JPMorgan Private Bank has built something few rivals can match in North America’s fiercely competitive wealth space: a platform that can effectively function as an outsourced family office for the world’s rich families, that still works capably alongside in‑house teams.
By integrating advisory, balance‑sheet solutions, lifestyle support and the full breadth of the JPMorgan franchise under a coherent framework, the bank has turned family office services from a product label into a genuinely end‑to‑end offering.
A core development in the review period was the consolidation of US and international family office practices into a single global framework. This move, overseen under new global CEO David Frame, is designed to reduce friction for globally connected families and to take best practices from the international and US businesses, and bring them together for clients who operate across multiple jurisdictions.
For North American families with entities, residences and investments in Europe, Asia or Latin America, this integrated model allows for consistent governance, reporting and structuring advice, rather than piecemeal regional solutions.
The launch of a comprehensive Lifestyle Services platform in 2025 marks a further step-change in what the bank can do for family offices. After several years of development, JPMorgan can now support clients with aviation management, travel and dining (via a dedicated concierge partnership), household staffing, healthcare navigation and claims handling, CFO‑style services, and foundation administration including bill‑pay and reporting. Demand has been immediate, with more than 3,000 lifestyle service requests received in just a few months and additional hiring underway to support growth, including new roles in London.
[JPMorgan has seen] great continued growth … in terms of our coverage of more billion‑dollar‑plus families
William Sinclair
The 23 Wall initiative encapsulates how JPMorgan leverages the full firm for its largest family‑office clients. This programme gives qualifying families a single point of contact who can bring together private banking, commercial banking and investment banking capabilities around complex needs. A frequently cited example is sports team ownership, where a family may need acquisition financing, stadium or infrastructure lending, and capital markets or advisory expertise for selling a minority stake, all supported by access to the bank’s network of many of the world’s billion‑dollar families. The 23 Wall team now covers more than 700 families globally, with dedicated international leadership, and is tightly linked into the family office practice in North America.
JPMorgan’s position in the US family office market is formidable. The bank works with more than half of US billionaires, based on its own internal mapping, and tracks success not only through assets under management and revenue but through growth in “percent of market opportunity asset share” and deepening wallet share with existing families, according to William Sinclair, head of the US family office services practice. He describes “great continued growth … in terms of our coverage of more billion‑dollar‑plus families”. Internationally, the bank is expanding family office coverage rapidly across Asia, EMEA and Latin America, including work with the Hong Kong government’s Wealth for Good initiative and support for both local and US families setting up offices in Asia.
JPMorgan’s North American family office franchise offers a rare combination: the scale and product breadth of a universal bank, a specialist practice that understands governance and office construction, and a newly launched lifestyle and outsourcing platform that meets rising demand for operational support.
