{"id":1088,"date":"2012-07-05T19:06:17","date_gmt":"2012-07-05T19:06:17","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2012\/07\/jpmorgan_chase_brokers_say_the"},"modified":"2022-09-19T09:54:11","modified_gmt":"2022-09-19T14:54:11","slug":"jpmorgan-chase-brokers-say-the","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/jpmorgan-chase-brokers-say-the\/","title":{"rendered":"JPMorgan Chase Brokers Say the Financial Firm Prioritized Sales Over Investors\u2019 Needs"},"content":{"rendered":"

\t\t\t\tAccording to a number of its current and former brokers, as JPMorgan Chase (JPM) <\/a>was growing into one of the largest mutual fund managers in the country, it was placing a greater emphasis on sales than it was on the needs of its clients. These financial advisors say that JPMorgan encouraged them on occasion to promote its products over competitors even when what the others were offering was less expensive or had been performing better. <\/p>\n

The New York Times, which wrote a news report about the brokers’ claims, says that if these allegations are true then the benefit to JPMorgan is obvious. The more money investors put into the investment bank’s funds the greater the fees it collects for managing the funds. One ex-JPMorgan employee, Geoffrey Tomas said he frequently would sell JPMorgan funds with poor performance records for the sole purpose of making the financial firm more money. Thomas now works with Urso Investment Management.<\/p>\n

JPMorgan is one of a number of investment banks that turned to retail investors in the wake of the economic crisis. UBS (UBS) <\/a>and Morgan Stanley (MS) <\/a>have also attempted to target mom and pop investors. The Times says that JPMorgan’s approach is to concentrate on selling funds of its own creation. This is a practice that many companies, who don’t want to be thought of as having conflicts of interest, have decided to abandon. <\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

According to a number of its current and former brokers, as JPMorgan Chase (JPM) was growing into one of the largest mutual fund managers in the country, it was placing a greater emphasis on sales than it was on the needs of its clients. These financial advisors say that JPMorgan encouraged them on occasion to […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3752,3797],"tags":[],"class_list":["post-1088","post","type-post","status-publish","format-standard","hentry","category-financial-firms","category-j-p-morgan-chase"],"yoast_head":"\nJPMorgan Chase Brokers Say the Financial Firm Prioritized Sales Over Investors\u2019 Needs — Investor Lawyers Blog — July 5, 2012<\/title>\n<meta name=\"description\" content=\"According to a number of its current and former brokers, as JPMorgan Chase (JPM) was growing into one of the largest mutual fund managers in the country, — July 5, 2012\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/jpmorgan-chase-brokers-say-the\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"JPMorgan Chase Brokers Say the Financial Firm Prioritized Sales Over Investors\u2019 Needs — Investor Lawyers Blog — July 5, 2012\" \/>\n<meta name=\"twitter:description\" content=\"According to a number of its current and former brokers, as JPMorgan Chase (JPM) was growing into one of the largest mutual fund managers in the country, — July 5, 2012\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shepherd Smith Edwards & Kantas, LLP\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"JPMorgan Chase Brokers Say the Financial Firm Prioritized Sales Over Investors\u2019 Needs — Investor Lawyers Blog — July 5, 2012","description":"According to a number of its current and former brokers, as JPMorgan Chase (JPM) was growing into one of the largest mutual fund managers in the country, — July 5, 2012","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.investorlawyers.com\/blog\/jpmorgan-chase-brokers-say-the\/","twitter_card":"summary_large_image","twitter_title":"JPMorgan Chase Brokers Say the Financial Firm Prioritized Sales Over Investors\u2019 Needs — Investor Lawyers Blog — July 5, 2012","twitter_description":"According to a number of its current and former brokers, as JPMorgan Chase (JPM) was growing into one of the largest mutual fund managers in the country, — July 5, 2012","twitter_misc":{"Written by":"Shepherd Smith Edwards & Kantas, LLP","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.investorlawyers.com\/blog\/jpmorgan-chase-brokers-say-the\/#article","isPartOf":{"@id":"https:\/\/www.investorlawyers.com\/blog\/jpmorgan-chase-brokers-say-the\/"},"author":{"name":"Shepherd Smith Edwards & Kantas, LLP","@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431"},"headline":"JPMorgan Chase Brokers Say the Financial Firm Prioritized Sales Over Investors\u2019 Needs","datePublished":"2012-07-05T19:06:17+00:00","dateModified":"2022-09-19T14:54:11+00:00","mainEntityOfPage":{"@id":"https:\/\/www.investorlawyers.com\/blog\/jpmorgan-chase-brokers-say-the\/"},"wordCount":490,"articleSection":["Financial Firms","J P Morgan - 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