JP Morgan Targets 1,300 New Financial Advisors 2022
JP Morgan plans to add 1,300 new financial advisors by 2025 as part of plans to reach $1tn in client assets run by its wealth management business, the bank told investors earlier this week.
Jennifer Piepszak, co-CEO of the firm’s consumer and community banking division, revealed the firm’s hiring plans at its investor day on Monday.
The hires would come in the firm’s consumer and community banking division, which houses two advice units, JP Morgan Advisors and Chase Wealth Management.
The extra headcount, first reported by Bloomberg, would take the number of financial advisors in those divisions from 4,700 to 6,000.
Since 2017, those two divisions have recruited 1,100 advisors, which JPM told investors could lead to an extra $130bn of assets under management over time.
A lot may wonder what type of seniority comes with these advisors, whether senior or executive. If Executive, we always tend to see what JP Morgan executive director salary would be. Some say they may be on the higher side.
JPM also signaled that it would look to boost the number of advisors that work in its private bank, which is part of its Asset & Wealth Management division.
The group said it had set aside $11.9bn this year – $1.1bn more than last year – for that division, which would cover costs for hiring, launching new funds, building alternative investment strategies, investing in technology and executing M&A.
According to the group’s latest earnings report from March 31, it employed 2,798 client advisors in the private bank, a growing number of which focus on international clients.
During the investor day on Monday, JPM said that in 2021 it had hired twice as many advisors for the division as it had between 2016 and 2020, although did not disclose exact numbers.
Of all the advisors added to the private bank over the past five years, roughly 30% have been focused on advising international clients, the investor day presentation showed.
A spokesperson for the firm did not provide more details on its recruitment plans for the private bank.
Earlier this year, JPM’s CEO for Latin America and Canada told Bloomberg that the bank planned to hire more than 500 people in Latin America to boost its footprint in the region over the next three years. The bulk of additions – about 450 – would be based in JPM’s Buenos Aires, Argentina hub.