The neat and tidy stories in the media about JP Morgan Chase absorbing First Republic Bank suggest that the 150 FRB brokers will and should embrace their new employer, no questions asked.
“We believe our brand, the investment platform, banking capabilities, and research can make us the firm of choice for many of these advisors,” Jeremy Barnum, JP Morgan’s chief financial officer, told InvestmentNews.
But that probably isn’t going to happen, and nor should it.
Being an advisor today means you have options. If those brokers really wanted to move to JP Morgan, they could have jumped weeks (or months) ago. In fact, some of them left JP Morgan Chase months or years earlier on their own accord to join the new model First Republic was building – here’s an interesting take on the FRB legacy.
Now these brokers have real opportunities to identify the right fit. That may mean going to the highest bidder, or embracing some other attractive factor.
In spite of the hyperbole, Barnum knows he has a challenge. In a story in AdvisorHub he shockingly said that “…we do know that the (FRB) advisors have choices and that they’re very good.”
So good, in fact, that they should “take their time,” according to Chris Stacey, the COO of 3xEquity, the industry leader in facilitating career transitions within the wealth management space.
“At a minimum, they should take some time now and explore options outside of JP Morgan,” Stacey said. “Their clients will understand, as these are extraordinary circumstances. What these brokers will find is that great opportunities are waiting.”
“Advisors have more freedom than ever to embrace self-determination and do what is best, not only for their clients but for themselves,” said Stacey.
Advisors curious to explore other options are encouraged to secure multiple offers now by clicking here or completing the form below. The opportunity to continue with JP Morgan will always be there, but wrestling back control of your career is a worthwhile (and potentially very lucrative) path to take right now.