Private jets parked on the Friedman Memorial Airport throughout the Allen & Company Sun Valley Conference on July 10, 2025 in Sun Valley, Idaho.
Kevin Dietsch | Getty Images
J.P. Morgan Private Bank is launching a new life-style service for its rich shoppers, providing reductions and referrals on the whole lot from private jet flights and journey to family staffing and artwork restoration.
The transfer comes as private banks and wealth administration companies search to find methods of serving shoppers exterior of core investing and monetary recommendation, which have turn out to be more and more commoditized. J.P. Morgan stated ultra-high-net-worth shoppers and household places of work are increasingly more turning to their wealth advisors for broader nonfinancial recommendation.
“There is a growing trend among clients who want our advice outside of traditional wealth management,” stated William Sinclair, co-head of J.P. Morgan Private Bank’s Global Family Office Practice. “They view J.P. Morgan as a trusted source because of our clients.”
The providers will give J.P. Morgan Private Bank’s U.S. shoppers entry to a specialised community of firms which have been fastidiously vetted and curated by the financial institution. There is not any extra cost to entry the providers, and shoppers will get unique affords, free consultations, discounted charges and different offers from the businesses on the platform.
The providers embody the whole lot from private jet flights and luxurious journey to family staffing, health-care administration and collectibles recommendation. They additionally embody aggregated monetary reporting applications, bookkeeping and invoice pay providers (often called “CFO services”), that are in sturdy demand by ultra-wealthy buyers and household places of work.
For journey recommendation, shoppers will be capable to entry Valerie Wilson Travel, which J.P. Morgan acquired in 2022 as a part of its buy of journey administration firm Frosch. The financial institution did not title different firms obtainable on the platform however stated they embody a wide selection of suppliers throughout varied providers.
In private aviation, shoppers will be capable to select from a jet card program, fractional possession or constitution, relying on their wants. For collectibles, shoppers will be capable to get recommendation on managing, sustaining or promoting their collections, from cataloging and restoration, to promoting or shopping for within the main or secondary markets.
For family staffing, shoppers will get entry to recruiting companies focusing on household places of work and households. The service will even function monetary administration providers and monetary reporting instruments, the place shoppers can see all of their investments in a single place.
Sinclair stated private jet providers are usually probably the most requested by private financial institution shoppers, together with invoice paying and payroll administration for family staff. He stated enterprise homeowners who promote their enterprises usually ask the financial institution to help find new medical health insurance plans.
Emily Margolis, head of life-style providers for the private financial institution, stated J.P. Morgan will add extra providers to the platform because it grows.
“We’re looking at physical security, insurance, more in-depth HR, areas that we see more requests,” Margolis stated.