As it ramps up its remote and call center adviser business, J.P. Morgan Securities is looking to staff the business with 300 financial advisers by the end of the year.
The new unit, J.P. Morgan Personal Advisors, launched last year.
A firm spokesperson said that not all of the 300 financial advisers will be under the umbrella of J.P. Morgan Personal Advisors. Some had previously been hired for a legacy program.
Meanwhile, an annual asset-based fee of 0.40% to 0.60% will be charged on accounts opened on or after next Monday, according to the updated Form ADV the firm filed Wednesday. Clients with less than $250,000 invested are generally assigned to a team of advisers, while clients with $250,000 or more invested can choose to work with a dedicated adviser.
In 2020, J.P. Morgan hired Boaz Lahovitsky from Vanguard to oversee the call center and video conferencing program.
"Starting this year, J.P. Morgan clients will be able to receive high quality financial advice and planning via video and other digital channels from fully-licensed advisors, and as many times as they need to build a plan and stick to their goals,” Lahovitsky said in email.
"We take a video-first approach, but clients who prefer to engage via other digital channels or the phone can do so," he added.
J.P. Morgan Wealth Management’s platform includes full service, with advisers in offices and branches, online investing, J.P. Morgan Self-Directed Investing and J.P. Morgan Automated Investing, and now remote advice with J.P. Morgan Personal Advisors.
Also, Orion has added BlackRock, Fidelity, and Vanguard to its custom portfolios suite, and RedBlack has set up a new headquarters after crossing a trillion-dollar milestone.
Also, New York-based Legacy Edge Advisors names its first-ever CEO, while Novare Capital Management hires a Vanguard veteran with a multigenerational planning focus.
Asset managers are racing to bring private market products to retirement plans, but cost and liquidity concerns linger.
Treasury's latest tax-exemption crackdown on private schools lands in the wake of a separate push to restrict refundable credits for some immigrant filers.
Workforce trust measures predicted which companies came out ahead during COVID-19. The same dynamic may now be playing out across the AI transition — and the data suggests the spread could be just as wide.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
