J.P. Morgan Personal Advisors clients will be able to speak with an advisor by video or phone, receive a personalized financial plan and recommendations, and have access to expert-built investment portfolios
The new JP Morgan Tower of JP Morgan Chase & Co. in Hyderabad, Telangana, India. (Credit: Radhamadhab Sarangi/Wikipedia)
J.P. Morgan Wealth Management officially launched today its remote advice business, J.P. Morgan Personal Advisors. As an introductory offer, the firm is waiving advisory fees for six months for anyone who signs up and funds an account.
J.P. Morgan Personal Advisors clients will be able to speak with an advisor as frequently as they want by video or phone, receive a personalized financial plan and recommendations, and have access to expert-built investment portfolios. And because the service is integrated within the Chase ecosystem, clients can transfer money and manage all of their banking, investing and borrowing seamlessly online or on the Chase Mobile app.
“This is a milestone for us and a way for us to serve a whole new set of clients,” said Kristin Lemkau, CEO of J.P. Morgan U.S. Wealth Management. “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.”
Licensed advisors will help clients build plans based on their short-term and long-term goals, such as buying a home, planning for retirement or paying off debt.
“Many people have a clear vision of their goals but need help figuring out how to take the right financial steps,” said Boaz Lahovitsky, Head of J.P. Morgan Personal Advisors. “And even when you figure out the steps, they are not static. Market conditions vary, our lives change, even our priorities shift over time. Our advisors are there to help clients make their goals a reality.”
With the addition of Personal Advisors, J.P. Morgan Wealth Management offers a full spectrum of ways for clients to plan and invest. They can invest online, in-person with an advisor in an office or at a local Chase branch and now, over video or on the phone.
J.P. Morgan Personal Advisors currently has more than 200 licensed financial professionals serving clients and plans to add over 100 in the next year. While clients can meet virtually with advisors anywhere they please, advisors are located in Chicago, Columbus, Jersey City, Atlanta, Plano, San Antonio and Tempe. And this month, Personal Advisors will add a new office in Irvine, California.
Outside of the launch promotion, the annual fee for J.P. Morgan Personal Advisors is 0.6% or less1 depending on how much the client chooses to invest.
Source: Company Press Release