JPMorgan Chase & Co. is going back to basics, opening 14 sleek new financial centers in a bid to draw in America’s top earners—offering a secure, familiar place to build and protect their fortunes.
How JPMorgan is targeting America’s wealthiest clients
The new locations, acquired during JPMorgan’s 2023 takeover of First Republic, are in some of the wealthiest ZIP codes in the U.S., including Napa, Palm Beach and Wellesley Hills. These upscale locations will function as pilot sites for JPMorgan’s push to refine client service and expand its reach among wealthy investors.
These catchment areas are attracting a growing number of ultra-rich individuals, particularly in Palm Beach, where the billionaire population is surging. According to Palm Beach Daily News, 68 billionaires currently reside there, with a combined net worth exceeding $620 billion.
The bank, set to celebrate its 25th anniversary next year, is the largest in the U.S. by deposits and assets, but it has struggled to keep pace in wealth management, where firms like Wells Fargo and Northern Trust have established strong footholds.
Trust and financial security are still closely tied to a visible, local presence for many investors. This is especially true in wealth management, where face-to-face advice and on-demand support are often expected. Although around half of America’s top earners bank with JPMorgan, a far smaller portion choose to invest with the firm.
JPMorgan unveils personalized one-on-one private client program
As JPMorgan looks to double its center count by next year, it’s also rolling out JPMorgan Private Client, a service built to strengthen investor relationships. Each client gets access to a dedicated app and is matched with a single banker for a seamless personalized experience. Private client members are expected to maintain at least $750,000 in qualifying balances to be eligible for the program.
For clients with at least $150,000 in eligible deposits and investment balances, Chase Private Client provides access to a lower tier available across all 5,000 branches in the U.S.
JPMorgan’s latest financial centers are intentionally designed to stand apart, elevating and rethinking the in-person banking experience from the moment clients arrive. The bank’s Palm Beach location, for example, was recently transformed into a fresh and modern space. Warm wood finishes line the interior, complemented by comfortable seating areas and a curated selection of complimentary drinks and snacks. Tall botanical plants frame the entrance and concierge desk, softened by gentle white lighting.
“Through these Financial Centers, we are redefining how affluent clients are served, offering a highly personalized level of service that is backed by the global capabilities of JPMorganChase,” Jennifer Roberts, the CEO of consumer banking at Chase, said in a statement.
Branch banking is in decline, but its relevance hasn’t disappeared
While most major U.S. banks have gone all-in on digital to reduce costs, boosted by AI agents and global support teams, high-net-worth clients still expect a traditional touch, despite data showing the majority of bankers are relying less on physical branches in the digital age.
According to 2024 data from finance and credit-building company Self Financial, bank closures have been steadily rising for over a decade, with the number of physical branch locations across the U.S. consistently declining since 2012. The roots of this trend trace back to the 2008 financial crisis, with more recent events like the COVID-19 pandemic pushing banks even further to rethink how and why they invest in physical property moving forward.
Roberts, speaking to CNBC, admitted that increasing awareness will be key to the success of JPMorgan’s new financial centers. “We just need to get the awareness out there,” she said. “We’re never going to turn someone away. Any customer can come and leverage any of our branches at any time.” Customers can still utilize JPMorgan’s services through their nearest branch or online—even if a new center isn’t nearby.
Photo courtesy of JPMorgan
