JPMorgan Private Bank says that it has “always been intentional about engaging future generations”. People are transitory and money can be too, but it doesn’t have to be. Any family knows wealth can be lost as easily as it can be won, and consistently falling on the right side of that equation means engaging the next generation, and the one after that.
The US financial firm is constantly rolling out and honing new initiatives to engage with the next-gen. Take its inaugural ‘40×40’ conference, held in Paris in November 2022. The two-day forum brought together 120 clients and prospects – many of them influential and self-made, under the age of 40, with a combined net worth of $50 billion.
Events such as these are vital to what a private bank does in working to attain and retain the loyalty of the next generation of wealthy individuals.
JPMorgan Private Bank – under Andrew Cohen, executive chairman of the global private bank – held a second 40×40 forum in November 2023. Attendees met to learn life and financial lessons from leading entrepreneurs and innovators across a host of sectors, from electric sports cars to artificial intelligence and e-commerce.
Another highly popular programme is the US bank’s annual summer reading list – last year’s was its eighth iteration – which included for the first time a ‘next-gen’ section selected by key relationship managers and client advisers.
It also publishes its annual ‘NextList’, which focuses on books and experiences with a strong next-gen theme. It went strong this year on artificial intelligence, drawing attention to the likes of Seoul’s Robot and AI Museum, and US computer scientist Fei-Fei Li’s non-fiction AI book, called ‘The Worlds I See.’
NextList’s 2024 iteration highlights how leading businesses and individuals are investing in the next generation of sustainable business. JPMorgan shone a light on several of these, including the Stella McCartney clothing brand, and Mission 44, a charity set up by Formula 1 racing star Sir Lewis Hamilton, which aims to transform the lives of young people from underserved backgrounds.
Judges cited its “heavy emphasis on advice, goals-based planning, sustainability and philanthropy, and a strong digital platform”
The fruits of the bank’s endeavours are further evident in the ‘JPMorgan Future Leaders Exchange’, an annual programme of events that includes a broad range of topics, from teaching hard financial skills such as multi-asset investing, leverage and structuring, to learning about sustainable investing and how to hone leadership skills.
The judging panel praised the private bank’s clear commitment to its next generation of wealthy clients, and to the range of programmes designed to educate and engage with them.
They cited its “heavy emphasis on advice, goals-based planning, sustainability and philanthropy, and a strong digital platform”, all of which are important to and for the next generation.
They also said JPMorgan Private Bank’s commitment to engaging with the next generation was “further emphasised through dedicated publications addressing [younger wealthy clients’] unique needs and perspectives".