JPMorgan Chase To Open New 'Elevated Concierge Type Of Service' Brick-And-Mortar Locations To Woo Wealth Clientele

• JPMorgan Chase announced the opening of 14 new Financial Centers across four states this week
• The brick-and-mortar locations are aimed at serving its Private Client tier, who have over $750,000 in qualifying deposits and investments with the institution
• The new financial centers join to existing locations in San Francisco and New York City that opened late last year

JPMorgan Chase JPM announced Tuesday it would be open 14 new financial centers to cater to affluent clients  in four states this week.

These brick-and-mortar locations are spread out across California, Massachusetts, Florida, and New York. They will join the two existing so-called  J.P. Morgan Financial Centers in San Francisco and New York City in servicing its wealthiest clientele.

"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 J.P. Morgan Chase," Jennifer Roberts, CEO of Chase Consumer Banking, said in a statement.

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Each of the locations was acquired in May 2023 when the company took over First Republic. Situated in ritzy locales like Palm Beach, Florida; Napa, California; New York; and Cambridge, Massachusetts, the banks will feature private meeting spaces and distinctive finishes intended to create an environment of privacy, sophistication, and comfort.

Additionally, senior private client bankers will be on hand to provide personalized support for customers who qualify for the J.P. Morgan Private Client tier. These customers have over $750,000 in qualifying deposits and investment balances with the institution. 

"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," Roberts said. "These new Financial Centers offer a highly personalized service model, providing greater flexibility to meet clients’ needs with exceptional attention and care."

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JPMorgan Chase is the country's biggest bank by deposits and assets, and has a top share in areas like retail credit cards. However, one area where it isn't a clear leader is wealth management. 

Roberts told CNBC that while JPMorgan Chase can count half of the 19 million affluent households in the U.S. as clients, it only has 10% of their investment dollars.

JPMorgan Chase hopes that these new Financial Centers, as well as the Private Client tier, will change that. "What First Republic did really well was deliver a concierge-level of service where if you have an issue, a person owned it for you and you didn't have to worry about it," Roberts told CNBC. "So with this experience, we are going to deliver a more elevated concierge type of service, like you would expect at a high-end hotel."

"We want people walking in, having the experience, meeting with our experts and understanding how we can help support their financial goals over time," she said.

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