JPMorgan snags $600M Washington, DC advisor from Bernstein

JPMorgan is extending its reach in the Northwest with its latest advisor addition.

The firm announced Monday that JPMorgan Wealth Management has hired Michael Lopes in Washington DC. As managing director and wealth partner, Lopes will focus on helping individuals and families manage and protect their financial assets, with a particular emphasis on serving entrepreneurs and business owners.

Lopes brings substantial experience to his new role, having previously managed over $600 million in client assets at Bernstein Private Wealth Management. He joined the firm as vice president in 2014 before transitioning to the role of principal in 2022, according to his LinkedIn profile.

Prior to Bernstein, he held various sales and marketing roles at RR Donnelley and Bowne, with a focus on capital markets and compliance financial communications.

At JPMorgan, Lopes will report directly to market leader Kim Bonanni. He'll also be under the purview of Rick Penafiel, regional director for the Northeast, who oversees operations in key markets, including Washington DC, Philadelphia, Boston, and several cities across New Jersey and New York.

In addition to Lopes, JPMorgan also welcomed Braxton Ransaw as a client service associate.

America's largest bank caught headlines in April this year with its history-making addition of a $28 billion Merrill Lynch advisor group, the Gray-Polverini team, in Los Angeles.

Outside of that, the hiring pipeline at the Wall Street powerhouse headed by Jamie Dimon hasn't been as positive this year as some of its competitors, with a number of rainmakers choosing to depart its stable and join rivals including Citizens, Merrill, and Rockefeller, as well as Cresset and Wells Fargo.

The bank isn't just sitting idly, though, as it's unfurled a number of initiatives to revitalize its wealth business. In March, it announced the rollout of a new planning tool to tens of millions of its Chase retail clients, and its still-blooming tax business has reportedly reeled in more than $15 billion in assets from wealthy clients looking to lower the IRS's take from their portfolios through the use of separately managed accounts.