J.P. Morgan Asset Management has reorganized its sales force to better serve financial advisors focusing on the retirement plan market.
Previously its Retirement Plan Services sales and service teams dedicated to retirement plans up to $500 million were organized around market segments, but they are now geographically organized around advisors.
"We are growing our retirement business aggressively -- our sales team has doubled in size over the last 18 months and we have made a number of strategic hires across the organization to enhance our business model in the mid- and large market. We believe this new sales structure will help us better serve the retirement plan advisor community and our mutual clients," said David Musto, CEO of J.P. Morgan Retirement Plan Services.
Musto said reorganizing the sales structure is part of a broader effort to build resources for advisors who work with retirement plan sponsors. J.P. Morgan recently launched Core Menu Innovation concept, which aims to simplify 401(k) plan choices for participants. J.P. Morgan's Defined Contribution Investment Solutions partners closely with retirement plan advisors to offer tools, expertise and investment solutions.
J.P. Morgan Retirement Plan Services provides bundled defined contribution services to more than 650 clients and 1.8 million retirement plan participants, representing more than $125 billion in assets as of December 31. J.P. Morgan Defined Contribution Investment Solutions managed more than $61 billion in defined contribution assets as of December 31. J.P. Morgan Asset Management has $1.3 trillion in assets under management and clients that include institutions, retail investors and high-net-worth individuals in every major market throughout the world.