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Tag: wealthy

  • JPMorgan Connects Wealthy Clients With Private Jets, Butlers | Entrepreneur

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    JPMorgan Chase’s wealthiest clients will now receive discounts and referrals on services from luxury travel to art restoration.

    JPMorgan Private Bank announced on Tuesday that it is offering a new lifestyle program for its wealthy U.S. clients, providing access to services like booking private jets and hiring household staff. Services also include financial reporting programs, bill pay, and bookkeeping.

    One service, for example, provides clients free access to Valerie Wilson Travel, a company JPMorgan acquired in 2022, for travel planning and advice. (JPMorgan did not name any other travel companies available through the network, but said that there was a wide range of firms offering exclusive services.) Another exclusive service involves maintaining and selling art collections.

    Related: JPMorgan’s New ‘Supertall’ Office Offers Perks Like High-End Restaurants and a High-Tech Gym. Here’s What Else to Expect.

    For JPMorgan clients, there is no additional fee to tap into the new services, according to the press release. The new programming is part of a wider industry trend where private banks are expanding beyond traditional investment and financial guidance.

    William Sinclair, co-head of J.P. Morgan Private Bank’s Global Family Office Practice, told CNBC that wealthy clients are increasingly seeking more than just financial advice from their advisors, including managing artwork collections and payroll management for household employees.

    “There is a growing trend among clients who want our advice outside of traditional wealth management,” Sinclair told the outlet.

    JPMorgan CEO Jamie Dimon. Photographer: Patrick Bolger/Bloomberg via Getty Images

    Sinclair stated that the most requested services have been private jet travel, bill pay, and requests from business owners to help find health insurance plans for employees.

    JPMorgan is also planning to add more features to the lifestyle service as it grows, Emily Margolis, head of JPMorgan Private Bank’s lifestyle services, told CNBC.

    “We’re looking at physical security, insurance, more in-depth HR, areas that we see more requests,” Margolis told the outlet.

    Related: JPMorgan Will Fire Junior Bankers Over a Common Practice That CEO Jamie Dimon Calls ‘Unethical’

    Expanding lifestyle services ties into JPMorgan’s overall strategy to grow as a bank. JPMorgan CEO Jamie Dimon talked about the company’s overarching growth plan and commitment to investments at the bank’s annual Investor Day in May.

    “There’s a lot of competition,” he stated at the event. “You have to be prepared every day to make the investment you need to do in your people, your systems, your ops, your culture, and stuff like that to actually win.”

    JPMorgan is also the largest U.S. bank with over $4.3 trillion in assets as of March 31. The bank had a market value of over $845 billion at the time of writing.

    Related: JPMorgan Is Now Valued More Than Its 3 Largest Competitors Combined: ‘We’re Quite Cautious to Just Declare Victory’

    JPMorgan Chase’s wealthiest clients will now receive discounts and referrals on services from luxury travel to art restoration.

    JPMorgan Private Bank announced on Tuesday that it is offering a new lifestyle program for its wealthy U.S. clients, providing access to services like booking private jets and hiring household staff. Services also include financial reporting programs, bill pay, and bookkeeping.

    One service, for example, provides clients free access to Valerie Wilson Travel, a company JPMorgan acquired in 2022, for travel planning and advice. (JPMorgan did not name any other travel companies available through the network, but said that there was a wide range of firms offering exclusive services.) Another exclusive service involves maintaining and selling art collections.

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    Sherin Shibu

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  • Opinion: Sirota’s ranked-choice voting amendment pushed back on monied interests

    Opinion: Sirota’s ranked-choice voting amendment pushed back on monied interests

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    Thank you, Rep. Emily Sirota for ensuring that Colorado voters and county clerks are not overwhelmed with massive election changes that moneyed interests hope to foist on us through the ballot box this November.

    Sirota’s amendment to Senate Bill 210, an election reform bill, will ensure the rollout of ranked-choice voting, should it pass by voter initiative, will be implemented thoughtfully. The amendment, which passed unanimously, would require a dozen Colorado municipalities of varying sizes and demographics to conduct ranked-choice voting before it goes statewide.

    The phase-in will allow cities to develop best practices before all jurisdictions are required to implement a complicated and wholesale change. Just as mail-in voting was phased in over several years, the Sirota amendment will give clerks time to develop policies, purchase software, train employees, and educate their constituents.

    It also gives voters the opportunity to see how ranked choice voting works and gives them a chance to repeal it after the new car smell fades and they see how confusing and unfair it is. This election, Alaska voters are looking to repeal the ranked-choice voting system they approved just four years ago. They would have saved themselves a lot of money and frustration if the system had been implemented in a dozen jurisdictions instead of going all in from the start.

    A ranked-choice voting system for Colorado is being sought by the wealthy former CEO of DaVita, a Denver-based kidney dialysis provider, Kent Thiry. His proposal, which has been approved for signature collection,  would impose an open primary and ranked-choice general elections on the state.

    Here’s how it would work: Anyone, regardless of party affiliation, could run in the primary with the top four contenders advancing to the general election. In the general, voters would be asked to rank candidates in order of preference.

    It’s a confusing system, so I’ll put names to an example. Let’s say that out of a gubernatorial primary former Sen. Cory Gardner, current Sen. Michael Bennet, former Rep. Ken Buck, and Denver Mayor Mike Johnston advance to the general.

    I vote in the general for Bennet, Johnston, Buck, and Gardner in that order. If nobody gets 50% of the statewide vote, the votes are retallied. Let’s say that in the first tally, Bennet gets the least number of votes and is eliminated. Johnston, my second choice will get my vote. If Johnston is eliminated in round two, Buck will get my vote and either he or Gardner will emerge from the final round.

