JPMorgan Chase has launched an expansion of its U.S. millionaire outreach through newly designed high-end branches that cater to wealthy clients. The company has introduced 14 former First Republic locations in upscale neighborhoods throughout New York, California, Florida and Massachusetts.
The premium branches provide advanced service combined with individualized wealth management solutions. JPMorgan operates as the biggest U.S. bank through its deposit and asset base while it seeks to boost its 10% market share of affluent customers’ investment dollars despite controlling half of the 19 million wealthy households across the country.
Jennifer Roberts as CEO of Chase Consumer Banking highlighted the vast market potential by stating “We have this enormous chance to persuade customers to manage their wealth with us even though they already have their deposits with us.”
The company has reoriented its strategy to emphasize personal banking services because wealth management rivals Morgan Stanley and Bank of America currently lead this market. JPMorgan believes its customized high-touch service at strategically placed branches will enable the company to acquire more assets from affluent customers.
The bank seeks to connect its digital services with expert advice at physical locations to build a stronger position in wealth advisory services.
