Darren McDermott

Spear’s Review

Technology is often touted as the latest game-changer for wealth management, but Darren McDermott of J.P. Morgan Private Bank takes a more nuanced view: clients want the personal touch, even if it means speaking to an adviser over the phone while perusing portfolios on the latest apps. ‘Time is a very precious commodity,’ he said, particularly for UHNWs. 

‘It might be when they’re having a cup of coffee on a Saturday morning, they go on their iPad to discover the latest thoughts from J.P. Morgan on their portfolio and download specific information on investments. It’s all about easy access and what’s convenient for them.’ 

McDermott noted that J.P. Morgan is extremely well positioned to develop trust, thanks partly to its ‘deep platform’ and integrated team model that sees each client assigned a team that includes a private banker, an investment specialist, a wealth adviser and a lending expert.