Banker & Tradesman file photo
Chase is expanding its affluent banking offering by opening 14 new J.P. Morgan Private Client “financial center” offices across four states, including a new location in Cambridge’s Harvard Square.
The centers are designed to cater to the needs of affluent clients, JPMorgan Chase said in its announcement, noting private meeting spaces and “distinctive” finishes.
J.P. Morgan is the bank’s large wealth management arm, but the offices will be aimed at serving clients of its “Private Client” service, which comes with a “dedicated senior private banker,” Chase said. Each office is led by a relationship manager, providing affluent customers a single point of contact with dedicated support.
“Through these Financial Centers, we are redefining how affluent clients are served, offering a highly personalized level of service that is backed by the global capabilities of JPMorgan Chase,” Jennifer Roberts, CEO of Chase’s consumer banking division, said in a statement. “When we meet with clients, they consistently say they want a relationship that spans across banking, lending and investments, and provides a seamless experience as they navigate the complexities of managing and growing wealth. These new Financial Centers offer a highly personalized service model, providing greater flexibility to meet clients’ needs with exceptional attention and care.”
Chase has been expanding its offerings for affluent customers with two different products, in particular.
Chase Private Client is a relationship product designed for clients with $150,000 or more in qualifying deposit and investment balances and is available in all 5,000 Chase branches nationwide.
J.P. Morgan Private Client is a more exclusive product for clients with more than $750,000 in qualifying deposit and investment balances.
Clients of the latter service receive personalized attention from a dedicated banker as well as experts across personal banking, business banking, lending and planning.
Chase significantly expanded its wealth management offerings in recent years as it absorbed the remains of the failed First Republic Bank, which dominated the wealth business in Greater Boston and other major metro areas around the country. Citizens and Berkshire Bank were among the local competitors that also successfully lured wealth management talent and customers from the former First Republic Bank and Silicon Valley Bank.
