Private banks aren’t historically known for focusing on diverse clients, but J.P. Morgan Private Bank has been working diligently to change this with the launch of Diverse Wealth Initiatives. The bank has assembled a team of experienced bankers and wealth strategists dedicated to engaging high- and ultra-high-net-worth people of color across the country with tailored content, experiences, and advice. This new team within J.P. Morgan’s private wealth arm is currently focusing on engaging and supporting Black individuals and families, and furthering the Private Bank’s recruitment efforts for Black private bankers, concentrating on hiring, internal support, and development resources.
Clinton Warren, Head of Investments for the Dallas Private Bank business and co-head of the Diverse Wealth Initiatives team, has enjoyed watching this commitment expand during the past two years, as bankers across the country embarked on grassroots efforts to engage affluent people of color around the importance of generational wealth management.
“In its rawest form, this is our bank’s intentional effort to be the bank of choice for diverse clients, and the employer of choice for diverse bankers,” Warren says. “Historically, once diverse families attain wealth, they have a lower probability of passing it on to the next generation. We are trying to share all the information and knowledge our bank has acquired over the last 200 years and pass it along to minimize this wealth gap. We recognize the importance of helping those who have achieved wealth create a legacy that will last for multiple generations to come.”
The genesis for Diverse Wealth Initiatives started in 2019 among several Black bankers across the county who were curating intimate networking events, bringing together Black, wealthy families to have conversations around pertinent topics.
This is our bank’s intentional effort to be the bank of choice for diverse clients…
“These events were very well received, and everyone was not only engaged, but surprised and delighted to see banks investing in, and connecting with their community,” Warren says. “We did this in Dallas, New Orleans, Atlanta, Washington D.C., San Francisco, and Los Angeles—all in-person events in places where bankers realized there was a greater opportunity to connect with diverse prospects and clients.”
During the pandemic, the Private Bank moved its meetings and events to virtual format, and the accessibility of a virtual platform helped grow their audience across the country, sometimes with more than 200 people attending via Zoom.
“One, for example, was focused on demystifying lending, and it was amazing to see this national network where people could engage with others who are like-minded,” he added. “Since then, we have been focused on getting rid of the barriers that prevent people from having long-term financial success.”
Warren says the new initiative focuses on the “Three C’s” that most often create the barriers that keep diverse families from investing and passing on their wealth.
Conservativism. “Our clients who are Black tend to be more conservative in nature,” he says. “There has always been this idea of once you make it, don’t lose it. Investing in the market tends to not be as prevalent. This lean toward conservatism can decrease the probability of generational wealth.”
Concentration. According to Warren, history has revealed that, once diverse families find success with one type of investment they often tend to stick with it, rather than diversify their investments. “They might double, triple, or even quadruple down on that one thing,” he says. “For example, maybe they found success in real estate and that’s all they will invest in. Suddenly, their portfolio becomes concentrated, and over-concentration increases the risk of loss over time. It can be a great way to attain wealth, but it’s not the strongest way to maintain wealth. We are trying to break through a lack of understanding or exposure to investments.”
Cynical banking relationship. “Historically, there isn’t a deep relationship formed between Black clients and banks,” Warren says. “At the Private Bank, we do not have a solely transactional relationship with our clients, it is a relationship led by financial guidance and advising them on how to reach their ultimate goals. Trust has to be gained over the years.”
By curating events, networking, and providing wealth management access and exposure to diverse wealthy families, J.P. Morgan Private Bank can help families in Dallas and across the country achieve their goals and finally close the gap from one generation to the next. Warren says he and his team feel privileged to work in this space and plan to continue leveraging the momentum they have created to build more relationships in communities where they pinpoint a need.
“It’s about accessibility, exposure, and lessons learned,” he says. “Our bank is uniquely positioned based on the talent we have and a commitment from senior leadership. We can harness this in an authentic manner and deliver to each community with hopes of creating legacies and general wealth. It’s about more than building relationships and bridges; it’s about being their bank of choice, and we are uniquely positioned based on our structure, platform, and influence to deliver on that.”
Get to know Diverse Wealth Initiatives’ leaders
Clinton Warren is a Managing Director for J.P. Morgan Private Bank, charged with leading the investment practice for the Dallas and Oklahoma markets in addition to co-leading Diverse Wealth Initiatives. In this senior role, he directs a group of professionals that deliver advice on portfolio construction, asset allocation, and manager selection across both public and private markets. His overarching mission is to provide wealthy families with best-in-class practices and strategies that increase the probability of achieving their meaningful goals.
Nationally, Diverse Wealth Initiatives is co-led by Warren and Jason Tinsley, the Private Bank’s Michigan Market Manager. Together, Warren and Tinsley oversee more than $50BN in client assets. In addition to his role co-leading Diverse Wealth Initiatives, Tinsley manages a team of professionals who deliver guidance across investing, philanthropy, family office management, credit, fiduciary and advisory services. Jason has spent nearly two decades at JPMorgan Chase, working across community, business, and private banking.
Additionally, to help establish and build this effort, Deb Langford joined the Private Bank earlier this year as Head of Black Wealth Initiatives, reporting to Jason and Clinton. In this role, she focuses on event-driven partnerships and deepening the Private Bank’s engagement with the Black affluent community in the US. Most recently, Deb led Business Development for JPMorgan Chase’s Advancing Black Pathways (ABP), an initiative launched in 2019 that focuses the firm’s resources on three key areas where there are racial and economic disparities that create barriers to long-term financial success: education, careers and wealth.
“For JPMorgan Chase, Diverse Wealth Initiatives is a natural extension of our existing investment in the Black community in America,” added Warren, referring to the firm’s $30 billion Path Forward commitment to racial equity.
Connect with J.P. Morgan Private Bank in Dallas
privatebank.jpmorgan.com/dallas | (214) 965-3000
About J.P. Morgan Private Bank
J.P. Morgan Private Bank provides customized financial advice to help wealthy clients and their families achieve their goals through an elevated experience. Clients of the Private Bank work with dedicated teams of specialists that bring their investments and financial assets together into one comprehensive strategy, leveraging the global resources of J.P. Morgan across planning, investing, lending, banking, philanthropy, family office management, fiduciary services, special advisory services and more. The Private Bank oversees more than $1.7 trillion in client assets globally. More information about J.P. Morgan Private Bank is available at www.privatebank.jpmorgan.com/
“J.P. Morgan Private Bank” is a brand name for private banking business conducted by JPMorgan Chase & Co. and its subsidiaries worldwide. JPMorgan Chase Bank, N.A. and its affiliates (collectively “JPMCB”) offer investment products, which may include bank-managed accounts and custody, as part of its trust and fiduciary services. Other investment products and services, such as brokerage and advisory accounts, are offered through J.P. Morgan Securities LLC (“JPMS”), a member of FINRA and SIPC. JPMCB and JPMS are affiliated companies under the common control of JPMorgan Chase & Co.