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The NYT takes a look at how JPMorgan's (JPM) Chase Private Client division operates, finding...

The NYT takes a look at how JPMorgan's (JPM) Chase Private Client division operates, finding that the wealth-management department allegedly pressures its financial advisers to push the bank's own products. Those who preferred to steer clients to third-party investments that have better returns have been pushed out. "You are not a money manager; you are an asset gatherer," brokers were told.
Comments (8)
  • al roman
    , contributor
    Comments (8757) | Send Message
     
    Enough already,let people live there lives and make there own decision's. Quit spamming peoples hard earned private lives.
    3 Mar 2013, 08:53 AM Reply Like
  • bbro
    , contributor
    Comments (10021) | Send Message
     
    The surprise of this is??? More importantly what been the investment
    performance of their investment advisers??? After fees of course...
    3 Mar 2013, 08:59 AM Reply Like
  • the_value_vulture
    , contributor
    Comments (221) | Send Message
     
    "While financial advisers at other firms are typically free to offer a variety of investments, JPMorgan pressures brokers to sell the bank’s own products, according to the current and former employees."

     

    Hilarious.

     

    Perfect template for future articles from the legendary NYT. Remove JP Morgan and next month insert BAC, Wells Fargo, Jefferies, ect. They all steer individuals to their own products. Stellar reporting.
    3 Mar 2013, 09:02 AM Reply Like
  • robgra
    , contributor
    Comments (419) | Send Message
     
    Why would anyone expect anything different? If you are foolish enough to hire a money management firm that also sells financial products, you should expect nothing else.
    3 Mar 2013, 09:06 AM Reply Like
  • Remyngton
    , contributor
    Comments (354) | Send Message
     
    ---the NY Times is just discovering this...

     

    pretty soon , headlines will blare , " Lincoln was Shot "
    3 Mar 2013, 12:22 PM Reply Like
  • Ted Bear
    , contributor
    Comments (622) | Send Message
     
    Is anyone under the illusion that banks/brokers/investmnent managers exist to make the clients money?

     

    "Relative to the funds benchmark...." (We only lost 30% of your money, while the group lost 32%....we outperformed....give us a bonus!)
    3 Mar 2013, 05:36 PM Reply Like
  • thomas j. flaherty
    , contributor
    Comments (121) | Send Message
     
    JPM put the doosh in Fiduciary. NYT out to protect the very wealthy financial illiterates from their banksters? Let em eat treasuries!
    3 Mar 2013, 11:31 PM Reply Like
  • JBBanker
    , contributor
    Comments (120) | Send Message
     
    Surprise this article is not news, ALL the big firms do it!
    4 Mar 2013, 07:50 AM Reply Like
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