What You Need to Know
- A new J.P. Morgan Wealth Management mobile app capability enables clients to conveniently deposit checks into their investment accounts.
- Rose Palazzo was appointed group president of Envestnet Financial Planning and will lead all of Envestnet MoneyGuide’s operations.
- Fintech firm iCapital is expanding its global development team with more than 100 new hires.
J.P. Morgan Wealth Management launched QuickDeposit for Investments, a new capability within the Chase and J.P. Morgan mobile app that it said Tuesday enables clients to conveniently deposit checks into their investment accounts anytime from their phones.
Clients can click “Deposit Checks” on the “Home” or “Pay & Transfer” tabs in the apps, take a photo of the check, and have their funds deposited into their investment accounts within 24 hours, the firm said.
The company called the launch “another step in J.P. Morgan Wealth Management’s journey to building out its digital investment capabilities.”
“QuickDeposit for banking has always been one of our most popular features,” according to Kristin Lemkau, CEO of U.S. Wealth Management for J.P. Morgan. “Now we have that same capability for investments,” she said in a statement.
Examples of QuickDeposit for Investments transactions include deposits into taxable investment accounts, contributions into a traditional or Roth IRA, and rolling over a 401(k) or other employer-sponsored retirement plan into an IRA.
Clients can deposit up to $100,000 for taxable accounts and $500,000 for retirement accounts every 30 days. They will also be able to use QuickDeposit for Investments in the J.P. Morgan app, the company said.
In December, J.P. Morgan launched Wealth Plan, a free digital money coach that gives Chase clients a full picture of their finances and helps them plan, save and invest, all in one place. Wealth Plan is available to all 62 million digitally active Chase clients in the Chase Mobile app and on the Chase website.
Accounts eligible for QuickDeposit for Investments include brokerage and managed accounts; and individual or joint, taxable, traditional IRAs or Roth IRAs.
J.P. Morgan Wealth Management now has about 5,000 advisors with $615 billion of assets under supervision.
Envestnet Continues Succession Plan
Rose Palazzo was appointed group president of Envestnet Financial Planning and will lead all of Envestnet MoneyGuide’s operations, the company said.
Her appointment was part of a planned succession at the firm as Tony Leal moves to an advisory role within Envestnet’s WealthTech Business, it said.
Palazzo reports to Tom Sipp, executive vice president of business lines at Envestnet.
Palazzo joined Envestnet in 2021 as group head for Envestnet MoneyGuide. Before joining Envestnet, she was with Morgan Stanley for 13 years, most recently as a managing director and head of financial planning for its wealth management business.
ICapital Expands Global Development Team
Fintech firm iCapital will expand its global development team with more than 100 new hires, the company said Thursday.
Open positions include software engineers, product managers and infrastructure developers, working from offices in New York, Greenwich, Connecticut, and Lisbon, Portugal.
As of Nov. 30, iCapital serviced more than $149.3 billion in global client assets, of which about $30.5 billion was from non-U.S. investors across over 1,180 funds, it said. The firm now employs 1,050 people globally.
Wealthcare Acquires Another RIA
Wealthcare Advisory Partners acquired Sommers Financial Management, an RIA with advisors in Scappoose, Oregon, and Tucson, Arizona, that was founded in 2002 and advises on over $100 million in assets under management.
The deal represents Wealthcare’s third RIA acquisition in the past six months and expands the company’s presence in the direct advisory market, it said Thursday. Financial terms weren’t disclosed.
Following the purchase, Wealthcare’s advisor team includes over 150 wealth management advisors across the U.S. with $5 billion in AUM, it said.
Principal Enhances Fintech-Enabled Model Portfolios
Principal Asset Management said Thursday that it’s enhancing its fintech-enabled model portfolio solution by incorporating individual bonds as an option for model portfolios.
Principal collaborated with YieldX and Smartleaf Asset Management to offer what the companies called the “only full portfolio direct indexing solution, enabling financial advisors to expand the capabilities of direct indexing beyond equities to individual bonds.”
Principal launched fintech-enabled model portfolios last year in collaboration with SAM to make it easier to construct and manage custom portfolios.
“Through the addition of capabilities from YieldX, advisors will now have the option to include individual fixed income securities, similar to how direct indexing has delivered custom individual equities to clients,” according to Adam Green, YieldX CEO.