To retain the advisors JP Morgan Chase obtained from acquiring First Republic, the bank now offers retention deals to some of the 200 advisors.

Industry recruiters told AdvisorHub that JPMorgan Chase is extending offers exclusively to those with $2.5 million or more in trailing-12-month revenue production. The total of the offers varies depending on several factors. According to industry recruiters, those factors include an advisor's revenues, length of service, the portion of self-sourced clients, and the balance left on their First Republic recruiting loans.

JP Morgan's retention of advisors will play a crucial role in achieving its ambitious goals for the wealth unit. In 2021, the bank announced plans to double its headcount of approximately 450 advisors. Recently, JPMorgan executives revealed their consideration of transforming First Republic offices into upscale branches designed to attract affluent customers. This strategic move reflects JP Morgan's determination to enhance its wealth management capabilities and expand its client base.

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