Hub for millionaires

Unlike other wealth managers, the leaders of Tampa's J.P. Morgan Private Bank office don't focus on helping clients plan for retirement.

With a $10 million minimum net worth, eligible clients of the exclusive bank are already set to retire and then some, says Managing Director Royce Reed. For example, the bank helps clients with credit needs that range from a mortgage to an aircraft loan, Reed says.

The Tampa office, launched six years ago, is a hub that serves clients from Orlando to Boca Grande and is one of the fastest growing wealth management units in the entire $1.05 trillion J.P. Morgan banking system. The office, says Reed, grows assets under management on annual percentage basis from the mid-teens to low 20s. Reed declines to provide specific assets under management figures, but he says to maintain the growth rate, the office must overcome several inside and outside challenges. The office has 18 employees.