Combining tech tools with private relationships

Q Many private banks look to US wealth management giants before rolling out their own product offers. Do you believe most innovation in terms of investments, technology and service still originates in the US?

A If you look back at JP Morgan’s 200-year history, one of the keys to our success has always been our ability to adapt to change, which we take great pride in. In our experience, innovation does not come from one particular country or type of company. It is happening all around the world, and in companies large and small. That’s why it’s so important to take a comprehensive view of the competitive landscape. That way, you can see how you measure up and where you can improve. You can’t wait to be disrupted, you have to disrupt yourself.

Q How have disruptive practices coming out of Silicon Valley impacted JP Morgan Private Bank's services to wealthy families and individuals?

A Innovation breeds more innovation – that’s true in New York, in Silicon Valley and around the world, and it’s true across industries. The very nature of our business and the presence we have in so many markets globally means we are able to get real-time insights from top innovators. This helps inform how we are using technology, how we are developing investment and credit solutions, and how we are delivering advice.

We also have a dedicated team focused on the specific needs of entrepreneurs. That’s incredibly valuable because it gives us a unique view into common issues they care about, which can be very different to the needs of a corporate executive or long-term family owned business. Some of the things we spend a lot of time talking to our entrepreneur clients about are their company ownership, how their assets are held, and tax-minimisation strategies.

Q Are you learning most from disruptor banks, or non-financial firms?

A One of the eye-openers to us as we have been building out our digital capabilities is that clients are not only comparing us to traditional financial services competitors, but to companies completely outside our industry. They expect their experience with us to be as seamless and simple as with companies like Apple, Amazon or Google.

Q Will there always be a need in wealth management for individual contact between relationship managers and clients, or will the new age, new generation clients soon be happy with purely digital, algorithm-led services?

A There’s no debating the industry is evolving, particularly as it relates to new technologies. Clients want to interact with financial services providers on their own terms: where they want, when they want and how they want. Obviously digital capabilities are an increasingly important part of that. Ultimately, we believe digital will complement the traditional adviser model, not replace it. Our focus is on bringing together an innovative technology platform with the advice, insights and sophistication of our advisers.

It’s an exciting time to be in this industry with pace of change as fast as it has ever been. Technology is clearly front and centre in the industry’s evolution. We believe the firms that succeed will be the ones combining powerful technology tools with strong personal advice and relationships.