JPMorgan Advisors is losing one of its most experienced executives as chief executive officer Phil Sieg announces his retirement.
Sieg has led the division of JPMorgan Wealth Management since 2021 shortly after the traditional brokerage/advisory business was rebranded from JPMorgan Securities as part of a wider reorganization of the firm’s wealth management business.
Previously Sieg was head of Practice Management for JPMorgan Wealth Management and had joined the firm from Bank of America Merrill Lynch, where he was head of the Ultra-High-Net-Worth Client Segment and Strategy, as well as the head of Private Banking and the Investment Group and Global Client Segment.
With a career spanning four decades, he had started his career as a financial advisor in Pennsylvania.
In an internal memo seen by InvestmentNews, Kristin Lemkau, CEO of JP Morgan Wealth Management announced that Sieg would be retiring on October 15, 2025.
“I cannot express how grateful I am to Phil for the enormous impact he’s had on our business. Since he became CEO of JPMorgan Advisors, we have doubled AUS, revenue and net flows. Average T-12 per advisor has increased by almost 50%,” she wrote. “We successfully integrated First Republic and refocused our business to serve High-Net-Worth and Ultra-High-Net-Worth clients. Beyond his tremendous business contributions, Phil was a confident and trusted advisor to many of us in JPMorgan Wealth Management, always sharing his experience and wisdom as we grew this business.”
Sieg’s successor was also announced in the memo. Mollie Colavita will replace him, effective immediately.
Colavita also joined JPMorgan Advisors from Bank of America Merrill Lynch in 2021 having been with the firm for three decades including roles as regional managing director in Private Wealth Management and then as head of Private Wealth Services during her last two years at the firm.
“Mollie has more than 30 years of experience in wealth management, including four years at JPMorgan,” noted Lemkau. “She is a unique combination of charisma, kindness and unflappability. Mollie is widely respected in the industry and at the company and was universally embraced by advisors and clients alike when we announced her as Phil’s planned successor a few months ago.”
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