JPMorgan Chase is raising the stakes in wealth management by unveiling a new suite of high-end branches targeting affluent American households.
The bank plans to launch 14 J.P. Morgan Financial Centers this year in upscale ZIP codes across New York, California, Florida, and Massachusetts. These locations were acquired through JPMorgan’s 2023 takeover of First Republic Bank, known for its white-glove service to high-net-worth clients.
The initiative aims to position JPMorgan as a premier destination for both banking and wealth advisory. Although half of the nation’s 19 million affluent households already bank with Chase, the institution manages just 10% of their investable assets.
“This is a major opportunity to expand our client relationships beyond deposits,” said Jennifer Roberts, CEO of Chase Consumer Banking.
The new service tier — J.P. Morgan Private Client — is designed for clients with at least $750,000 in combined deposits and investments, though the bank is primarily targeting households with $2 million to $3 million in assets.
Each branch offers a luxury experience with hotel-like interiors, concierge desks, and a dedicated personal banker. Gone are teller counters and transactional setups; instead, clients are welcomed into quiet lounges and private meeting rooms with art displays and refreshments.
“What we’re offering is a concierge-level relationship — the kind of elevated, consistent service clients expect from a private bank,” Roberts noted.
The model draws from First Republic’s reputation for seamless, personalized financial support, with JPMorgan adding its own scale and infrastructure. By 2026, the bank expects to open 31 such branches.
JPMorgan’s move is also a strategic challenge to competitors like Morgan Stanley and Bank of America, both of which currently dominate the wealth management sector.
Still, awareness remains a challenge. “We don’t see heavy foot traffic yet,” Roberts admitted. “People aren’t sure what these new branches are. We need to change that.”
Despite this, JPMorgan insists the service remains open to all. “Anyone can walk in,” Roberts emphasized. “We want customers to understand the depth of what we can offer.”
With this rollout, the bank hopes to double its consumer investment assets, which stood at $1.08 trillion in March 2025.
