<\/p>\n
JPMorgan Chase & Co\u2019s private bank is using artificial intelligence (AI) to onboard clients, for investment research and other tasks in an effort to increase productivity among its wealth advisors.<\/p>\n
This is according to its Europe, Middle East and Africa (EMEA ) head Pablo Garnica.<\/p>\n
Read: AI is creating jobs, but SA could still lose<\/p>\n
AI is being used \u201cto enhance the experience of the client, but at the same time, to make our advisors more effective and efficient,\u201d Garnica said in an interview.<\/p>\n
The bank\u2019s wealth arm is using AI to simplify complex processes, give advisors faster access to its research and investment views, and help clients find relevant information through its website and app.<\/p>\n
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At the same time, JPMorgan is still hiring and investing in its private banking staff, running counter to banks and firms that are cutting jobs as they start to see efficiencies from the technology.<\/p>\n
Garnica said he\u2019s expecting JPMorgan\u2019s advisor headcount within private banking in EMEA to grow 10% to 15% over the next three to five years.<\/p>\n
Read\/listen: How to have the edge when job searching in the AI era<\/p>\n
Some wealth management firms have said AI is creating more hiring needs as their own people become more productive and can onboard more clients.<\/p>\n
Citigroup Inc, for example, said earlier this year that it wants to add 400 wealth advisors across its US retail bank and another 100 staffers for its private bank.<\/p>\n
JPMorgan is \u201cvery focused\u201d on continental Europe, and is \u201cgrowing in the Middle East,\u201d Garnica said.<\/p>\n
Changes in wealth management<\/p>\n
It is also seeking to build relationships with younger generations as wealth is transferring over from baby boomers at an accelerating pace, he said.<\/p>\n
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Family offices are currently most concerned about geopolitical risk, Garnica said, as investors contend with a more fragmented world, inflation and the impact of AI.<\/p>\n
That can create opportunities to invest in sectors like defence, those tied to AI, and new technologies \u2013 as well as infrastructure, he said.<\/p>\n
Read: Activists appeal City of Cape Town data centre approval<\/p>\n
A UBS Group AG\u00a0survey\u00a0released in May of 307 family offices across more than 30 markets found that 60% planned to change their strategic asset allocations over the following 12 months, as geopolitical conflict, rising debt and economic uncertainty prompted them to reassess their portfolios.<\/p>\n
\u00a9 2026 Bloomberg<\/p>\n
#JPMorgan #wealth #advisors #efficient<\/p>\n","protected":false},"excerpt":{"rendered":"
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