JP Morgan’s private bank announced recently that they have decided to concentrate their client base on the Ultra, $10m & above business. We have already seen several teams and individuals leave JP Morgan’s private banking business this year.
What will this mean for the JP Morgan clients who have under $10m in investable assets and the client advisors who manage them? Is this a move reminiscent of Goldman Sach’s move several years ago to direct all clients with under $10m in investable assets to use the Internet for their client experience? Will this be an opportunity for Robo advisors to gather assets much greater than anyone thought or will JP Morgan’s traditional competitors swoop down and pick off teams of advisors who manage a large client base of the high net worth business?
This move gives JP Morgan’s competitors the opportunity to strategize and identify ways of attracting their private clients. The smart banks will recruit teams from JP Morgan to help move the clients. They will map offices they are interested in and through a “shot gun” approach, directly recruit not only the client advisor but also the investment specialist. In many cases, these are sophisticated executives who are savvy to uninformed calls by internal recruiters and contingency firms.
This will be a war for talent, with the winners able to secure the business that JP Morgan’s private bank does not seem to want. At least today!
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