    In some elections, after all the tallying is done the most popular candidate (the one most voters ranked first) will go home empty-handed. In the 2010 Oakland mayoral race, the candidate who received the most votes in round one ultimately lost the election after nine rounds of vote redistribution. How fair is that to candidates or voters?

    If you’re confused, imagine how much effort, time, and money the Secretary of State and county clerks will have to expend to educate voters. It is likely the complexity will persuade some voters to chuck their ballot. Then there will be less voter participation.

    Being confusing isn’t the only problem with ranked-choice voting. Let’s say you picked only Johnston and Bennet and neither of them made it to the third round; your ballot will be considered exhausted and tossed out. Only those who voted for Buck and Gardner in whatever order, will be counted in the final tally.

    This has happened. In Maine’s 2nd Congressional District, the candidate who got the most votes ultimately lost to the second-place candidate. The Maine Secretary of State threw out more than 14,000 exhausted ballots from people who did not vote for the top two candidates. Sound fair?

    Proponents of ranked-choice voting think that such a system will reduce the number of extremist candidates and help voters coalesce around a mainstream candidate. This is a solution looking for a problem that isn’t a problem.

    Colorado does not have a problem with extreme candidates or officeholders. I did not vote for either of the state’s U.S. senators, my congressman, my representatives in the Colorado General Assembly, the governor, the attorney general, the secretary of state or the treasurer. While they are wrong on most issues, not one of them is extreme. Not one. Fanatics do come along but the current system is self-correcting.

    Extreme Democrats like Reps. Elisabeth Epps and Tim Hernández face formidable primary opponents this year and extreme Republicans like Ron Hanks and Dave Williams are unlikely to win in their primaries. Congresswoman Lauren Boebert had to flee her home district because voters yearned for normalcy and were poised to turn her out in the primary or general.

    While we’re popping illusion balloons, the Sirota Amendment was not some sneaky last-minute ploy. County clerks and the Colorado Clerks Association approached Sirota with the concerns they have about implementing the Thiry proposal if it passed and she listened. Matt Crane, executive director clerks association, told me that organization “strongly support[s] the amendment and appreciate[s] Rep. Sirota’s willingness to include it in the bill.”

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    Krista Kafer

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  • Ex-Food Alley, Yates site on Albert St in Auckland CBD stays empty, fenced: Singaporeans ponder future – Medical Marijuana Program Connection

    Ex-Food Alley, Yates site on Albert St in Auckland CBD stays empty, fenced: Singaporeans ponder future – Medical Marijuana Program Connection

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    Civic leaders are disappointed a central Auckland commercial building site linked to a wealthy Singapore family remains undeveloped more than a year after buildings were demolished.

    But Peter Wall, who works for the Kum family,

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    MMP News Author

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  • Here’s the No. 1 Thing Rich People Want in Luxury Real Estate | Entrepreneur

    Here’s the No. 1 Thing Rich People Want in Luxury Real Estate | Entrepreneur

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    Competition for real estate is fierce in many places across the U.S. But the battle unfolds on an even larger scale in the country’s wealthiest cities, where luxury homes outfitted with every amenity imaginable can sell for tens — or even hundreds — of millions.

    Of the 10 U.S. counties where prospective buyers need to earn the most to buy a home, 80% are in California, spanning from Marin County in the north to Orange County in the south, CNBC reported earlier this year.

    Real estate agent Bre Tiesi, one of the latest to join The Oppenheim Group brokerage featured in Netflix’s Selling Sunset, knows firsthand what it takes to sell in the luxury Los Angeles-area market, where the show takes place.

    Related: 8 Things I Discovered While Working With Affluent Clients in New York City

    Tiesi’s transition from a modeling career to one in real estate coincided with the pandemic, but she received her license back in 2017, always knowing she’d leverage her network to put it to use. “There’s a lot of money out here [in LA] when it comes to real estate and luxury,” Tiesi tells Entrepreneur, “so it’s just who you know, honestly.”

    Although Tiesi says all of her clients are “really different,” there are some similarities when it comes to what they want in a luxury property. Generally, wealthy buyers are on the hunt for a “full-service home.”

    “They want to have as much as they can, where they don’t have to leave their house.”

    “Everyone wants the works,” Tiesi explains. “They want the pools, the gyms, the movie theaters, all that type of stuff. So it’s all basically the same for anyone with money: They want to have as much as they can, where they don’t have to leave their house.”

    In fact, luxury homes in the LA market are typically so well-equipped with all of the bells and whistles that moneyed clients don’t have any problem finding one worthy of an offer. “It’s more [an issue] of loving them all and trying to narrow it down,” Tiesi says.

    And the No. 1 factor in that process of elimination? Location.

    “There’s only so much real estate out here in those prime areas.”

    “It’s always location,” Tiesi explains. “It just depends on where that person wants to be. If they want to be in the Hills, if they want to be in the Valley. There’s only so much real estate out here in those prime areas, so when things are flipped or come on the market, it’s always about location because it doesn’t come around all the time.”

    There are a lot of new developments popping up in Encino, Tiesi adds, because just a couple of years ago “there was nothing available” — and any property that did hit the market was often gone within 24 hours.

    On average, homes in Encino go for upwards of $1.4 million, with 34.2% of sales above the list price, per Zillow.

    Related: How This Real Estate Entrepreneur And Influencer Sets Gold Standard Approach to Selling Luxury Homes

    Although a well-appointed luxury property’s prime location might be its biggest selling point, Tiesi says something else can also seal the deal: really getting to know the client.

    “A lot of the time the clients think that they know what they want,” Tiesi says. “Sometimes they can even be stern on what they say they want to see, things like that. But when you know them, you’re able to move differently and see their vision and put them in different places that they may not have been open to before.”

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    Amanda Breen

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