Wealth managers will control an impressive $64 billion by the end of 2024. Asset management, in particular, is set to grow with a compound annual growth rate of 7.92% through 2028. But that’s no surprise to Justin Nelson, the managing director and head of the asset management and financial principals coverage team for J.P. Morgan Private Bank. As wealthy individuals age and make long-term plans, there’s a growing need for experienced wealth and asset management professionals.
There’s nothing wrong with investing in traditional avenues like the stock market, but in Justin Nelson’s experience, thinking outside the box and pursuing other investment categories is beneficial, too. “We do a lot of work with clients on private equity, venture capital, real estate, and hedge funds,” he explains.
Nelson recently shared his approach to wealth and asset management and how he continues to set a high standard for high-net-worth clients.
A Multidisciplinary Foundation
Justin Nelson didn’t set out to become a wealth manager — and, in his opinion, that’s what makes him so successful at it. He holds a Bachelor of Science in chemistry and economics from Tufts University and an MBA from Columbia University. This multidisciplinary education allows him to synthesize information from different fields, providing a unique perspective in wealth management. His ability to integrate complex data from various disciplines makes him an exceptional adviser for wealthy families across New York and Connecticut.
Leading a High-Performing Team
Wealth managers can’t work alone. It takes a dedicated, experienced team of professionals to get results. At J.P. Morgan, Justin Nelson leads a 20-person team that oversees over $15 billion in assets. His team advises some of the most influential people in finance, so there’s zero margin for error. Justin Nelson believes hands-on management is best, so he encourages his team to build strong client relationships, measuring success not just by the assets they manage but by the trust and respect earned from their clients. It’s a refreshingly client-first approach focused on their needs and experiences that transcends simply managing numbers.
Full Life Cycle Financial Help
Justin Nelson is also a senior private banker who directly manages relationships with wealthy families. Asset management is an in-demand service, but many high-net-worth individuals also need customized help with other aspects of their finances. Instead of insisting on a piecemeal approach, Justin Nelson’s team offers full financial assistance to these clients. The team builds portfolios and manages investments, but also helps with banking, estate planning, and cash management. This all-in-one approach not only improves the client experience, but also solves a common pain point for wealthy clients who want to work with a single firm for all their needs.
Encouraging Philanthropy — Personally and Professionally
Philanthropy is essential to both wealth and estate planning. But donating to charity is far from simple for Justin Nelson’s clients. “There are a lot of people that I work with who want to give to charity but sometimes can’t figure out exactly what it is they want to do, and they struggle with that,” Nelson says. In his work as a wealth manager, Justin Nelson sources high-quality, vetted charities for his clients to get involved with. He even started volunteering as a board member of the Breast Cancer Alliance after connecting with the organization while doing research for clients, which strengthened his position that giving back is the best way to share the wealth.
Wealth and asset management may seem like traditional fields, but Justin Nelson believes they’re evolving to become more client-focused. Inviting more multidisciplinary experts to the field, building engaged teams, offering additional financial help, and managing philanthropic donations are just some of the ways Nelson believes wealth management can change for the better. Justin Nelson’s vision for the industry is clear: a blend of traditional wisdom with innovative, heartfelt service that truly transforms lives.
