JPMorgan Nabs Vanguard Exec, Plans to Hire Hundreds of Remote Advisors
The bank's push into digital advice comes about nine months after it restructured its wealth management operations.
J.P. Morgan has hired Boaz Lahovitsky away from Vanguard to lead its digital-advice program, U.S. National Branch for Wealth Management.
The bank says it “plans to hire hundreds of advisors in several locations across the country in the next two years to assist clients remotely over video calls, telephone and other digital channels, if a client chooses this service,” according to a press release.
Lahovitsky, who has about 15 years of industry experience, spent the past two years as head of advisors in Vanguard’s Flagship Advice program (for investors with $1 million to $5 million in assets) and for leading strategic initiatives in its digital channels, including Personal Advisor Services. Earlier, he worked for UBS, Citigroup, Genpact and Booz Allen.
“Boaz is an important hire for us to deliver on our growth strategy,” said Kristin Lemkau, CEO of U.S. Wealth Management for JPMorgan, in a statement.
“We have exceptional advisors in our branches and offices, but we are still nascent in providing video and phone-based advice to clients who prefer to be served that way all the time,” Lemkau explained. “Boaz is a proven leader, an exceptional thinker and innovator. He will be a great addition to our leadership team.”
The National Branch channel “complements J.P. Morgan’s U.S. Wealth Management business offering, which currently includes branch-based advisors and digital self-directed platforms,” according to the firm.
Created in late 2019 via a merger of wealth management advisors in Chase branches, J.P. Morgan Securities and the digital investment platform You Invest, the Wealth Management business — part of the Consumer & Community Banking unit — now has about 4,000 advisors working with $500 billion in assets under supervision via 3,500 branches and 21 offices.
In its latest earnings report, JPMorgan said it also had 2,869 advisors in its Private Bank, which focuses on high net worth and ultra high net worth clients.
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