JPMorgan Targeting Affluent Clients: Will This Drive Fee Income?

JPMorgan JPM is doubling down on affluent clients to strengthen its wealth management franchise. According to a Bloomberg report on MSN, the bank is deploying dedicated private client bankers across 53 branches in affluent areas of Florida, Texas, New York and Connecticut.

This builds on its existing network of 18 financial centers and 15 offices serving customers with $1–$5 million in assets. Established after the 2023 acquisition of First Republic Bank, J.P. Morgan Private Client now manages $1.16 trillion in client assets, with a long-term goal of reaching $2 trillion.

The expansion underscores JPMorgan’s strategy of offering a premium, relationship-driven banking experience spanning personal banking, lending and investment services. By integrating expert guidance, digital capabilities and its expansive physical footprint, the bank is raising the bar in serving affluent and ultra-wealthy clients.

JPMorgan boasts the largest branch network in the United States and is the only bank with a physical presence in all 48 contiguous states. Last year, it opened more than 150 new branches and is on track to reach its goal of launching 500 additional locations by 2027. 

By expanding private client services, JPMorgan deepens relationships with affluent customers, boosting the cross-selling of investments, lending and advisory solutions, driving sustained growth in recurring fee income.

Other Major Banks Pushing for Affluent Clients

Alongside JPM, other major banks like Bank of America BAC and Deutsche Bank DB have been accelerating their plans to boost private banking and wealth management divisions to attract affluent clients.

Bank of America’s Private Bank, in partnership with Merrill Wealth Management, will launch the Alts Expanded Access Program in fall 2025 for ultra-high-net-worth clients (UHNW) with $50 million or more. The initiative expands access to alternative investments, offering tailored diversification, emerging themes, supported recommendations and client-directed due diligence. It complements Bank of America’s ongoing efforts to grow its wealth business. Combined with Merrill’s new UHNW advisory group and expansion of financial centers, the program strengthens the company’s position in the fast-growing UHNW wealth management segment.

In July 2025, Deutsche Bank announced the restructuring of its Wealth Management unit to drive growth and efficiency. As part of the restructuring, Deutsche Bank will streamline its offerings within the Wealth Management division to better serve a broad spectrum of clients, from digitally savvy individuals seeking convenient investment tools to HNW entrepreneurial families requiring complex, personalized advisory services.

JPMorgan’s Price Performance, Valuation and Estimates

JPMorgan’s shares have gained 30.8% this year, outperforming the S&P 500 Index’s gain of 13.8%. 

From a valuation standpoint, JPM trades at a 12-month trailing price-to-tangible book (P/TB) of 3.21X, above the industry average.

The Zacks Consensus Estimate for JPMorgan’s 2025 earnings implies a marginal rise on a year-over-year basis, while 2026 earnings are expected to grow at a rate of 2.9%. In the past seven days, earnings estimates for 2025 and 2026 have moved upward.

JPM currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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This article originally published on Zacks Investment Research (zacks.com).

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