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AI as sales manager: JP Morgan says artificial intelligence added wealthy clients despite April market turmoil
April's market rout, which saw record intraday swings and historic single-day trading volumes, pushed investors into panic mode. But JPMorgan says its AI systems, including a tool known as 'Coach AI', turned what could have been a chaotic period into an opportunity read more
JPMorgan Chase is betting big on artificial intelligence, and it's already paying off.
The banking giant's asset and wealth management division says its AI-powered tools have helped advisers handle a deluge of client requests, boost productivity, and even drive a 20 per cent jump in gross sales between 2023 and 2024. The shift comes as the industry leans further into AI to navigate heightened market volatility and scale services for high-net-worth clients.
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'In the last few weeks, there have been several fluctuations in the market which are not in normal bite sizes,' said Mary Erdoes, CEO of JPMorgan Asset & Wealth Management, referring to the recent chaos triggered by US President Donald Trump's new tariff announcements. The powerful AI tools helped advisers quickly handle client requests by pulling data on trading patterns and anticipating queries, she said.
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April's market rout, which saw record intraday swings and historic single-day trading volumes, pushed investors into panic mode. But JPMorgan says its AI systems, including a tool known as 'Coach AI', turned what could have been a chaotic period into an opportunity.
'When you have a tool that pre-populates all the data and the movement in real time, while also remembering clients' old investment preferences and helps in tailoring a plan for them quickly, it also allows advisers to do much more,' Erdoes said.
Coach AI, which supports JPMorgan's private client advisers, streamlines access to relevant research, data, and historical client behaviour. 'Our advisers are finding the right information up to 95 per cent faster,' said Mike Urciuoli, chief information officer of the asset and wealth management business. 'That means less time spent searching, and more time engaging in meaningful conversations with clients.'
The AI boost is reshaping client relationships and expanding capacity. The firm expects the new tools will enable advisers to grow their client books by 50 per cent over the next three to five years. The tech handles anticipatory and research-heavy work, allowing advisers to focus on strategic guidance.
'AI has also been handling a lot of anticipatory work, allowing advisers to be prepared for what could have otherwise been a very stressful moment with market movements,' Erdoes added.
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JPMorgan's aggressive tech push is backed by serious capital. The bank set aside $17 billion for technology investments in 2024, and it's already identified 450 potential AI use cases. CEO Jamie Dimon has said that number could double to 1,000 by next year.
The firm joins a broader wave of AI adoption sweeping across Wall Street. Goldman Sachs is piloting a generative AI assistant for its bankers, traders, and asset managers, while Morgan Stanley has built a chatbot powered by OpenAI for its financial advisers.
With inputs from agencies
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