J.P. Morgan has added The Martin Agency to its roster to work on its wealth management business after a competitive review. Incumbent Droga5 will retain some of the business, according to a person familiar with the matter. 

J.P. Morgan, which is the commercial and investment banking business of JPMorgan Chase, restructured its wealth management division in 2019. It covers investment guidance, retirement and education planning and strategizing around building and maintaining wealth.  

The Martin Agency will be responsible for promoting J.P. Morgan’s ability to serve new and experienced investors “how and where they want to connect, whether it’s in a branch, office, remotely, online or using the Chase app,” said Paul Halpern, chief marketing officer of J.P. Morgan Wealth Management. He added that the agency is “a strategic and collaborative partner that has really good knowledge in working with high-end brands.”

“We’re really looking to grow,” he said. “We’re really excited about where we are and we’re looking for fresh perspectives.”

Droga5, which is part of Accenture Song, has worked with parent JPMorgan Chase since 2015. In April 2020, Droga5 created an ad for the wealth management business showing how its advisors spoke with clients from home during pandemic lockdowns. In April this year, the agency created an art installation and campaign for JPMorgan Chase bringing attention to Americans struggling to find work due to their criminal records. The company installed 38 sculptures made of actual criminal records in Philadelphia’s Independence Plaza to represent the number of states yet to pass record-clearing legislation.

Halpern declined to provide details on Droga5’s current scope on J.P. Morgan. “We use a variety of partners inside the agency world and Droga certainly was, has been and is one of them,” he said.

A Droga5 spokesperson did not respond to a request for comment.  

JPMorgan Chase & Co spent $3.6 billion on U.S. advertising in 2023, up 21.7% from 2022, according to the Ad Age Datacenter. In 2023, it was the 11th largest spender in the U.S. and the 20th largest advertiser globally, according to Ad Age Datacenter’s Leading National Advertisers and World’s Largest Advertisers reports. Its third-quarter revenue rose 6% to $43.32 billion, while profit fell 2% to $12.9 billion.

J.P. Morgan spent $32 million in U.S. measured media on its wealth management products in the first three quarters of this year, down from $37 million in the same period a year ago, according to MediaRadar.

Contributing: Brian Bonilla