JPMorgan Chase is rolling out a dedicated wealth offering for clients with $1 million to $5 million in assets, marking another step in CEO Jamie Dimon's long-running push to capture more of the wealth management market.

According to ThinkAdvisor, the bank announced that J.P. Morgan Private Client bankers have been placed in 53 branches across affluent areas of New York, Connecticut, Florida, and Texas. This expansion adds to 18 financial centers and 15 offices already serving customers in the single-digit millionaire segment.

The new service is distinct from Chase Private Client, which serves clients with at least $150,000, and from J.P. Morgan Private Bank, which caters to the ultrawealthy. JPMorgan created the segment about a year ago, following its acquisition of First Republic Bank. ThinkAdvisor reports that First Republic had built its business around wealthy clients until its collapse in 2023, when JPMorgan purchased the firm out of government receivership.

More than five years ago, Dimon launched an initiative to expand JPMorgan's reach beyond the ultra-rich, as reported by ThinkAdvisor. The bank formed a dedicated unit within its consumer and community business, and has since doubled client investment assets. At the end of the second quarter, the unit reported $1.16 trillion in assets under management, with a long-term goal of $2 trillion.

Financial Advisor Transitions consults advisors nationwide to explore employment transition options and to preserve and protect their practice in any transition that they make.