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Financial Planning > UHNW Client Services > Family Office News

J.P. Morgan Private Bank Adds UHNW Family Office Services

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What You Need to Know

  • J.P. Morgan’s new practice will offer strategic advice to ultra-high-net-worth families regarding family offices.
  • It will include more than 150 professionals, including 40 formerly practicing partner-level estate and tax attorneys.
  • The practice will partner with J.P. Morgan’s 23 Wall, a specialized global team that caters to the ultra-wealthy.

J.P. Morgan Private Bank has launched a U.S. Family Office Practice, a new effort to support its largest clients and their family enterprises and expand its suite of family office services.

The practice will offer strategic advice to ultra-high-net-worth families seeking to enhance an already established family office, establish a new one or benefit from outsourced family office services without an independent office structure.

The firm says it already works with over 40% of U.S. families who have a net worth of over $100 million and with more than half of America’s billionaires. The private bank oversees more than $2.1 trillion in client assets globally.

The J.P. Morgan practice will include more than 150 professionals, including 40 formerly practicing partner-level estate and tax attorneys, offering guidance on estate planning, life insurance and strategic wealth transfer techniques, the bank said. It also will rely on the private bank’s Advice Lab, Global Investment Opportunities and Outsourced Chief Investment Officer teams.

The U.S. Family Office Practice will be led by William Sinclair, a 17-year J.P. Morgan veteran and U.S. Private Bank Operating Committee member.

As head of the practice, Sinclair is responsible for the strategic growth of the Private Bank’s family office platform to meet the needs of this sophisticated client base, the company said.

Sinclair also heads the private bank’s Financial Institutions Group, a division with over 180 professionals that focuses on delivering wealth management services to financial sector executives and their families.

“The launch of this new effort under William’s leadership underscores our commitment to continually invest in the private bank’s platform and ensure that we remain the bank of choice for the world’s wealthiest families,” said David Frame, J.P. Morgan U.S. Private Bank CEO.

The practice will partner with J.P. Morgan’s 23 Wall, a specialized global team providing strategic advice to large, wealthy families in regard to their privately owned assets, including operating companies, direct investments, sports teams and real estate.

Integrated into the private bank and the investment bank, 23 Wall expands the private bank’s coverage model to 700 families with $4.5 trillion of assets.

“Our clients are looking for highly customized solutions, innovative digital services and resources to address the growing complexities of multi-generational wealth,” said Andrew L. Cohen, J.P. Morgan Global Private Bank executive chairman.

“The launch of this practice will provide a robust solution set for family offices across the wealth spectrum. We are constantly innovating and identifying solutions, as well as leveraging intellectual capital across the firm that are valuable to families,” Cohen explained.

Sinclair noted the private bank “has a long history of advising successful families on how to manage their wealth, considering the unique source and composition of their assets, the dynamics and size of a family, and the infrastructure they choose to put around it.

“Tremendous wealth creation over the last two decades has created significant growth of family offices, as well as those looking for outsourced family office services. The launch of this dedicated practice is an intentional effort to meet this growing demand,” he said.

The U.S. Family Office Practice will be supported by a leadership and advisory team from across the private bank, including Jamie Lavin Buzzard, head of investments; Elisa Shevlin Rizzo, who has joined the firm as head of family office advisory for the Private Bank from Northern Trust; and Christopher McCree, a J.P. Morgan veteran who will serve as vice president and oversee day-to-day operations.

Photo: Shutterstock


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