Phil Sieg and Mollie Colavita
Phil Sieg, CEO of J.P. Morgan Advisors, will retire Oct. 15, the firm has confirmed. He is being replaced, effective immediately, by Mollie Colavita, formerly a managing director in the private client services group.
Sieg took on the role back in April 2021 after running practice management across J.P. Morgan’s U.S. Wealth Management division. He replaced Chris Harvey, who had been leading the advisor group since 2017.
Kristin Lemkau, CEO of J.P. Morgan Wealth Management, announced the news Tuesday in an internal memo that was shared with ThinkAdvisor. She cited Colavita’s “combination of charisma, kindness and unflappability” as key drivers of her pending appointment to the CEO role.
“Mollie has more than 30 years of experience in wealth management, including four years at J.P. Morgan,” Lemkau wrote. “Mollie is widely respected in the industry and at the company, and was universally embraced by advisors and clients alike when we announced her as Phil’s planned successor a few months ago.”
Lemkau thanked Sieg for the “enormous impact” he’s had on the business.
“Since he became CEO of J.P. Morgan Advisors, we have doubled AUS, revenue and net flows,” Lemkau said. “Average T-12 per advisor has increased by almost 50%.”
Lemkau also commended Sieg for helping to lead the acquisition and integration of the troubled First Republic’s advisor business in 2023, and for refocusing the business to better serve highly affluent clients.
“Beyond his tremendous business contributions, Phil was a confident and trusted advisor to many of us in J.P. Morgan Wealth Management, always sharing his experience and wisdom as we grew this business,” Lemkau said.
(Sieg is the brother of Andy Sieg, who currently leads Citi Wealth Management.)
As part of the executive change, Rob Ferrari’s role will be expanded to be head of solutions and practice management for J.P. Morgan Wealth Management.
Pictured: Phil Sieg and Mollie Colavita
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