With rain pouring on San Francisco, the return of a boutique bank’s complimentary umbrellas last week were a welcome sight. Only they weren’t the signature forest-green First Republics (opens in new tab).
These are dark brown and branded with JPMorgan, which took over the defunct FRB more than a year and a half ago and has been reopening its shuttered branches in waves.
After the opening last week of the newest JPMorgan “Private Client” location in Laurel Village, there are 20 revived FRB branches nationwide. The plan is to reach 30 next year, according to Stevie Baron, head of private client banking at JPMorgan.
In essence, FRB’s clientele filled a gap between JPMorgan’s mass-retail banking tier and its ultra-high-net-worth customers. By opening “Private Client” branches, the bank hopes to win the business of wealthy, professionally active customers who aren’t yet at the millionaire or billionaire level but are well on their way.
“We think this is a client base that has been underserved by the industry,” Baron said. “When you think about the affluent, they have very complex needs as well, and we feel like we have all the assets and tools to serve them well.”
To that end, the branch in Laurel Village does not have teller windows or deposit slip counters. Nor is there any trace of JPMorgan’s signature navy-blue branding. Instead, the center has the feel of a luxury office or airport lounge, with private meeting rooms, polished wood, and expensive wall art for sale.
Baron said the design is meant to give customers room and privacy to bring family members or partners to conduct business. The branch has 14 personal bankers on hand, but experts in other financial fields, ranging from small business to mortgage lending, can be brought in depending on need. A third-party travel agent is on site to advise clients on vacation plans.
“There was a lot to admire about First Republic,” he said. “One of the things that we took advantage of was their great retail branch presence.”
This year, JPMorgan reopened former FRB branches in Mountain View, Palo Alto, and San Diego.
It took roughly 16 months to renovate the Laurel Village location after it closed during JPMorgan’s takeover of FRB. To staff the branch, JPMorgan transferred a manager and six bankers from its 21st and Geary Street location. Employees had to refresh their uniforms on their own dime, transitioning from black and blue suits to a palette of brown and tan.
At FRB, bankers sometimes had 24/7 availability and handled concierge requests, like last-minute wire transfers, coordinating home purchases, or connecting clients to estate planners. No former FRB bankers are on this team.
“We’re open for business,” Baron said. “Our North Star is to serve all clients in the community, whatever their needs may be.”
The umbrellas on the house are a nice touch, too.