Two prominent wealth firms, one an eminent RIA and the other a Wall Street giant, are both betting on physical office space as a way to deepen client engagement – but the similarities end there.
On Tuesday, Ritholtz Wealth Management the opening of a new office in Chicago that it says reflects a continued commitment to client relationships, creativity and local community.
RWM's new location is situated in The Salt Shed, a repurposed warehouse in Chicago’s Salt District that now serves as a cultural hub.
Designed by Laura Novy, who's married to one of RWM's most senior-level employees in Chicago, the office maintains much of the original building’s industrial character.
Featuring pieces from Salvage Haus and local area galleries, the firm described the new location as a milestone for its team in the Windy City, who first established a presence there in 2018.
With thirteen employees already working at the Salt Shed location, the firm has high hopes for the new office as its second headquarters, playing a central role in both client engagement and employee development across the Midwest.
“This office is a statement about who we are and how we serve our clients,” Josh Brown, CEO of Ritholtz Wealth Management, said on Tuesday. “This isn’t a bank branch. It’s a space that feels like Chicago – creative, raw, real.”
Meanwhile, JPMorganChase sait it is expanding its affluent client strategy by opening 14 JPMorgan financial centers across four states.
In all, JPMorgan currently has 16 financial centers, with 31 total locations expected by the end of 2026.
JPMorgan’s new financial centers aim to extend the firm’s high-touch service model to affluent clients in key coastal markets.
The wirehouse said its new locations – including sites in Palm Beach, Florida; Napa, California; Madison Avenue, New York; and Cambridge, Massachusetts – were mostly existing offices that it snapped up from its May 2023 acquisition of First Republic.
“Through these Financial Centers, we are redefining how affluent clients are served, offering a highly personalized level of service that is backed by the global capabilities of JPMorganChase,” Jennifer Roberts, CEO of Chase Consumer Banking, said in a statement on Tuesday.
The bank said each location is tailored for privacy and comfort, with private meeting rooms and a full-service model that integrates banking, lending and investment services. The expansion builds on two earlier openings in late 2024.
JPMorgan Chase's affluent offerings include Chase Private Client, which is open to clients with at least $150,000 in qualifying deposit and investment accounts, and JPMorgan Private Client, a more exclusive tier for those with at least $750,000 in select deposit and investment accounts.
The wirehouse is opening new financial centers comes in the wake of its CEO Jamie Dimon's recent doubling down on his return-to-office mandate.
While admitting he "emoted a little bit" during a February town hall, the outspoken chief executive did not back down from his view that an in-office presence is best for both employees and clients.
“I completely respect people that don’t want to go to the office all five days a week,” Dimon said in an interview with CNBC immediately after the incident in February. “That’s your right. It’s my right. It’s a citizen’s right. But they should respect that the company is going to decide what’s good for the clients, the company, etc., not an individual.
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