When clients have wealth that runs to eight figures or more, it’s not uncommon that their finances are not the only part of their lives that are complex and frequently hectic.
For wealth management firms, there is scope to extend the role of trusted advisor beyond what would traditionally be their domain, by offering clients a more holistic range of services and solutions that aim to simplify some other aspects of life alongside their finances.
Advisory firms are rapidly expanding their service offerings to attract and retain high-net-worth and ultra-high-net-worth clients, according to recent research from Cerulli Associates – such as JPMorgan Private Bank which has recently launched a new Lifestyle Services platform aimed at meeting the non-financial needs of the world’s wealthiest families.
The new service provides support in areas ranging from private aviation and travel to healthcare and family office staffing and InvestmentNews has been finding out the rationale behind the new offering from William Sinclair, co-head of the bank’s Global Family Office Practice.
“Lifestyle Services is a natural extension of our role as trusted advisors to the world’s most complex families,” Sinclair says. “It allows us to partner alongside our clients and apply our expertise beyond financial management into areas like private aviation, travel, healthcare, and family office staffing.”
The service reflects shifting client expectations, with Sinclair citing an increasing demand for services including streamlining tasks from bill pay to healthcare, by connecting clients with industry leaders while leveraging the bank’s scale to secure better terms for them.
“It allows families to outsource complexity, whether managing an aircraft, hiring staff or tracking investments,” he says. “By simplifying the details, we give clients back valuable time to focus on family, business and philanthropy.”
Concierge-style services are not new for wealth management firms, especially those whose clients are in the $10 million and above cohort. But Sinclair this one is different because it is integrated into the bank’s broader ecosystem. And the holistic approach includes technology.
“Our clients often have significant private markets investments and direct to capital table company investments,” Sinclair said. “Through our digital reporting platform, we bring that information together in one place, supported by a dedicated reporting team. It gives families greater transparency, a detailed look into their performance and control to make more informed decisions.”
The partners used for the new service are required to ensure the strict privacy and data protection standards that wealthy clients expect. And Sinclair says all partners are carefully selected.
“We focus on providers who are recognized leaders in their fields and share our standards for quality and discretion,” he says. “Every partner goes through a thorough review process covering financial stability, operational resilience and more. That diligence gives our clients confidence in every engagement.”
Although Lifestyle Services launched in the US, it is likely to go global.
“We began in the US because that’s where client demand was strongest,” Sinclair says. “However, our clients are global, and we expect to expand the offering into additional regions where our families live, travel and invest.”
