Despite geopolitical fears, it all starts with a plan

Eric Tepper, head of branch-based wealth at J.P. Morgan Wealth Management, says its vital to stay informed and responsive to geopolitical and economic challenges, as his advisors help clients navigate uncertainty and invest for the long term.

“We provide our advisors with extensive thought leadership and webcasts from specialists at J.P. Morgan,” Tepper explains, highlighting the value of accessible information.

One of the key tools Tepper mentions is a Morning Call. “All of our financial advisors nationally across our over 4,800 branches have access to our morning call to listen to subject-matter experts across the firm,” he says. “This helps them stay up to date on topics that could impact client portfolios and readies them to respond to client questions.”

These calls cover a range of topics, from political and economic updates to market-specific insights in fixed income and equities. Additionally, Tepper notes that they augment these calls with real-time updates as needed.

“If there’s a market-moving event or geopolitical issue, we can host a conference call quickly for thousands of advisors,” he adds.

Tepper also stresses the importance of clients having a robust financial plan, especially in today’s uncertain climate.

“Despite what’s happening geopolitically, it all starts with a plan,” he says. “And, by focusing on whether clients are on track with their financial goals, advisors can help mitigate fears and uncertainties.”

“Very often, market uncertainty can be noise in the background of a long-term financial plan,” Tepper adds. “But a plan helps clients stay on track, despite ups and downs.”

Leadership also plays a crucial role in Tepper’s approach to managing J.P. Morgan Wealth Management’s branch-based advisors.

“I sat in the seat as a financial advisor, which I think is very important,” he says, reflecting on his career. “I also spend a lot of time with our advisors and clients across the country. Last year, I spent about 150 days on the road.”

He also carries a “pain-point list” to prioritize and address challenges, aiming to streamline processes and improve the client experience.

Diversity is another critical focus for Tepper. “Diversity is not a nice-to-have; it’s a must-have,” he declares, citing the changing demographics of both clients and advisors. J.P. Morgan Wealth Management has implemented initiatives like the Black Advisor Summit to support diverse advisors.

“You can’t build a business without diverse leaders leading the charge from the front, and at J.P. Morgan, we’re equipping our advisors to be leaders in their communities. We recently hosted our third Summit, with over 300 attendees, providing them with the tools and resources to better serve their clients of all backgrounds.”

The personal touch

Technological innovation is also pivotal in enhancing client and advisor experiences, and Tepper acknowledges the role of digital tools in today’s financial landscape. "We know that clients like to engage with us digitally," he says. Chase’s app, rated number one by JD Power, provides a one-stop shop for banking, lending, credit, and investments.

However, Tepper emphasizes that personalized advice remains critical. "Finding the right balance between digital engagement and in-person advice is key," he explains. Clients may start with digital tools but often seek in-person advice for more complex needs. "Having over 4,700 branches in most communities across the country is a critical benefit.”

One significant technological investment is Chase's proprietary wealth planning tool, Wealth Plan. "We launched this tool about 18 months ago, and it’s being used by our advisors like never before," Tepper notes. Available on chase.com, Wealth Plan allows clients and prospects to start building a financial plan independently. "We've crossed 1.2 million plans created," he says.

Looking ahead, Tepper highlights simplification and democratization as key trends in financial services. "Simplification will be one of the greatest innovations in financial services over the next decade," he predicts.

To that end, making it easier for clients to do business with Chase, from account openings to transferring money, is a priority. Democratization, facilitated by technology, is also crucial. "We want to be the bank for all," Tepper asserts, emphasizing Chase's commitment to accessible financial services through initiatives like fractional shares for self-directed investing customers and lower minimums for products.

Artificial Intelligence (AI) is another area Tepper is keenly interested in. "AI will not replace personalized financial advice, but advisors who use AI will replace those who don’t," he predicts. While it's too early to talk specifics, Tepper is optimistic about AI's potential to enhance advisor productivity and client experience. "We’re laser-focused on it internally at J.P. Morgan, and I think it’s going to bring sweeping changes, mostly positive," he says.

Most of all, Tepper's leadership is characterized by a commitment to client and advisor support, technological innovation, and diversity. His focus on simplification and democratization, combined with the strategic use of AI, positions J.P. Morgan Wealth Management to navigate the evolving financial landscape successfully.

"Our clients have worked hard to build their wealth, and it's our responsibility to help them preserve and grow it. That's a responsibility we take very seriously."