JPMorgan Securities hired a $3-million team of veteran advisors from Morgan Stanley Smith Barney, according to a JPMorgan spokesperson.
The advisors involved are Michael Lent, William Lent, Tammi Brown Lauder and William Christian. The team, called the Landmark Group, will be based in White Plains, N.Y.
Michael and William Lent had been at Smith Barney since 1993, according to the spokesperson.
JPMorgan has been telling the industry since last year through speeches and letters from CEO Jamie Dimon that it plans to expand its advisory business. At a SIFMA speech last year, Dimon said the company will hire, but only at the top end. “If you’re really really good, you should call JPMorgan and have them hire you,” he said at the time.
JPMorgan acquired about 350 advisors last year when it bought failed investment bank and brokerage Bear Stearns. JPMorgan Securities changed its name from Bear Stearns Private Client Service in January.