JP Morgan Wealth Management has launched remote advice business JP Morgan Personal Advisors.
As an introductory offer, the firm is waiving advisory fees for six months for anyone who signs up and funds an account. But normally, the annual fee for JP Morgan Personal Advisors is 0.6% or less, depending on how much the client chooses to invest.
JP Morgan Personal Advisors clients will be able to speak with an adviser as frequently as they want by video or phone, receive a financial plan and recommendations, and have access to investment portfolios. They will also be able to access Chase mobile app services.
The business currently has more than 200 licensed financial professionals serving clients and plans to add over 100 in the next year.
While clients can meet virtually with advisers anywhere they please, advisers are located in Chicago, Columbus, Jersey City, Atlanta, Plano, San Antonio and Tempe. It is looking to add an office in Irvine, California later this month.
Kristin Lemkau, chief executive of JP Morgan US Wealth Management, said: “This is a milestone for us and a way for us to serve a whole new set of clients. Personal Advisors is for clients who want to get on a plan and trust JP Morgan to help them get there. In our pre-launch, 93% of clients rated their adviser an average score of 9.5 out of 10.”