Chase/JP Morgan Securities

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Sep 3, 2014 6:09 pm

I started with Chase Investments over 5 years ago, and they later changed names to JP Morgan Securities.  They gave me 5 branches and an AUM of 9 million to get me started.  Over the years I built up branches investment programs for them and they would hire new FA's and take them from me.  I hated it but the scale was usually small enough that I just rolled with it.  After 5 years and building a book of business up to 52 Million our new Market Director visits me at my main branch, the only branch I have kept for the entire 5 years and where 60% of my book is; and says he has hired a new FA and wants me to move to another territory adding about 20 Minutes to my commute each way.  The kicker, he wants me to give up most of my book to the new hire, a quality book generating awesome trail revenue with a lot of customers that have become friends, and go take over the area of a failing FA they fired a couple of months before.  I was the number 4 advisor in a region of 16 in total production and number 2 in terms of rate of growth.   When asked why he was doing this he said that he thinks I would be a better fit in the new area and he had hired someone from outside and promised him mine.  Then new hire would be crowned a Chase Private Client advisor and given the best office in the branch a long with all new furniture and equipment and my book of business I built for him.  I tried many times to press for specifics on what it takes to be Chase Private Client Advisor and ultimately learned it is simply up to the Market Directer.  I felt like a pawn on his Chess Board and had to leave.  I know it is still going on to other good FA's in my old region still. 


Any other Ex or Current Chase FA's out there experiencing this.

Sep 8, 2014 11:37 am

elcartman1 - im sorry, but you got worked.. your manager is in a position where youve made him look really good and are making him a lot of money. a few questions -

1). what is your trailing 12mo revenue?
2). what is your total assets under care? what percent is advisory?
3). do you have any type of a non-solicit or non-compete?
4). if you moved like they want you to, what will they provide you in terms of a guarantee?
5). can you take some of your client / friends with you?

Sep 26, 2014 12:53 am

I already left. My T12 was 362 when I left. About 50% of my book was fee based. With trails and fee revenue I was doing almost 25K a month recurring before any new business. What I found so heinous is that I had built the kind of book a long term committed FA should, a stable solid practice growing about 20% or more each year. I was on track to do over 400k for 2014. I learned he did the same thing to another colleague with numbers just a little behind mine recently. He told him he is just collecting recurring revenue and not bringing in enough new clients fast enough lately. So he takes his best branches and cuts his book that he built over the past 5 years to the bone to give to lure in new FA from a competitor. At least in my case it was a aum swap, my colleague just had a bunch of clients taken. In my case when I asked about a guarantee of stability going forward he responded and I quote "We have to do what is in the best interest of the firm."(Clearly meaning his best interest) You see Chase Market Directors are being bonused on net new money; what easier way to bump that in the short term then bring in new FAs with existing clients to add to his region. Assuming the existing FA wouldn't leave.
With that I began my transition search and resigned a few months later.

Sep 26, 2014 12:53 am

I already left. My T12 was 362 when I left. About 50% of my book was fee based. With trails and fee revenue I was doing almost 25K a month recurring before any new business. What I found so heinous is that I had built the kind of book a long term committed FA should, a stable solid practice growing about 20% or more each year. I was on track to do over 400k for 2014. I learned he did the same thing to another colleague with numbers just a little behind mine recently. He told him he is just collecting recurring revenue and not bringing in enough new clients fast enough lately. So he takes his best branches and cuts his book that he built over the past 5 years to the bone to give to lure in new FA from a competitor. At least in my case it was a aum swap, my colleague just had a bunch of clients taken. In my case when I asked about a guarantee of stability going forward he responded and I quote "We have to do what is in the best interest of the firm."(Clearly meaning his best interest) You see Chase Market Directors are being bonused on net new money; what easier way to bump that in the short term then bring in new FAs with existing clients to add to his region. Assuming the existing FA wouldn't leave.
With that I began my transition search and resigned a few months later.

Oct 7, 2014 7:19 pm

good for you man... hang in there, find the right fit (OWN your BOOK), and tear it up by reclaiming all of the people you enjoyed working with.

Nov 8, 2014 7:34 pm

What exactly is the difference between a branch FA through "Chase Wealth Management" and a "Private Client Advisor"? It seems like both work in bank branches? Is one a much better gig than the other?? Thanks.

Feb 24, 2015 7:52 pm

Private Client Advisor handles larger more complex relationship, usually starts at $250k or above in investable assets. Chase Wealth Mgmt is anything below the $250k threshold.

Mar 3, 2015 4:23 pm

I had to relocate from a large city with Chase to a small community in another state. So I was the one that "stole" someone like yours book. Coming from around 580 in rev to a small area, I had more leverage and they moved the person that was there. Good and bad of it, was that it gave me the opportunity to really look at what I was doing and who for. I decided to leave the bank channel two years after my move and go indy. I would strongly suggest you look at a broker dealer that will take you on. I know the pay out you were getting and trust me, with half of the revenue and about a fourth of the actual clients you would be bringing home more and you would own you book! Good luck!

Apr 10, 2015 9:23 am

I just left Chase Wealth Management. Had T12 of 280k and $42 million AUM... I left out of the feeling that the same thing was going to happen to me. My market director is on the hot seat and behind pace on net new money. I am contemplating my next move and going to contact my clients shortly. Any tips on what to say to them since I dont have a new gig lined up? I believe I might look at a couple bank channels but my hope is to go somewhere where I truly own my book