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JPMorgan to Hire 550 Brokers, More Than Doubling Its Current Base

News July 26, 2021 at 03:17 PM
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JPMorgan Chase & Co. is making investments to expand its wealth management business and enhance the client experience it offers that will include a more than doubling of its top broker base to 1,000 from 450.

J.P. Morgan Wealth Management CEO Kristin Lemkau and J.P. Morgan Advisors CEO Phil Sieg provided the details to advisors in New York City on Thursday.

The growth at J.P. Morgan Advisors, the firm's boutique wealth management business that is a division of U.S. Wealth Management, will happen over the next five to seven years, Reuters reported late last week.

The plan is for each team of advisors to have a dedicated concierge to help find solutions within JPMorgan Chase & Co.'s global platform, enabling advisors to spend more time offering clients first-class services and products customized to their needs.

J.P. Morgan Advisors will take advantage of JPMorgan Chase & Co.'s global reach and platform, while using J.P. Morgan Advisors' experience serving high-net-worth and ultra-high-net-worth clients to help JPMorgan Chase clients who have built a relationship with branch-based advisors.

The company will also add more products to help advisors as part of a plan that includes growing hedging, monetization and 10b5-1 solutions, insurance and the addition of a team specializing in endowments and foundations. It is also building family office capabilities around family dynamics, legacy and generational wealth transfer.

The firm recently made three new leadership appointments: Jessica Douieb from Goldman Sachs as the new head of wealth partners; Mollie Colavita from Merrill Lynch, who is replacing Sieg as head of practice management; and, in an internal promotion, Kevin Hale as the new head of marketing for J.P. Morgan Advisors and Chase Wealth Management.

Sieg was recently selected to become the new CEO of J.P. Morgan Advisors, according to an internal memo from Lemkau that the firm shared with ThinkAdvisor in April.

 (Photo: Shutterstock)

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