J.P. Morgan’s Private Bank unit has tapped Utah as its newest region for growth as it moves forward on its plan to open 20 new offices across the U.S. over the next four years.
With the addition of a new Salt Lake City office, led by advisors Brian Swenson and Eric Smith, the private bank seeks to capture more high-net-worth clients in the economically strong region.
“Utah is booming with the second-highest state GDP growth in the U.S., a strong startup community and one of the youngest and fastest growing populations in the nation,” Barry Sommers, the CEO of J.P. Morgan’s Wealth Management Group said in a statement. “This high-growth market for global families and businesses is a natural next step for the Private Bank.”
Swenson and Smith will co-lead a team of local professionals who provide wealth management advice, strategies and services to successful individuals, family offices, foundations and endowments throughout the region, J.P. Morgan said in a statement.
Between the two advisors, they have close to 20 years of industry experience, according to FINRA BrokerCheck records.
“Utah’s economic growth comes from various sectors and industries resulting in diversified wealth creation,” Swenson said in a statement. “Within Utah’s growing business ecosystem there’s an enormous opportunity for its citizens to grow their wealth, and we’re here to help amplify that growth and navigate that process.”
The new office is part of Private Bank’s larger growth initiative, which includes the addition of 1,000 advisors across new and existing offices, according to a company spokeswoman.
