JPMorgan Private Banking Team Defects to Wells Fargo’s FiNet
Two advisors at JPMorgan’s private banking office in Tampa, Florida, have joined an independent firm of former brokers in Sarasota, saying they were in danger of losing clients due to new account minimums at the bank.
Dan Hoffe and Robert “Chris” Jones, who had been with JPMorgan for four years and almost three years, respectively, joined Capstan Financial Consulting, an independent broker-dealer in Sarasota, Fla. that is affiliated with Wells Fargo Advisors’ Financial Network (FiNet).
The pair managed around $280 million in assets and generated $1.8 million in revenue over the past year, a Wells spokeswoman said.
Jones said the move was motivated in part by JPMorgan’s recent decision to shift clients with less than $10 million in investable assets to another unit where they receive less personal service. The minimum account size in their unit had been $5 million.
He also said that they and many of their clients lived closer to Sarasota, which is 70 miles from the JPMorgan office in Tampa.
A JPMorgan spokeswoman declined to comment on the move.
The $10 million minimum is one of many client segmentation changes at JP Morgan Private Bank that has irritated some advisors. The bank also last quarter laid off underperforming advisors, resulting in a 5% advisor headcount decline to 2,622.
Hoffe, who has been a registered representative since 2001, worked for seven years at Banc of America Investment Services, where William Marsh and Matthew DePalma also worked, according to Finra’s BrokerCheck database. Capstan’s staff of 14 people include seven financial consultants, according to its website.