J.P. Morgan Wealth Management has announced plans to serve more Black and Latinx clients and increase diversity hiring by 2025.
Building on its $30 billion commitment to close the racial wealth gap, J.P. Morgan will work with Historically Black Colleges and Universities (HBCUs) to promote internal mobility and resources to help diverse employees grow their careers. The goal is to hire 300 Black and Latinx advisors by 2025.
Over the next five years, J.P. Morgan Wealth Management will work with various HBCUs to offer students information on careers in wealth management as well as provide scholarships, training and licenses. The initiative will create 185 full time positions specifically for this program.
“We want to drive a step change in the representation of financial advisors at J.P. Morgan,” Kristin Lemkau, CEO of J.P. Morgan U.S. Wealth Management said in a release. “We have made progress in recent years, and hiring 300 Black and Latinx advisors will accelerate that progress materially. Becoming a financial advisor is a great career–they help clients build their wealth, they have strong financial upside, and it offers great career flexibility. We hope more people will choose to become advisors and choose to work here.”
The Advisor Development Program, a 24 to 36 month training, will provide more than 200 candidates with the knowledge, mentorship, and coaching needed to become a successful financial advisor. More than three-fourths of the participants are women and minorities.
“It is not enough bringing a diverse workforce through the door, you need to have a whole support team that makes them feel like they belong and can build a career,” Christopher Thompson, head of Diverse Advisor Experience at J.P. Morgan Wealth Management, said. “A lack of networking and mentorship opportunities reduces the chances of making real progress regarding diverse talent.”
J.P. Morgan Wealth Management has also created an inclusive investing team to lead the strategy, design and delivery of products to better serve women, Black, and Latinx investors and other under-represented groups.