By Cheryl Winokur Munk 

Advisors with J.P. Morgan Wealth Management have a new way to connect with prospective clients.

Around 62 million JPMorgan Chase clients who use the Chase app or Chase.com can engage with Wealth Plan, the company's new "digital money coach." Assuming they meet certain investment minimums, they also can connect with an advisor. Given the number of digital customers at the bank, Wealth Plan might add new business for J.P. Morgan's roughly 5,000 advisors, but it remains to be seen how many customers will take the opportunity to click a button to schedule a consultation with an advisor.

The move comes as more people are turning to financial apps to better manage their finances. Many of these apps, including Acorns and Stash, combine banking and investing and charge monthly or other miscellaneous fees. Wealth Plan is available free of charge to customers who use the Chase Mobile app and Chase.com.

Wealth Plan allows customers to plan, save, and invest in one location. Customers can create goals and view their daily or monthly spending as a whole or divided into categories such as bills and utilities, shopping, and professional services. They can also predict how tweaks to their spending or savings could affect their finances down the road. Users can also securely link external accounts such as investments, credit cards, mortgages, and 401(k)s to get a big-picture view of their finances.

Wealth Plan offers the ability to connect with an advisor and receive ongoing advice via video or phone from a J.P. Morgan financial advisor. With a minimum investment of $25,000, investors can work with a team of fiduciary advisors to create a personalized financial plan, be matched to expert-built portfolios, and receive ongoing advice via video or phone. Investors who have more to invest, generally a minimum of $50,000, can work with a dedicated advisor to create a personalized financial plan and customized portfolio.

Self-directed investors can also trade on their own through the Chase app or at Chase.com, starting with as little as $1. There is a $500 initial investment minimum to use the firm's robo-advisor.

Write to advisor.editors@barrons.com

(END) Dow Jones Newswires

December 01, 2022 11:22 ET (16:22 GMT)

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