JPMorgan Chase is reportedly planning to hire over 500 financial advisers in the next five to seven years as part of its strategy to strengthen wealth management services.
The move would double the number of brokers at JP Morgan Advisors’, boutique wealth management arm of the bank.
The firm currently employees 450 brokers, Reuters reported.
JP Morgan Advisors CEO Phil Sieg told the news agency: “We are investing in this business. We want to grow to 1,000 advisers relatively quickly.”
Part of the bank’s US wealth management division, JP Morgan Advisors comprises Chase’s investing platform and its around 4,000 financial advisers who work at bank branches.
As of June, JP Morgan’s wealth management division oversaw $673bn in client assets.
The firm is said to have made a number of appointments to put its plan into reality.
It has hired Mollie Colavita from Merrill Lynch to head practice management and Jessica Douieb from Goldman Sachs as head of wealth partners.
The firm also named Kevin Hale as new head of marketing for JPMorgan Advisors & Chase Wealth Management.
Access to cryptocurrency funds
JPMorgan has given its wealth-management clients access to cryptocurrency funds, Business Insider reported citing sources familiar with the development.
Earlier this week, the bank instructed its advisers in a memo that they can now take orders to buy and sell five cryptocurrency products, effective July 19.
This includes four products offered by Grayscale Investments and one by Osprey Funds.
According to a source, the move applies to all clients of the bank looking for investment advice, including clients of Chase trading app, JPMorgan Advisors, as well as the ultra-high-net-work (UHNW) clients served by its private bank.
Spokespersons for both Grayscale and Osprey Funds confirmed to the publication that their funds are currently offered to JPMorgan customers.