JPMorgan ChaseIt is planning to more than double the number of consultants in its traditional brokerage business to expand its wealth management business and attract more wealthy clients.

Kristin Lemkau, head of the bank's US wealth management division, said on Thursday that the bank planned to hire more than 500 financial advisers over the next five to seven years, bringing the total number of financial advisers to 1000. JPMorgan will also try to connect the unit more closely with wealth managers working in retail branches and help financial advisers direct clients to other parts of the bank more effectively.