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Portfolio > Asset Managers

J.P. Morgan Rolls Out Digital Money Coach, Remote Advice

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J.P. Morgan Wealth Management has launched a money coaching tool for all bank clients, as well as remote access to financial advisors. 

The Wealth Plan tool, introduced on Dec. 1, is available for free to some 62 million digitally active Chase customers via its mobile app and online, the bank says. 

The digital resource lets clients look at their financial accounts in and outside of the bank, so they can build and track goals and receive guidance on the next steps they can take to achieve their financial objectives. The tool gathers information on their net worth, as well as on income and spending. 

“Wealth Plan lets clients take control of their finances and interact with us however they choose, which increasingly is digitally,” according to Sam Palmer, head of Digital Planning & Advice at J.P. Morgan Wealth Management. “If they want to speak with an advisor, they can schedule a meeting right in the Chase app, and easily share their goals to have a meaningful conversation from day one.”

J.P. Morgan Wealth Management, which has about 5,000 advisors and some $615 billion of assets under supervision, introduced its Personal Advisors program in early November to provide clients with remote advice. As part of the launch, the bank is waiving advisory fees for this program for six months.

After that, the yearly advisory fees for Personal Advisors are 0.6% for clients with $25,000 to $249,000 in assets, 0.5% for those with $250,000 to $1 million, and 0.4% for those with over $1 million. 

In the program, clients are able to speak with a licensed advisor via video or phone; they also get a financial plan and related advice, along with access to investment portfolios. 

“This is a milestone for us and a way for us to serve a whole new set of clients,” Kristin Lemkau, CEO of J.P. Morgan U.S. Wealth Management, said in a statement. “Personal Advisors is for clients who want to get on a plan and trust J.P. Morgan to help them get there. In our pre-launch, 93% of clients rated their advisor an average score of 9.5 out of 10.”

J.P. Morgan Personal Advisors has more than 200 licensed financial professionals and aims to add more than 100 in the next year. Clients can meet virtually with them or meet advisors in person at eight locations: Atlanta; Chicago; Columbus, Ohio; Irvine, California; Jersey City, New Jersey; Plano, Texas; San Antonio; and Tempe, Arizona. 

(Image: Shutterstock)


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