Capital Group to Add Adviser Support in NY, LA Hubs

The Capital Group Companies Inc. Group announced Thursday it will invest up to $70 million over the next two years to add approximately 130 new sales and sales support staff to help financial advisers and their clients.

Capital Group plans to establish client hubs in New York and Los Angeles. The new hires at these locations will include licensed professionals, product specialists and early career talent, who will expand Capital Group’s U.S. client-facing organization to 600 people from roughly 470.

“We’re seeing advisers and firms prioritize depth over breadth in their relationships,” said Matt O’Connor, CEO of Capital Group’s client group, in a statement. “They want partners who can show up consistently, understand their business and help them serve clients better. This expansion allows us to do exactly that, with greater impact.”

O’Connor added that Capital Group is focused on “delivering two primary services to our advisers: solutions that can provide superior investment results over the long-term and true business partnership.”

Last year, Capital Group debuted a low-cost recordkeeping platform and partnered with LeafHouse Financial Advisors LLC to launch Target Date Plus, a data-driven, personalized retirement investing service.

Capital Group won two PLANADVISER Adviser Choice Awards this year for excellence in investments and excellence in recordkeeping, based on advisers’ ratings in the latest PLANADVISER Retirement Plan Adviser Survey.

As of January 30, Capital Group managed $3.4 trillion in assets for its wealth management and institutional clients. According to the company, about 75% of all U.S. advisers have assets from Capital Group or its subsidiary, American Funds, in their client portfolios.