A month after
Lemkau tapped existing talent at JPMorgan and looked to a competitor, according to the memo seen by On Wall Street which detailed the appointments.
Competitors such as Goldman Sachs and Morgan Stanley are striving to expand their wealth management franchises. Goldman Sachs recently acquired United Capital. James Gorman, CEO of Morgan Stanley, outlined plans this month to add a million wealth management clients in the coming years.
JPMorgan’s U.S. wealth management business includes a digital platform, bank-based advisors, and a unit that caters to high-net-worth and ultrahigh-net-worth clients. The newly constituted wealth unit will have approximately $400 billion in AUM and about 4,000 advisors working out of 3,500 branches and 21 offices.
Two veteran wealth management executives are staying in their current roles: Eric Tepper as CEO of Chase Wealth Management and Chris Harvey as CEO of J.P. Morgan Securities. Tepper oversees the firm’s branch-based financial advisors and is tasked with working with colleague Pam Codispoti to develop connections with JPMorgan’s consumer bank.
Harvey, who has served as chief of J.P. Morgan Securities for the past three years, oversees a unit that caters to wealthy clients.
Bori Cox, a JPMorgan employee since 2011, will serve as CFO for the wealth management unit. Cox most recently worked as CFO of consumer and business banking, including Chase Wealth Management.
Rob Ferrari is now head of investments and advice and will also provide investment insights for advisors and clients. He’s been with the bank since 2006.
Sol Gindi’s role expanded to become chief operating officer and head of a new wealth management remote advice channel. In that enlarged role, Gindi is responsible for client service, client and advisor experience, client and advisor platforms, program management, and real estate strategy, according to the memo. He has past experience as CFO and CAO of the firm’s consumer bank. Gindi’s colleague Kevin Finn will serve as head of client service.
Julie Glynn, a JPMorgan employee since 2011, now serves as general counsel for the new wealth management unit. Glynn previously served as general counsel of Chase Wealth Management.
Dipti Kachru, who has experience in the firm’s asset management and consumer bank units, now serves as chief marketing officer.
Kelli Keough will become head of client solutions and oversee the firm’s online investing platform You Invest and Retirement. Keough joined the bank from Schwab four years ago and has played key roles in JPMorgan’s digital wealth management operations.
The memo says the bank will hire a new head of digital.
Nancy Korb continues to serve as head of human resources, having previously been the HR head of global wealth management.
MaryAnn Lamendola who joined the firm in 2006 as the chief compliance officer of Chase Investment Services, will run supervision under Lemkau.
Michael Liersch, head of wealth planning and advice, will continue in the role.
Having run strategy for Chase Wealth Management, Sam Palmer will now be head of business development and strategy.
Joining the firm from Bank of America Merrill Lynch is Sarah Tuttle, who will lead data and analytics as part of Lemkau’s team. In her prior role, she “helped drive a strong data-based lead generation program that resulted in significant household growth,” the memo says.
Luxi Zhang serves as chief of staff for Lemkau. She served in a similar role she occupied in global marketing.
And Jennifer Zuccarelli serves as head of communications and content.
Lemkau also said the bank would be looking to fill open roles in the coming weeks in controls, risk, operations, technology, compliance and practice management. She added that Stephen Baron, head of national sales for the consumer bank, will sit on the leadership team for wealth management to strengthen the bonds between the different businesses.
Lemkau emphasized the team would work to integrate the wealth management business.
“The goal is to move quickly, with minimal disruption and without adding unnecessary expense. To date, people have been extremely generous with their time and enthusiastic to help get this business going,” she said.
She added: “Together, we’re going to obsess over clients, empower our employees, do the right thing and grow our business.”
This story has been updated with AUM and advisor headcount figures to reflect JPMorgan's new wealth management business.
