The Head of Wealth Partners at J.P. Morgan Wealth Management gives us tips to help reach our financial potential.
Jessica Douieb, J.P. Morgan Wealth Management's head of Wealth Partners, says having a plan for your finances is essential.
Working with a financial advisor can be beneficial, no matter what stage of life you’re in, and having a plan for your finances is essential. Jessica Douieb, Head of Wealth Partners at J.P. Morgan Wealth Management, works with J.P. Morgan advisors to help them provide holistic wealth management to their ultra-high-net-worth clients, making her the best person to help us reflect on the J.P. Morgan Wealth Management “Build Your Wealth” series (find all previous stories linked throughout the story and at the bottom of this article).
We sat down with Douieb to discuss how a financial advisor can help with your investments and planning, and really simplify your life. Below are her six insights to consider when thinking about wealth.
Takeaway #1: Create Lasting Impacts Through Multigenerational Money Management
“One of the biggest questions our team gets is, ‘How do I talk to my kids about my wealth, and how do I not let the money mess them up?’ Our advisors and family engagement and governance specialists can help facilitate those conversations to build strong communication among family members. It’s essential for everyone to understand and uphold the values that are important to the family. Our advisors work very closely with their clients to help alleviate the burden that can come with keeping everything organized and making complex financial decisions, including passing wealth to the next generation.”
Takeaway #2: Investing in Your Passions Can Be Rewarding
“We know our clients’ passions are important to them. Our advisors help them find ways to strategically pursue their hobbies from a financial standpoint, whether it’s collectible cars or race car driving, art collections, private aviation, athletic pursuits or anything else. Start by quantifying your investment in your passion to date. Then, if you want to level up by investing even more, an advisor can help you figure out how to finance it. As your trusted advisor, we will be the ones watching your overall finances and helping you make the right decisions in the right timeframe.”
J.P. Morgan’s financial advisors can help facilitate financial conversations among a client and their family members.
Takeaway #3: Engage Your Advisor on Your Charitable Efforts
“For many people, philanthropy is part of their ethos and family values, but it should also be incorporated in their financial plan. As you prepare for your short-term and long-term goals, you should also be aware of what you want to achieve and how to get there. An advisor can help you outline your philanthropic objectives, think through how you can maximize your giving and help you allocate your funds in the appropriate structure—whether that be through a donor-advised fund, individual donations or managed through a foundation.”
Takeaway #4: Reap The Benefits of an Investment Property
“We have many families who have multiple homes or property assets. Often, these homes are first and foremost about their family’s enjoyment, which gives them great value. For those who may own investment properties, there are many different financial considerations that go into a purchase. An advisor can look at your wealth, personal and financial objectives, risk tolerance and time horizon to help you determine your goals for the property, so you can structure it in a way that makes sense for you and your family.”
Working with a wealth advisor can help you make smart decisions when it comes to investing in second, third or fourth homes.
Takeaway #5: Maximize Your Entrepreneurial Wealth Creation
“Entrepreneurs are particularly fun to work with because they are often the first-generation creators of their family’s wealth. An advisor can really have an impact, helping them start a family legacy and maximizing their wealth. We have vast resources at J.P. Morgan to meet entrepreneurs’ needs at every stage of their company’s life cycle. We always encourage business owners to start planning as early as possible, and to work with advisors to get their personal finances in order so they can focus their efforts on the business.”
Takeaway #6: Gain Lifelong Support For Your Estate Plan
“Having an estate plan is very important because we don’t have a crystal ball. Our clients need to have a plan in place to prepare for whatever the future holds. These plans can change, but they need to get started as early as possible. We remind our clients to review their trust and estate plans periodically, but also any time there is a catalyst, like marriage, birth, divorce or death. As advisors, we speak regularly with our clients and their families to understand their long-term goals and help them create and maintain an estate plan. We bring together lawyers, accountants and any other specialists they might need. We're not just their financial advisor, we’re their partner in their financial life, and we will continuously help them think through their financial wellness.”
J.P. Morgan Wealth Management financial advisors are dedicated to educating their clients and helping them reach their goals. Throughout our “Build Your Wealth” article series, these advisors will provide valuable insight into ways you can help maximize your financial future.
Learn how to build healthy financial habits, how investing in your passions can pay off, smart ways to give back, best practices when distributing money through multiple generations, smart tips for business owners and how an advisor can help with your estate plan in the previous articles in this series.
Take the first step by connecting with an advisor near you at this link.
J.P. Morgan Wealth Management is a business of JPMorgan Chase & Co., which offers investment products and services through J.P. Morgan Securities LLC (JPMS), a registered broker-dealer and investment adviser, member FINRA and SIPC. Certain advisory products may be offered through J.P. Morgan Private Wealth Advisors LLC (JPMPWA), a registered investment adviser. Trust and Fiduciary services including custody are offered through JPMorgan Chase Bank, N.A (JPMCB) and affiliated trust companies. Insurance products are made available through Chase Insurance Agency, Inc. (CIA), a licensed insurance agency, doing business as Chase Insurance Agency Services, Inc. in Florida. JPMS, CIA, JPMPWA and JPMCB are affiliated companies under the common control of JPMorgan Chase & Co.
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