J.P. Morgan Advisors has a new leader.
Phil Sieg has been named CEO just one year after he was hired to head J.P. Morgan Advisors’ practice management team, according to an internal memo from Kristin Lemkau, CEO of J.P. Morgan Wealth Management. Sieg will oversee a unit of about 450 advisors in 21 offices who cater to wealthy and ultra-high-net-worth clients. The division is the re-branded J.P. Morgan Securities wirehouse brokerage, formerly the wealth management arm of Bear Stearns, which JPMorgan Chase bought during the financial crisis.
Sieg previously spent more than 30 years with Merrill Lynch, where his brother, Andy Sieg, is president of the wealth management business.
“In his short time at J.P. Morgan, Phil delivered a practice management framework that has helped drive the dramatic client satisfaction increases,” Lemkau said in the memo.
The firm did not respond to a request for comment.
Sieg will take over for Chris Harvey, who has served as CEO of J.P. Morgan Advisors for four years. Lemkau is tasking Harvey with establishing a new program to deliver leads to the firm’s U.S.-based financial advisors, according to the memo.
“He’s accomplished a great deal and been a passionate advocate for this business, its clients and its advisors,” Lemkau said in the memo. “Client and employee satisfaction scores are at firm-leading levels, and these are reflected in record revenues and assets managed.”
Lemkau was named CEO of JPMorgan Chase’s wealth management operations in December, 2019, after the firm folded Chase Wealth Management and J.P. Morgan Securities into a single unit with about $400 million AUM and 4,000 advisors.
She has since made significant changes to the leadership team by both promoting from within and hiring from competitors. At the time, Harvey was one of the few executives who stayed in his role.