Even without including the incoming brokers from its acquisition of First Republic Bank this spring, JPMorgan Chase's financial advisor headcount increased slightly in the second quarter.
The number of advisors working for JPMorgan Wealth Management and the firm's Global Private Bank unit increased by a net gain of 53 brokers from the first quarter, rising to a total of 8,367, according to the firm's July 14 earnings report. That figure does not include the advisors who joined as part of JPMorgan's May takeover of First Republic. Representatives for the firm declined to say how many former First Republic advisors remain on staff.
First Republic's website still lists 200 employees as either "wealth managers" or "wealth advisors." At the time of acquisition, the site had shown 236 employees in its Private Wealth Management division, including 219 who held the job title of wealth manager and 17 who were wealth advisors.
JPMorgan has been trying to persuade them to stay. Despite those attempts, the bank has watched some advisory teams leave for large Wall Street rivals like UBS Group as well as smaller firms.
Regardless of the headcount for former First Republic advisors, the acquisition of the regional bank added $150.9 billion in client investment assets in JPMorgan's wealth management division. That helped boost the total to nearly $2.86 trillion.
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To see the main takeaways from JPMorgan Chase's second-quarter earnings, scroll down the slideshow. For coverage of the firm's first-quarter earnings, click here. For analysis of the wealth arms' results for the fourth quarter, click here.
Note: The firm doesn't break out certain wealth management numbers for its entire organization, which includes the Global Private Bank in its Asset and Wealth Management division and J.P. Morgan Wealth Management, which is part of the Banking and Wealth Management unit.
