JP Morgan Wealth Management has announced plans to hire 300 Black and Latinx advisers by 2025, as part of its move to serve more Black and Latinx clients and ramp up diverse adviser hiring.
This strategy, which builds on the firm’s $30bn commitment to advance racial equality, will consist of partnerships with Historically Black Colleges and Universities (HBCUs), and initiatives to encourage internal mobility.
Additionally, it will include the roll out of resources to diverse employees to assist them in the development of their career.
JP Morgan US Wealth Management CEO Kristin Lemkau said: “We want to drive a step change in the representation of financial advisers at JP Morgan. We have made progress in recent years, and hiring 300 Black and Latinx advisers will accelerate that progress materially.
“Becoming a financial adviser is a great career – they help clients build their wealth, they have strong financial upside and it offers great career flexibility. We hope more people will choose to become advisers and choose to work here.”
The aim is to add 185 full time positions, specifically for this programme, by 2025.
As part of the initiative, JP Morgan plans to tie-up with HBCUs to offer resources and information to students related to careers in wealth management as well as training, scholarships, and licences.
Adviser Development Programme
JP Morgan’s Advisor Development Programme is serving nearly 270 candidates. This 24 to 36 month training provides investments knowledge, mentorship and coaching needed for the participants to become a successful financial adviser.
Almost 80% of the participants are said to be women or minorities.
JP Morgan Wealth Management head of Diverse Advisor Experience Christopher Thompson said: “It is not enough bringing a diverse workforce through the door, you need to have a whole support team that makes them feel like they belong and can build a career.”
“A lack of networking and mentorship opportunities reduces the chances of making real progress regarding diverse talent,” noted Thompson.
Inclusive Investing Team
JP Morgan US Wealth Management has formed an inclusive Investing team with the aim of better serving the needs of women, Black and Latinx investors as well as other under-represented groups.
This team is in charge of research and development of experiences, tools and investment products that caters to the needs of diverse clients.
Inclusive Investing general manager Jeanne Sun commented: “There is a huge segment of the population that is not participating in investing. The entire industry has not been able to earn the trust, understand the needs and provide the right solutions for women and people of colour.
“The data is staggering and we need not only to set goals but also measurable objectives to tackle this issue and help close the wealth gap.”