Further beefing up its wealth management business, J.P. Morgan at the start of the month made public its plans for a new group of financial advisers whom clients can work with remotely via video, chat or other electronic channels.
The new registered investment adviser unit, J.P. Morgan Personal Advisors, operates under the roof of J.P. Morgan Wealth Management and will launch broadly next year. It's not yet clear how many financial advisers will be working at the new remote business, but the company had said in March it planned to hire more than 100 advisers in the Phoenix area by next year.
J.P. Morgan's remote financial adviser business is opening in an era when clients and advisers have adjusted to remote meetings as a result of the Covid-19 pandemic.
According to the Form ADV filed with the Securities and Exchange Commission on Nov. 1, clients need to have a minimum of $25,000 to invest and an account minimum of $10,000. The investments include multiasset portfolios that use mutual funds and exchange-traded funds based on a client’s investment profile.
The company hasn't yet announced its fees for the new program, which is in its pilot stage. J.P. Morgan had hired Boaz Lahovitsky from Vanguard in 2020 to oversee the new program.
A spokesperson noted that J.P. Morgan Wealth Management’s platform included 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.
Industry publication Financial Advisor IQ reported the launch of J.P. Morgan Personal Advisors earlier this month.
Insiders say the Wall Street giant is looking to let clients count certain crypto holdings as collateral or, in some cases, assets in their overall net worth.
The two wealth tech firms are bolstering their leadership as they take differing paths towards growth and improved advisor services.
“We think this happened because of Anderson’s age and that he was possibly leaving,” said the advisor’s attorney.
The newly appointed leader will be responsible for overseeing fiduciary governance, regulatory compliance, and risk management at Cetera's trust services company.
Certain foreign banking agreements could force borrowers to absorb Section 899's potential impact, putting some lending relationships at risk.
How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave
From direct lending to asset-based finance to commercial real estate debt.
