Two former JPMorgan Chase private bankers, Jerry Garcia and Chris Gatsch, have launched an independent wealth firm managing $400 million in client assets. The pair plan to scale fast by recruiting talent from big banks, signaling a fresh push in a market where breakaway teams continue to seek more control and custom service for affluent clients.
The move comes as competition intensifies for seasoned advisors and their client relationships. Garcia and Gatsch are targeting colleagues from large institutions and expect hiring to fuel growth in the first year.
Former JPMorgan Chase & Co. private bankers Jerry Garcia and Chris Gatsch have launched their own firm managing $400 million in assets with plans to grow quickly by luring colleagues from large banks to join them.
Why Bankers Are Striking Out on Their Own
Independent advisory firms have been attracting veteran teams for more than a decade. Many cite flexibility on fees, product menus, and technology as major draws. Others point to a closer alignment with clients once free from sales targets or product quotas.
Garcia and Gatsch join a wave of breakaways from large banks and wirehouses. These exits tend to pick up when markets stabilize and clients seek consistent, high-touch planning. The current environment—with rates off their peak and markets choppy—puts a premium on tailored advice.
Advisors who leave big institutions often highlight three reasons: autonomy, ownership in their firm’s growth, and the ability to build a brand without strict corporate constraints.
The Growth Play: Recruiting From Big Banks
Their plan is direct: add experienced colleagues who can bring sophisticated clients and a record of steady planning. That strategy relies on trust built over years inside large institutions.
Targeted hiring can scale quickly if the new platform offers competitive economics and smooth onboarding. But it also raises legal and operational hurdles. Advisors leaving banks must navigate client consent, non-solicit periods, and strict data controls.
- Speed advantage: seasoned teams can move and serve clients faster.
- Risk factor: transitions are time-consuming and closely monitored by former employers.
- Client test: service quality during the handoff often decides loyalty.
What Clients Can Expect
Clients moving with a breakaway team often get more personalized planning and open-architecture portfolios. A smaller firm can tailor reporting, cash management, and tax coordination without layers of approvals.
That said, large banks still have an edge in lending capacity, credit lines, and deal access for ultra-high-net-worth households. Independent firms usually address this by partnering with multiple custodians and third-party lenders, creating menu flexibility while keeping overhead lean.
Industry Impact and Competitive Response
When high-profile teams launch with hundreds of millions in assets, rivals take notice. Big banks tend to respond with retention packages for top producers and upgrades to advisor platforms. Independents counter with equity stakes and transparent payout structures.
For the industry, the upshot is clear: more options for clients and more bargaining power for advisors. If Garcia and Gatsch execute their hiring plan, regional markets could see fresh competition, especially in private banking niches like business-owner planning and multi-generational wealth.
What Could Speed—or Slow—their Ascent
Several factors will shape their first 12 months:
- Regulatory readiness: compliance systems that meet custody, marketing, and privacy rules.
- Operational muscle: clean client onboarding and fast account transfers.
- Service moat: tax, estate, and credit solutions that match or beat big-bank offerings.
- Market moves: volatility can either strengthen advisor value or delay client decisions.
Success will likely hinge on how fast they can add top advisors without diluting culture or service. If they can combine personalized planning with competitive lending partners, they may punch above their weight against larger platforms.
Garcia and Gatsch have set a bold tone with a sizable starting book and a clear recruiting pitch. The next phase will test whether their model can attract senior talent and keep clients engaged through a transition. Watch hiring announcements, custodian partnerships, and new service lines as early signs of momentum. For now, the message to the market is simple: the race for elite private bankers is very much on.
