JP Morgan looks like it is about to push further into wealth management. JP Morgan has always had a solid wealth management practice, but one much smaller than wirehouses or other large broker-dealers. However, the firm has now announced that it is planning to grow headcount in the area by nearly 20%, adding over 1,000 new advisors. According to CEO Jamie Dimon, “We are expanding our footprint to capture more of the opportunity across the U.S. wealth management spectrum — from mass affluent ($500,000 to $3 million) to high-net-worth ($3 million to $10 million) to ultra-high-net-worth ($10 million or greater)”.
FINSUM: Wealth management is a very good business if you can get assets, and it seems like JP Morgan is waking up to the fact that it has a better opportunity in the area than it formerly realized.