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. [View news story]
Surprise this article is not news, ALL the big firms do it!
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. [View news story]