PALM BEACH, Fla.–JPMorgan Chase is debuting new bricks-and-mortar branches, along with new standards of service, aimed at serving some of the richest zip codes in the United States.
The country’s largest bank is unveiling 14 of its new format branches — each acquired when JPMorgan took over First Republic in 2023 — in tony ZIP codes in New York, California, Florida and Massachusetts, including Napa, Palm Beach and Wellesley Hills, according to CNBC.
“It’s part of JPMorgan’s push to convince affluent Americans, many who already use Chase checking accounts or credit cards, that the bank is ready to manage their millions,” CNBC reported
JPMorgan is the country’s biggest bank by deposits and assets and has a top share in areas as disparate as Wall Street trading and retail credit cards, the report stated. But one of the only major categories where it isn’t a clear leader is in wealth management; peers such as Morgan Stanley and Bank of America exceed its share.
While half of the 19 million affluent households in the U.S. bank with JPMorgan, it has just a 10% share of their investing dollars, Jennifer Roberts, CEO of Chase Consumer Banking, told CNBC.
‘Giant Opportunity’
“We have this giant opportunity to convince customers to have their wealth management business with us in addition to their deposit relationship,” Roberts told the news outlet.
CNBC reported that helped by its acquisition of First Republic, which was known for catering to rich families living on either coast, JPMorgan decided to launch a new tier of service. Called J.P. Morgan Private Client, it is anchored by the new physical locations, of which there will be 31 by the end of next year, CNBC said.
“The service comes with its own mobile banking app, but its main appeal is the in-person experience: Instead of being handed off to multiple employees like at a Chase branch, J.P. Morgan Private Client members are assigned to a single banker,” the report added.
‘Concierge-Level of Service’
“What First Republic did really well was deliver a concierge-level of service where if you have an issue, a person owned it for you and you didn’t have to worry about it,” Roberts told CNBC. “So, with this experience we are going to deliver a more elevated concierge type of service, like you would expect at a high-end hotel.”
The price of entry: at least $750,000 in deposits and investments, though Roberts told the CNBC the bank is aiming for those with around $2 million to $3 million in balances.