JPMorgan just poached a veteran marketing executive from Morgan Stanley to ramp up its wealth arm

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  • JPMorgan hired Paul Halpern from Morgan Stanley as its chief marketer for wealth management. 
  • JPMorgan has sought to expand its wealth arm, which has lagged rivals, in recent years. 
  • Before Morgan Stanley, Halpern was chief marketing officer at digital wealth manager Betterment.

JPMorgan has hired a longtime marketing executive to help the bank in its quest to expand its wealth management arm, a major priority of the largest US bank in recent years as it seeks to advise more affluent people on their finances.

The bank hired Paul Halpern as its chief marketing officer for wealth management, executives told employees on Tuesday morning in a memo viewed by Insider.

He is set to start this September and will report to Carla Hassan, the bank’s chief marketing officer, and Kristin Lemkau, the chief executive of US wealth management who earlier in her career led JPMorgan’s marketing efforts. 

“In any start-up business, the role of chief marketing officer is not for the faint of heart. It takes the right combination of creativity, tenacity, and experience to grow a business and lead a new team to greatness,” Lemkau and Hassan wrote.

JPMorgan’s wealth management arm has some 5,000 financial advisors and $700 billion of assets under supervision as of April. It is a separate business from its private bank for ultra-wealthy clients. 

Halpern is set to join JPMorgan from Morgan Stanley, where he worked in the bank’s $4.8 trillion wealth management arm as its head of deposits and cash management for the private banking group. Halpern replaces Dipti Kachru, the wealth arm’s former CMO who started at financial-technology firm Broadridge as global marketing chief in January. 

The hire reflects JPMorgan’s heightened ambitions in recent years to expand its wealth management arm, the size of which has lagged major competitors like Morgan Stanley, UBS, and Merrill Lynch. That’s meant hiring advisors from competitors, improving its digital wealth tools, and poaching new executives since about 2019. 

In 2019 the bank installed Lemkau, a longtime JPMorgan executive who long shaped its image as its top marketing official, to run the US wealth business. And last year it hired David Moss, the former head of content at Robinhood, to run content-marketing efforts in the US. 

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