Seven Questions with Tony Sirianni: Chris Harvey of JPMorgan
AdvisorHub’s CEO Tony Sirianni sat down with Chris Harvey, CEO of J.P. Morgan’s Boutique Wealth Management Unit, and talked about the industry. Tony sits with established leaders of the largest firms, as well as up and coming disruptors, and asks them more or less the same questions, so Advisors can get a sense of how each firm addresses the same issues from different perspectives. Taken together, they are a very interesting collection of influential points of view, and display the diversity of opinions and conclusions in Wealth Management today. You may even get to know these industry leaders on a more personal level.
Q: What do you see as the greatest challenge facing advisors today, and what has (your firm) done to address it?
A: The commoditization of investment products is making it harder to differentiate yourself on performance alone. For us, that means we are placing an even greater emphasis on winning on service, responsiveness and delivering the broad capabilities of our global firm. We also are focused on providing our advisors with differentiated marketing support so they can serve clients and grow their business in the way they best see fit.
Q: What recent trend do you feel will have the greatest impact, for good or evil, on the wealth management business?
A: In a word – technology. It’s not only helping us automate manual and repetitive tasks, capabilities such as AI and machine learning are bringing near-human performance in a tech-based delivery platform. At the same time, we know that people still want the counsel of a real human being when they are making their most important financial decisions. Ultimately, the most successful advisors will be the ones that bring together personal judgment and experience with cutting-edge technology.
Q: What role, if any, should senior firm leadership play in developing an advisor’s business?
A: Our job is to work with — and for — our advisors, since they represent the clients. We want to encourage their entrepreneurial spirit while also helping them learn from each other. It’s also our job to facilitate innovation as new client needs emerge, and to give advisors the tools they need so they can spend as much time as possible serving clients.
Q: What do you make of the changes our industry has been through over the last 10 years, and what opportunities do those changes create for advisors?
A: Increased price transparency, lower switching costs and re-regulation, among other things, have been largely beneficial to clients. As an advisor, you have to embrace scale and the inherent standardization that comes with it to deliver a great client experience.
Q: If they showed a desire, would you encourage your children to get into the wealth management business?
A: Definitely. It’s an honor to be entrusted with someone’s hard-earned money. When you serve clients well, you can help improve their lives and their communities. I’ve also always really enjoyed the rare mix of EQ and IQ this business requires.
Q: What are your interests outside of wealth management?
A: Let me rephrase the question since my business interest isn’t narrowly wealth management – it’s more centered on how, for the next client we visit or who calls us, can we best deliver the full breadth and reach of our global firm on a personalized basis that’s unique to them. It may be wealth management, it may be another product or service, or it may be to just listen and give our best advice. Outside of work I am focused on family.