J.P. Morgan Taps Phil Sieg to Lead Traditional Brokerage Group
Veteran wealth management executive Phil Sieg has been named as chief executive of J.P. Morgan Advisors, the Wall Street bank’s cadre of around 450 traditional brokers, according to a memo on Wednesday from Kristin Lemkau, CEO of J.P. Morgan Wealth Management.
Harvey is moving to a new role establishing a lead generation and referral program for advisors across J.P. Morgan Wealth Management, which also includes bank-based advisors and private bank, as well as its JPMorgan Online Investing. Harvey, who took over the J.P. Morgan Advisors role after running the bank’s Latin America Private Bank, will continue to report to Lemkau, according to the memo.
“As [Harvey] has said many times, being CEO of J.P. Morgan Advisors has been his favorite job in a 30-year career,” Lemkau wrote. “When he first took the job, he committed to two years and it’s been four.”
Sieg was not available for comment on the new role or his aspirations for the unit, according to a spokeswoman. The changes are effective immediately, she confirmed.
The move sets the stage for a sibling rivalry as Sieg’s brother, Andy, leads Merrill Lynch Wealth Management. A Bank of America spokeswoman did not immediately return a request for comment.
Phil Sieg spent almost 30 years at Merrill and had been head of ultra-high net worth client strategies and its private wealth management unit (formerly Private Banking and Investment Group) before his exit from the firm in 2017, three months after Andy took the reins.
The two Sieg brothers enjoyed traveling and playing golf together with their father, a real estate developer, according to the elder Sieg’s obituary in January. Another brother, Douglas, is a managing partner at asset manager Lord Abbett & Co., according to his LinkedIn.
After leaving Merrill, Phil Sieg also for a stint helped run a fledgling independent broker-dealer Private Wealth Partners, which sold last year to a 401(k) administrator.
The executive shift comes as J.P. Morgan has been restructuring its wealth businesses over the past two years and in October rebranded the J.P. Morgan Advisors unit from J.P. Morgan Securities. Harvey said at the time it is aiming to hire around 50 high-end producers annually.
JPMorgan is searching for a replacement as head of practice management, according to the memo, which credited Sieg with delivering “a Practice Management framework that has helped drive the dramatic client satisfaction increases.”
-Miriam Rozen contributed to this story.