JPMorgan Private Bank has decided to expand Morgan Private Advisory, a move intended to provide holistic financial advisory services for its clients.
Morgan Private Advisory is part of JPMorgan Private Bank’s Family Office Practice, consisting of over 150 professionals.
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Under the supervision of William Sinclair and Jamie Lavin Buzzard, the expansion is expected to deliver a comprehensive wealth management approach for high-net-worth families.
Robert Fritz, formerly of Goldman Sachs Ayco, joins as head of executive advisory.
His role will focus on advising C-suite executives on optimising their compensation and benefits. He will also work in tandem with JPMorgan’s Workplace Solutions to bolster client strategies.
In addition, Kevin Tompkins has been appointed as a senior cybersecurity specialist. Under the leadership of Ileana van der Linde, Tompkins will be crucial in fortifying the cybersecurity measures for the bank’s clients.
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By GlobalDataAlso, Christie Houlihan, a former EY senior family office adviser, joins the team to provide guidance on family office design and succession planning.
Her collaboration with Elisa Shevlin Rizzo, Head of Family Advisory, will support families in managing wealth transitions.
Is this the first step in a huge expansion of JPMorgan in the wealth space.
PBI: Why is now the time to expand the private advisory team?
BJ Goergen, Global Head of Private Advisory at JPMorgan Private Bank: The decision to expand Morgan Private Advisory was motivated by the changing needs of our clients. We collaborate with individuals, families, and business owners globally, all of whom are affected by global volatility, shifting regulatory landscapes, and swift technological advancements. By attracting top talent and specialized expertise, we strengthen our capacity to guide clients through these challenges and empower them to make more informed decisions about their future.
Will this new team of experts be a differentiator in the market?
Absolutely. What sets us apart is the breadth and depth of experience our new team members bring, each in an area of significant interest to our clients. Morgan Private Advisory includes former practicing attorneys specializing in Trusts & Estates, M&A, and taxes, plus policy makers, business leaders, credentialed planners, and professionals across all disciplines that impact our clients. This expertise allows us to deliver trusted, actionable advice that is personalized to each client.
How important is it to have a cybersecurity expert in the private advisory team?
In today’s digital age, cybersecurity is essential and a top priority for many of our clients. Adding Kevin to our team of experts elevates our collective expertise. We know that individuals and family offices are increasingly targeted by cyber threats – based on our 2024 Global Family Office Survey, we also know that many of our clients (40%) identified cybersecurity as a gap in their overall plans. Our Cyber Advisory team helps our clients protect their assets and personal information, and ensures our clients feel secure in every aspect of their financial lives.
Wealth transfer is set to be a big topic this year; what is the private advisory team’s strategy? Or does it depend on the client/family?
Wealth transfer is a critical area of focus for us, as we recognize that each family has distinct goals and circumstances. We are closely monitoring legislative developments in Washington regarding the federal estate tax exemption, which is set to be reduced by half at the end of 2025, along with other expiring provisions of the Tax Cuts and Jobs Act. In the meantime, our strategy advises clients to build resilient portfolios to protect against increased macroeconomic volatility. This resilience begins with revisiting a propriety Wealth Plan to ensure that investments are aligned with someone’s goals, especially given the recent increase in household wealth. For those in the U.S. who are able, this year is an advantageous time to maximize the lifetime exclusion, a tax-free wealth transfer opportunity, before it is set to decrease after 2025.
Each client has unique goals and priorities concerning their estate plan and family legacy, and it is our responsibility to ensure their financial plan aligns with these intentions.
Can we expect to see this team expand more in the near future?
Yes! Our goal is to continuously enhance our capabilities and maintain our position as a leader in private advisory services. We plan to prioritize our advisory capabilities for executives, including those entering the c-suite, those building wealth in the c-suite, and those exiting the c-suite. Morgan Private Advisory will continue to invest in the tools and talent that allow us to deliver timely, impactful advice to our clients.
