According to an earnings statement from JP Morgan, the bank added more than a net 500 advisors year over year. Nearly 700 advisors have joined JP Morgan's wealth management units, which has helped boost revenue during economic disruption.
Despite the better-than-expected profit in the fourth quarter, the bank is reserving more than $1 billion to prepare for the possibility that more borrowers will fall behind on their loans, according to FinancialPlanning.com.
JP Morgan boasts that the bank earned a profit of $11 billion last quarter, up 6% from the same period a year earlier. Nationwide, rising interest rates have also boosted earnings, especially in JPMorgan's wealth management arms and its savings accounts, according to CEO Jamie Dimon.
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