JPMorgan has changed the branding of its wealth management business, with the overall business getting the new J.P. Morgan Wealth Management brand name and the J.P. Morgan Securities division within it renamed J.P. Morgan Advisors.
The changes were disclosed to advisors in a video conference call early this week by Kristin Lemkau, CEO of US Wealth Management at JPMorgan Chase, and Chris Harvey, CEO of J.P. Morgan Securities, and then detailed in internal emails that were shared with ThinkAdvisor on Wednesday.
“Our new brand more clearly communicates what we do across all our businesses, for clients at all wealth levels,” Lemkau said in the email of the new J.P. Morgan Wealth Management brand name.
The business units “will continue to have separate names, unique cultures and identities,” she said, adding JPMorgan Chase’s “Private Bank will remain a separate brand from the J.P. Morgan Wealth Management businesses.”
In addition to J.P. Morgan Advisors, J.P. Morgan Wealth Management includes Chase Wealth Management, the You Invest online digital trading division, and the new “remote build,” Harvey said. The latter was a reference to the firm’s recently announced plan to hire hundreds of remote advisors.
Financial advisors will also now also be known as wealth advisors, a name he said “better conveys the clients you serve and the J.P. Morgan brand.”
Regarding the firm’s existing practice catering to ultra-high net worth families, he said: “We will officialize that going forward as Wealth Partners — and you will be hearing more from your Regional Director soon on this.”
The changes follow reports late last year that JPMorgan was forming a new U.S. wealth unit by combining some $400 billion in assets with Chase Wealth Management and J.P. Morgan Securities.