JP Morgan now helps you find private jets and butlers

JP Morgan Private Bank has launched a new lifestyle service for wealthy clients, offering everything from private jet flights and travel to household staffing and art restoration.

The move comes as private banks and asset management companies are trying to find ways to serve clients outside of their increasingly informed core investments and financial advice. JP Morgan said the offices of ultra-high wealthy clients and families are relying on more and more wealth advisors for broader non-financial advice.

“We are pleased to announce that we are committed to providing a comprehensive range of services to our clients,” said William Sinclair, co-head of Global Family Office Practices at JP Morgan Private Bank. “They view JP Morgan as a reliable source of information for their clients.”

The service allows US clients of JP Morgan Private Bank to access a specialized network of companies that have been carefully screened and curated by the bank. There is no additional charge for access to the service. Clients get exclusive offers, free consultations, discounted rates and other transactions from companies on the platform.

The service includes everything from private jet flights and luxury travel to home staffing, healthcare management and collectible advice. It also includes aggregated financial reporting programs, bookkeeping and bill payment services (known as “CFO Services”).

For travel advice, clients can access Valerie Wilson Travel. This was acquired in 2022 by JP Morgan as part of the purchase of travel management company Frosch. The bank did not name other companies available on the platform, but said it includes a wide range of providers in its various services.

In civil aviation, clients can choose from a jet card program, fractional ownership, or a charter, depending on their needs. For collectibles, clients can receive advice on managing, maintaining and selling collections, from catalogs and restoration to selling or purchasing in the primary or secondary market.

For household staffing, clients have access to family offices and household-specific recruitment companies. The service also includes financial management services and financial reporting tools, allowing clients to see all their investments in one place.

Sinclair said private jet services tend to be most demanded, along with private bank clients and household employee payroll management. He said business owners who sell businesses often ask banks to help find new health insurance plans.

Emily Margolis, head of lifestyle services for private banks, said JP Morgan will add more services to its platform as it grows.

“We are looking at areas where physical security, insurance, more detailed HR, and more demands are seen,” Margolis said.