number of advisors in its private bank, part of the Asset & Wealth Management division. The bank has allocated $11.9 billion for the division this year, an increase of $1.1 billion from the previous year. This funding will cover hiring costs, launching new funds, developing alternative investment strategies, investing in technology, and executing mergers and acquisitions.
As of March 31, the group’s latest earnings report stated that the private bank employed 2,798 client advisors, an increasing number of whom are focusing on international clients. During the investor day, JP Morgan revealed that it had hired twice as many advisors for the division in 2021 as it had between 2016 and 2020, though it did not provide exact figures.
The investor day presentation showed that approximately 30% of all advisors added to the private bank over the past five years have been dedicated to advising international clients. A spokesperson for the firm declined to give further details on its recruitment plans for the private bank.
Earlier this year, JP Morgan’s CEO for Latin America and Canada informed Bloomberg that the bank planned to hire over 500 people in Latin America to expand its presence in the region over the next three years. The majority of these new hires, around 450, will be based in JP Morgan’s Buenos Aires, Argentina hub.
These expansion plans demonstrate JP Morgan’s commitment to growing its wealth management business and catering to the diverse needs of its clients, both domestically and internationally. The bank’s investment in hiring additional financial advisors and expanding its global reach will help it stay competitive in the wealth management sector and provide better service to its growing client base.
Furthermore, the bank is looking to strengthen its presence in Latin America, with plans to hire over 500 people in the region over the next three years. Around 450 of these new hires will be based in JP Morgan’s Buenos Aires, Argentina hub. Are you interested in exploring a position with JP Morgan? Well sign up and we may have an insight on how!
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JP Morgan Financial Advisor Salary
Here’s a table with approximate salary ranges for financial advisors at JP Morgan, based on their level of experience:
|Experience Level||Approximate Annual Salary (USD)|
|Entry-Level Financial Advisor||$50,000 – $60,000|
|Mid-Level Financial Advisor||$60,000 – $100,000|
|Senior Financial Advisor||$100,000 – $200,000|
|Executive Financial Advisor||$200,000 – $350,000|
Please note that these figures are approximate and may vary depending on location, performance, and other factors. Additionally, these numbers might have changed since my last update in September 2021.