In a bid to grab a bigger share of the wealth management marketplace, JPMorgan Chase is creating a new field structure for its bank-based financial advisors.
The firm’s Chase Wealth Management will be comprised of three divisions and 18 regions, according to a memo sent to employees this week by the unit’s CEO, Eric Tepper. It was previously part of the consumer bank.
The restructuring follows changes to its upper leadership late last year and new plans to grow its wealth management business which has approximately 5,200 financial advisors in total.
In January, JPMorgan executives outlined to shareholders how they intended to gain a greater share of the wealth management marketplace, emphasizing a hiring spree, new leadership, big digital investments and possibly acquisitions. Executives said they saw an opportunity to land more high-net-worth clients, particularly those who already have a banking relationship with JPMorgan.
Approximately half of the estimated 22 million high-net-worth individuals with $1 million to $10 million are already banking with JPMorgan Chase,
Late last year, the firm
In January,