The US bank's boutique wealth business, called JP Morgan Advisors, is not the largest in the country. Even so, the organization intends to boost headcount significantly, a senior executive has said.

JP Morgan executives reportedly aim to hire more than 500 financial advisors in the next five to seven years, more than doubling the 450 brokers now working for JP Morgan Advisors, the bank’s boutique wealth management firm, Reuters has reported. 

“We are investing in this business,” Phil Sieg, chief executive officer of JP Morgan Advisors, was quoted by the newswire as saying. “We want to grow to 1,000 advisors relatively quickly.”

Even with such a considerable hiring drive, JP Morgan Advisors would still be a small firm, the report said, noting that rival Morgan Stanley Wealth Management has around 15,000 advisors. But growing JP Morgan’s wealth offerings has been a top priority of its chief executive Jamie Dimon.

The advisors' business sits inside the bank’s US wealth management division, which is led by Kristin Lemkau and includes Chase’s self-directed investing platform. This has about 4,000 financial advisors who work at bank branches.

The business is distinct from JP Morgan Private Bank, which is pitched more at those high net worth individuals with at least $10 million of investible assets or more.