J.P. Morgan Private Bank Expands Services for Wealthy Families

J.P. Morgan Private Bank is strengthening its capabilities and broadening its offerings in order to attract more business from affluent families across the nation.

Introducing the U.S. Family Office Practice

To better serve its clients, the private bank has launched a dedicated unit called the U.S. Family Office Practice. This division will consist of a team of 150 specialists, including experts in tax planning, former estate attorneys, and cybersecurity professionals. By bringing together these diverse skills, J.P. Morgan aims to provide more comprehensive and integrated services to its clients. The private bank, which manages over $2.1 trillion in client assets globally, hopes that this strategic move will not only enhance existing relationships but also entice new families to join its ranks.

Tailored Services for Ultra-Wealthy Families

The U.S. Family Office Practice is designed to cater specifically to ultra-rich families with a net worth of $100 million or more. Wealth advisors from J.P. Morgan will be able to offer these families guidance on a range of financial matters such as estate planning, life insurance, and strategic wealth transfer techniques. No matter the topic of discussion, whether it's strategic giving, asset allocation, or the establishment of trusts, these families can now find all the necessary expertise under one roof.

With its renewed focus on meeting the unique needs of wealthy families, J.P. Morgan Private Bank is positioning itself as the go-to institution for comprehensive financial services.

JPMorgan Launches U.S. Family Office Practice

JPMorgan has recently made strategic hires to further strengthen its private bank. Elisa Shevlin Rizzo, former chief fiduciary officer at Northern Trust Company, has joined as the head of family office advisory. These experienced professionals will play a crucial role in the expansion of JPMorgan's wealth management businesses, including J.P. Morgan Advisors.

With a focus on the ultrahigh-net-worth client segment, J.P. Morgan already serves a significant portion of wealthy families in the United States. They claim to cater to 40% of U.S. families with a net worth exceeding $100 million, as well as more than half of the country's billionaires.

According to bank estimates, there are around 20,000 families in the U.S. with a net worth of $100 million or more. Many of these families are led by individuals over the age of 65, which highlights the importance of proper estate planning and family office governance. To address these needs, many affluent families opt to establish family offices to oversee their wealth.

JPMorgan's expertise lies in helping clients design and establish their family offices. They assist in determining the optimal balance between in-house operations and outsourcing, considering both cost efficiency and effective wealth management stewardship.