JPMorgan’s wealth management business headed into the coronavirus pandemic with considerable momentum in high and ultra-high net-worth clients. It had only recently founded 23 Wall, a team to advise the biggest and wealthiest families on how to think strategically about the whole panoply of their private assets – everything from companies and property to sports teams and art.
But in 2023, JPMorgan Private Bank doubled down on that already impressive effort, launching a new US family-office practice that would tap into the expertise of private-bank staff in areas such as estate planning, life insurance and strategic wealth-transfer techniques.
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