Print  Save Email | Text A A A |
  Do You Recommend This Article?  

JPMorgan Rebrands Wealth Mgmt Biz, Aims to Add 50 Advisors Annually

By Alex Padalka October 28, 2020

JPMorgan has made several organizational and branding changes in its wealth management business and aims to hire 50 advisors every year to grow the unit.

On Monday, Kristin Lemkau, CEO of U.S. wealth management at JPMorgan Chase, and Chris Harvey, CEO of JPMorgan Securities, which has a new business unit name of JPMorgan Advisors, had a call with advisors outlining the changes. The rebranding was officially launched yesterday, according to a memo sent to advisors and seen by FA-IQ.

The company has renamed the overall wealth management unit "J.P. Morgan Wealth Management," headed by Lemkau. The unit includes JPMorgan Advisors, headed by Harvey, as well as Chase Wealth Management, YouInvest and “the new remote build,” according to the memo.

"Our new brand more clearly communicates what we do across all our businesses, for clients at all wealth levels," Lemkau writes in the memo.

The reorganization came nearly a year after Lemkau told employees in a memo in December 2019 that the company was planning to merge its U.S. wealth management operations catering to affluent clients with its Chase bank branch-based financial advisory unit and You lnvest, its online brokerage.

“The math is simple. With one unified brand instead of three, we can concentrate our efforts to make more people aware that they can invest with us,” Lemkau writes. “Our business units will continue to have separate names, unique cultures and identities. To clients, we will be one business here to deliver outstanding service when and how they want.”

The company’s Private Bank division, which caters to the ultra-high-net-worth clientele, “will remain a separate brand from the J.P. Morgan Wealth Management businesses,” she writes.

“We fully recognize that to be the place that top advisors want to work, our main job is taking great care of the advisors who already work here.”
Chris Harvey
JPMorgan Advisors

JPMorgan Advisors

Harvey’s unit within the united JPMorgan Wealth Management, was renamed "J.P. Morgan Advisors," according to the memo, which contains a summary of what Lemkau and Harvey discussed with advisors on a call on Monday.

The company’s financial advisors from here on out will be known as “wealth advisors,” which Harvey tells advisors in the memo “better conveys the clients you serve and the JPMorgan brand.”

Meanwhile, the segment of JPMorgan Advisors that caters to UHNW families will now be known as “Wealth Partners,” Harvey writes, adding that regional directors will be contacting advisors about the change.

Harvey also said that JPMorgan will “maintain and enhance our current footprint and also embrace the work from home environment.”

He adds: "For the remainder of Covid, continue to work as you have been. What you are doing is clearly working."

At the same time, the company intends to actively grow its advisor ranks while holding on to the representatives it already has.

“We are committed to a clear growth plan for this business, and will look to attract the best fifty advisors each year,” Harvey writes. “As importantly, we fully recognize that to be the place that top advisors want to work, our main job is taking great care of the advisors who already work here.”

Over the next couple of months, the bank's marketing team will be updating to branded collateral, such as advisor materials, websites and brochures, according to Harvey.

Lemkau also writes in the memo: "This is more than just a name change. It represents the significant investments we’re making to improve the products, technology and service we offer to our clients, and how we’ll make sure they know about it."

Last week, Business Insider reported that JPMorgan is considering plans to double the ranks of its advisors over the next five or six years, with Lemkau saying that the company wants to bring its advisor count to around 8,000 in that time.

The company had 2,968 wealth management client advisors at the end of the third quarter, which was 3% higher than in the previous quarter and 3% higher year-over-year.

Meanwhile, JPMorgan will take the next “couple of months” to overhaul branded materials, including websites and brochures, Harvey writes in the memo.

Do you have a news tip you’d like to share with FA-IQ? Email us at editorial@financialadvisoriq.com.

Print  Save Email | Text A A A |
  Do You Recommend This Article?  
Tags:  Finding and winning new clients , Client retention , Staffing and recruiting , Marketing , JPMorgan , JPMorgan Chase , JPMorgan Securities

Comment or Feedback

* Required
Financial Advisor IQ will send a confirmation email to your registered email address.