J.P. Morgan Retirement Plan Services is hoping to strengthen its relationships with advisors, so the firm is shuffling its sales force to reach advisors geographically, instead of by market segments based on 401(k) plan AUMs.
Previously, JP Morgan retirement sales reps were assigned to either mid- or large-market segments, referring to plans with up to $100 million and $500 million in investable assets.
“A sales person serving an advisor in a given territory will now have a consistent relationship with that advisor regardless of what market segment, or size of plan, they are serving,” a company spokesperson said in an email.
The reorganization complements the focus of the company’s Defined Contribution Investment Solutions, which offers a suite of tools, expertise and investment solutions to retirement plan advisors, according to a statement from JP Morgan.
“We are growing our retirement business aggressively—our sales team has doubled in size over the last 18 months and we have made a number of strategic hires across the organization to enhance our business model in the mid- and large market,” David Musto, CEO of J.P. Morgan Retirement Plan Services said in a statement.
Donna Mitchell writes for Financial Planning.