JPMorgan Chase & Co. continues to face advisor defections, with teams departing to Citizens Financial Group, Cresset Capital Management, Wells Fargo Advisors, and Morgan Stanley, collectively taking approximately $12.5 billion in assets with them.

As reported by AdvisorHub, most of those teams originated from First Republic Bank, which JPMorgan acquired nearly a year ago. The bank had integrated about 200 former First Republic advisors, significantly increasing its traditional brokerage force to over 650 advisors. According to AdvisorHub, while initial attrition stabilized post-acquisition, recent departures signal renewed frustrations among some advisors, particularly concerning procedural hurdles at JPMorgan.

AdvisorHub also reports that advisors have cited frustrations with procedural complexities and a shift in organizational culture at JPMorgan as driving factors for the departures. Recruiters anticipate further exits.

Financial Advisor Transitions consults advisors nationwide to explore employment transition options and to preserve and protect their practice in any transition that they make.