Disrupting Los Angeles’ Wealth Administration Footprint By Aggressive Enlargement

JP Morgan Private Bank adds key hires, three new offices and plans to onboard 120 new advisors across Greater Los Angeles

JP Morgan views Los Angeles as one of the fastest growing, dynamic economies in the world – a resilient business center throughout the pandemic, poised for sustained expansion and a vibrant cycle in 2022 driven by shifting policymaker priorities, healthy businesses and consumers, and continued innovation .

Amid the uncertainties and economic hurdles of the past two years, the Private Bank sought new ways to stay at the forefront of its industry innovation, embrace the next generation of clientele and keep pace with the needs of Los Angeles’ wealthy. Among them, rigor around technical and industry-specific advisor training programs, and a renewed focus on goals-based advice and planning in a world where investment products have become commoditized. And the primary way they are leaning into this opportunity: expansion.

“We’re expanding aggressively across California. Much like our clients, we see tremendous opportunity to grow our impact across Greater Los Angeles now, and in the years to come,” said Olivier de Givenchy, US West Region Head for JP Morgan Private Bank.

JP Morgan Private Bank recently announced plans to double its advisor headcount in the US by adding 1,500 new advisors over the next five years, with a particular focus on meeting growing demand in California. Across Greater Los Angeles specifically, the Private Bank is looking to hire as many as 120 advisors over the next five years.

2021 ushered in new Los Angeles leadership, new Pasadena and South Bay offices for JP Morgan’s Private Banking business
Rick Barragan took the helm of the Private Bank’s Greater Los Angeles business earlier this year as a market manager, based in the Private Bank’s Century City office. Barragan’s remit includes the Private Bank’s Southern California expansion: operations in Westlake Village, launched in 2019, and new locations and teams in Pasadena and South Bay. All told, the Greater Los Angeles market’s makeup includes more than 100 advisors and support staff, managing more than $43BN in client assets, according to JP Morgan Private Bank.
“This is, without question, the largest hiring and expansion journey our business has ever embarked on,” said Barragan, a managing director and three-decade veteran of JPMorgan Chase. “Establishing these new, locally-driven teams will add incredible value for our new and prospective clients. We serve as a powerful gateway to the global resources of JPMorgan Chase, with the regional insight necessary to navigate the complex Los Angeles business environment.”

For JP Morgan, the distinction of having a local team dedicated to its geography is critical to helping clients succeed
“With a new team and Private Bank office in Pasadena, we can better support our clients where they live and work, and more closely connect with them around their interests and passions,” said Katie Brody, executive director and head of the Private Bank’s new Pasadena business. “We are global and local. We get all the benefits of being part of a large, global firm, while at the same time maintaining a boutique culture where the local team owns the local business.”

The Private Bank also sees this as a value for potential financial advisor recruits. Mike Duckworth, the firm’s new private banking head for his Manhattan Beach business, notes that this approach can be particularly impactful in hiring advisors who traditionally had to commute into a major city, but can now have the opportunity to engage with clients much closer to home .

“They have access to our full platform and global specialists on investments, wealth planning, philanthropic giving, and so on… and nobody else on the street can offer that kind of access or have those kinds of conversations,” added Duckworth. “These resources come with the platform – they are not bolt on capabilities an advisor needs to fund out of their own pocket.”

The opening of the Pasadena and South Bay offices is part of a larger expansion of JP Morgan Private Bank across the United States, including new locations in San Diego and Westlake Village, CA; Las Vegas, NV; Salt Lake City, UT; among others, to increase connectivity and the level of client service in the country’s major metro areas.

JPMorgan Chase has been serving Los Angeles area clients and customers for over 100 years. The firm currently serves clients across the region through its community bank, investment, private banking and commercial banking businesses. Over the last 10 years, the firm has opened more than 340 retail bank branches in the Los Angeles Metro Area. To learn more about the Private Bank across Greater Los Angeles, visit: privatebank.jpmorgan.com/los-angeles

INVESTMENT AND INSURANCE PRODUCTS ARE: • NOT A DEPOSIT • NOT FDIC INSURED • NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY • NO BANK GUARANTEE • MAY LOSE VALUE

In the United States, bank deposit accounts and related services, such as checking, savings and bank lending, are offered by JPMorgan Chase Bank, NA Member FDIC.

JPMorgan Chase Bank, NA and its affiliates (collectively “JPMCB”) offer investment products, which may include bank managed investment accounts and custody, as part of its trust and fiduciary services. Other investment products and services, such as brokerage and advisory accounts, are offered through JP Morgan Securities LLC (“JPMS”), a member of FINRA and SIPC. Annuities are made available through Chase Insurance Agency, Inc. (CIA), a licensed insurance agency, doing business as Chase Insurance Agency Services, Inc. in Florida. JPMCB, JPMS and CIA are affiliated companies under the common control of JPM. Products not
available in all states.

References to “JP Morgan” are to JPM, its subsidiaries and affiliates worldwide. “JP Morgan Private Bank” is the brand name for the private banking business conducted by JPM. Katie Brody, Mike Duckworth and Ayla Kalani lead the Private Bank’s new offices in Pasadena, Manhattan Beach and Westlake Village, respectively. Left to right: Brody, Duckworth, Kalani.

© 2021 JPMorgan Chase & Co. All rights reserved.

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