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J.P. Morgan Advisors Has New CEO

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What You Need to Know

  • Phil Sieg has replaced Chris Harvey, who had been leading the JPMorgan division since 2017.
  • Harvey is taking on a new role establishing a program to deliver firmwide leads to advisors across U.S. Wealth Management.
  • J.P. Morgan Advisors was previously J.P. Morgan Securities before a recent name change.

Industry veteran Phil Sieg has been selected to become the new CEO of J.P. Morgan Advisors, according to an internal memo from Kristin Lemkau, CEO of  U.S. Wealth Management at JPMorgan Chase, that it shared with ThinkAdvisor Thursday (a day after the company released its first quarter earnings).

Sieg, who had been running practice management across the firm’s U.S. Wealth Management division since joining the company about a year ago, is replacing Chris Harvey, who had been leading the J.P. Morgan Wealth Management division since 2017.

Before joining JPMorgan , Sieg ran Merrill Lynch’s ultra-high-net-worth business and had been with the rival firm for over 30 years. At Merrill he helped lead for the elite Private Wealth Management group, where he “nearly doubled revenues,” Lemkau said.

J.P. Morgan Wealth Management has about 4,000 advisors overall and some $630 billion of assets under supervision, according to the company. J.P. Morgan Advisors has about 450 Financial Industry Regulatory Authority-registered brokers.

More Details on Sieg, Harvey

In his short time at JPMorgan, Sieg “delivered a practice management framework that has helped drive the dramatic client satisfaction increases” that the company has seen, she explained. The practice management team will continue to report to Sieg while the company searches for a successor.

“Harvey came to me recently to talk about his next challenge at the firm,” according to Lemkau. “As he has said many times, being CEO of J.P. Morgan Advisors has been his favorite job in a 30-year career,” she said. “When he first took the job, he committed to two years and it’s been four. He’s accomplished a great deal and been a passionate advocate for this business, its clients and its advisors.”

Lemkau asked Harvey to “take a new role establishing a program to deliver firmwide leads to advisors across U.S. Wealth Management, reporting to me,” she went on to say. “Providing the full scale of J.P. Morgan’s services to our clients is a tenet to our firm, and Chris’s experience in multiple lines of business uniquely positions him for this.”

Harvey had a “significant impact on the JPMA business under his four years of leadership,” she said, adding: “Client and employee satisfaction scores are at firm-leading levels, and these are reflected in record revenues and assets managed.”

Wealth Unit Update

JPMorgan disclosed in October that it 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.

Net income in JPMorgan Chase’s Asset & Wealth Management division soared 86% from a year ago to $1.2 billion in the firm’s first quarter as revenue grew 20% to $4.1 billion, it said Wednesday.

Overall JPMorgan Chase Q1’21 net income grew to $14.3 billion from $11.4 billion, with earnings per share increasing to $4.50 from $3.72 and managed revenue jumping to $33.1 billion from $4.1 billion.