September 22, 2021
J.P. Morgan Wealth Administration has pulled a 37-year dealer in New York Metropolis from rival Wells Fargo Advisors into its cadre of conventional brokers because the agency tries to stoke its recruiting fires.
Raymond J. Hayes, a solo producer who had been managing “over $300 million” in consumer belongings, together with consumer affiliate Russell Moran, joined the J.P. Morgan Advisors unit on Wednesday, a J.P. Morgan spokeswoman confirmed. She declined to touch upon Hayes’ manufacturing.
Hayes had been producing $1.5 million in annual income from $325 million in belongings on the time of his 2010 transfer to Wells from RBC Capital Markets, in accordance with a Reuters report on the prior transfer. He couldn’t instantly be reached for touch upon the transfer to J.P. Morgan.
He reviews to regional director Cayman Wills and assistant regional director Nick Consiglio, the J.P. Morgan spokeswoman stated.
“As we proceed to recruit prime advisor expertise to J.P. Morgan Wealth Administration, we’re excited to welcome Ray,” Wills stated in a ready assertion. “We’re assured that shoppers will profit from Ray’s many years of expertise coupled with J.P. Morgan Wealth Administration’s choices.”
A Wells spokeswoman didn’t instantly reply to a request for touch upon the departure.
Hayes had began his profession in 1982 with a one-year stint at Constancy Distributors and was subsequent registered in 1985 with Seligman Securities, in accordance with his BrokerCheck report. He moved in 1986 to Tucker Anthony Inc., the place he remained till his 2002 transfer to RBC, in accordance with the database.
His recruitment marks the primary announcement of a big rent for the J.P. Morgan unit since agency leaders in July introduced their intent to greater than double dealer headcount to 1,000 from about 450 over 5 to seven years.
The unit in Could had reeled in one other New York Metropolis-based solo producer, Keith “KR” Ward, who had been managing $230 million in consumer belongings at Merrill Lynch.
In April, J.P. Morgan Advisors stated it changed its chief government, tapping former Merrill government Phil Sieg to steer the group. That very same month, a $three million-producing duo in New York Metropolis exited the J.P. Morgan unit for UBS Wealth Administration USA.
J.P. Morgan Advisors sits inside the financial institution’s U.S. wealth administration division that’s led by Kristin Lemkau and consists of guardian JPMorgan Chase’s self-directed investing platform and its roughly 4,000 monetary advisors in financial institution department workplaces.
Even when it succeeds in its aspirations to develop its ranks, J.P. Morgan Advisors would nonetheless be dwarfed by way of headcount by Morgan Stanley’s roughly 16,000 brokers or Wells’ almost 13,000 brokers.