JPMorgan Wealth Management is hiring financial advisors across its business and is launching today a digital ad campaign to get the word out.
The FA hires will be for JPMorgan Advisors, branch-based advisors and for the yet to be launched remote personal advisors, according to the firm.
JPMorgan Wealth Management says it is hiring across all experience levels — from new advisors it will train to veteran advisors who may want to switch firms. The unit declines to say how many advisors it hopes to hire in total in this round of recruitment. It had 4,725 advisors as of the end of December, according to JPMorgan’s fourth quarter earnings report.
The job ads will appear on LinkedIn, job search websites and other targeted websites, according to JPMorgan.
In July, JPMorgan Advisors chief executive officer Phil Sieg said the unit plans to hire more than 500 FAs in the next five to seven years in line with its goal of expanding its wealth management business.
JPMorgan Advisors, the bank’s broker-dealer business that caters to high-net-worth and ultra-HNW clients, had roughly 450 advisors across 21 offices as of July.
At the time, Sieg said JPMorgan Advisors would be able to lure advisor prospects because of its strong reputation, boutique brand and ability to refer clients to advisors from other parts of the company. Part of the plan at the time was to use incentives for referrals from the investment banking and consumer banking side of the business.
JPMorgan Personal Advisors
JPMorgan Personal Advisors, expected to be launched this year, is a remote financial advice channel with a significantly lower minimum eligibility requirement than its traditional wealth management channel, according to the firm.
It will give clients access to a remote pool of financial advisors for an annual asset-based fee, according to an ADV filing in November. Advisors will assist clients remotely over video calls, phones and other digital channels.
The program will generally require a minimum of $25,000, which can be put in multiple accounts with as little $10,000. JPMorgan Wealth Management generally works with clients investing at least $50,000, the information on the filing shows.
The remote FA channel's client accounts will invest in mutual funds and exchange-traded funds, according to the filing.
JPMorgan Wealth Management notes that it announced last year plans to hire 300 Black and Latino advisors by 2025.
The unit’s advisor diversity strategy includes partnerships with historically black colleges and universities, initiatives to promote internal mobility and resources to help diverse employees advance in their career.
It partners with various HBCUs to offer students resources and information about wealth management careers as well as scholarships, training and the opportunities to gain licenses. This initiative is expected to create 185 full-time positions specifically for the firm’s Advisor Development Program by 2025.
The Advisor Development Program is a two- to three-year training program that started slightly more than three years ago. It provides participants with the investment knowledge, mentorship and coaching needed to develop their careers as advisors, according to the firm.
What’s On Offer
According to JPMorgan Wealth Management, advisor hires will have access to:
- Growth opportunities: “A place to define your career, whether you’re new to finance, recently licensed or have a long history of investment success. We help advisors cultivate their skills, grow client relationships and direct their careers the way they want to, backed by JPMorgan Chase.”
- Strong culture: “A culture that embraces support, inclusion and character. We’re taking active measures to diversify our talent and create an inclusive environment throughout the organization.”
- Impact: “We truly prioritize the financial health and success of clients above. Our employees are passionate about serving clients and helping them reach their financial (and often as a result, their personal) goals.”
- Innovation: “This is an opportunity to shape how JPMorgan continues to invest in its wealth management business.”
- Development: “We’re making a long-term investment in our advisors. We offer development programs and access to leadership to help set our advisors up for success.”
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