FYI: The rebranding of JPMorgan stock brokers into “private bankers” was one of the more interesting ways I’ve seen the business of selling securities to retail households evolve over the years. It was a post-crisis maneuver that added cachet to what was essentially a mutual fund selling program with added links to the deposit, lending and credit card side of the bank.
For a million-dollar household client, referring to one’s stock broker as “private banker” must have seemed pretty cool. “I’ll call my banker and see what he thinks” sounds way more aristocratic than “I’ll call my broker.” Especially as the term (and profession) of retail broker has been slowly phased out of existence over the last decade.
Regards,
Ted
http://thereformedbroker.com/2018/02/20/private-banker/
