JPMorgan Delays Moving Wealth Clients Amid DOL Limbo

JPMorgan Chase & Co. is delaying a plan to move some wealth-management clients to a self-directed platform as the bank awaits word on whether the Trump administration will rewrite or scrap higher standards for advisors.

The lender had told some customers who currently have human advisors they would be transferred this month to a system letting them manage their own retirement accounts as the U.S. Department of Labor prepared to enact the so-called fiduciary rule, which seeks to ensure advisers pitch products in savers’ best interests.

But in a follow-up letter to clients this week, the New York-based bank said it’s holding off on the changes.

Meanwhile, “your financial advisor can continue to provide you with investment guidance and assist with any service requests you may have on this account,” the firm wrote.