The Weekly Chu: Alts. Retail Tracker; AOTM Update

Research evidence excerpt

The Weekly Chu: Alts. Retail Tracker; AOTM Update

Brokers, Asset Managers & Exchanges

The Weekly Chu: Alts. Retail Tracker; AOTM Update June 7, 2026

Week of June 8th, 2026

Weekly Intro: I’m With Idio. Alongside multiple competitor conferences this was one

of the busier weeks in terms of engagement with clear signs that investor interest

appears to be broadening out versus prior weeks. In response, we wanted to spend a

bit more time speaking to where investors are focusing more of their time and energy. Steven Chubak, CFA

schubak@wolferesearch.com

Retail Brokers continue to drive the highest level of engagement, and while AI / cash (646) 582-9315

View Steven’s Research

concerns remain a popular topic, most of our investor inbound this week was focused View Comp Table

M&A game theory in the Wealth space following recent comments from Jamie Dimon

that 1) JPM has 1% share in Wealth and should be closer to 10% given their scale; Sharon Leung sleung@wolferesearch.com

and 2) JPM is interested in $10-$20B tuck-in deals (though it’s worth noting the $10- (646) 582-9317

$20B deal comment was not specific to Wealth). We addressed this topic on our most Derek Gonda

recent weekly webcast (see slides and replay – for investors only) but it’s worth noting dgonda@wolferesearch.com (646) 582-9326

that for JPM / BAC the 10% deposit cap could create hurdles to acquiring any wealth

firms with a bank (BHC) license. Brendan O'Brien bobrien@wolferesearch.com

We also had a number of requests for our Advisor on the Move (“AOTM”) tracker

following LPLA CEO Steinmeier’s comments at a competitor conference citing a

strong / growing recruiting backlog. We published the latest AOTM data alongside

this week’s Chu, though we did have some changes to the dataset which we discuss

further below.