JPMorgan Private Bank is making significant strides to attract more business from the nation’s wealthiest families by leveraging additional resources and expanding its services.
The private bank recently introduced the U.S. Family Office Practice, a specialized unit comprising 150 experts, including professionals well-versed in tax planning, former estate attorneys, and cybersecurity specialists.
This strategic move aims to enable the bank’s advisors to provide clients with more comprehensive and integrated services, according to JPMorgan Private Bank – a division of JPMorgan Chase that oversees over $2.1 trillion in client assets worldwide.
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The U.S. Family Office Practice is specifically tailored to assist ultra-affluent families, typically those with a net worth of $100 million or more in areas such as estate planning, life insurance and strategic wealth transfer techniques.
“We are using this practice to not only deepen our relationship with existing clients, but to attract new families to the private bank,” says 17-year JPMorgan veteran. Sinclair is also head of the private bank’s financial institutions group. As part of this initiative, the bank onboarded Elisa Shevlin Rizzo as head of the family office advisory. Rizzo brings valuable experience from her previous role as the Chief Fiduciary Officer at Northern Trust Company.
JPMorgan is committed to expanding its wealth management businesses, including JPMorgan Advisors, a full-service brokerage unit. The ultra high-net-worth client segment is particularly lucrative and growing, and JPMorgan already caters to a significant portion of such clients. The bank claims to serve 40% of U.S. families with a net worth exceeding $100 million, trusted by more than half of America’s billionaires.
Considering the estimated 20,000 families in the U.S. with a net worth of $100 million or more, JPMorgan recognizes the market opportunity. Many of these families are led by individuals over the age of 65, making estate planning and family office governance crucial considerations. A considerable number of such families establish family offices to effectively manage their wealth.
JPMorgan is positioning itself to assist clients in designing and establishing their family offices, further solidifying its commitment to meeting the diverse needs of its clientele. Sinclair added, “What do they want to do in house versus outsource? We can help them identify what makes sense from a cost perspective and what makes sense for them as stewards of this wealth.”
And although JPMorgan is a familiar name to most, not many are aware of the man behind the bank’s empire, Jamie Dimon. Watch Patrick Bet-David’s breakdown of the American Bankster:
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