Phil Sieg, CEO of J.P. Morgan Advisors, a division of J.P. Morgan Wealth Management, is retiring next month. Managing Director Mollie Colavita is stepping up to take his place.
According to an internal memo from J.P. Morgan Wealth Management CEO Kristin Lemkau, Colavita will take Sieg’s place immediately. She has over 30 years of industry experience, with the last four at J.P. Morgan, and was named Sieg’s eventual successor several months ago.
“She is a unique combination of charisma, kindness and unflappability,” Lemkau wrote.
According to FINRA records, Sieg started his career as a financial advisor at Merrill Lynch in 1982. After moving to Lehman Brothers, Sieg rejoined Merrill in 1992, where he stayed for 24 years. He eventually led the firm’s ultra-high-net-worth client segment and strategy and served as head of private banking, the investment group and the global client segment.
Sieg joined J.P. Morgan in 2020 as head of practice management for the wealth management division; in 2021, he assumed leadership of J.P. Morgan Advisors, a brokerage unit that works with wealthy clients. Since then, that unit has doubled its supervised assets, revenue and net flows.
Lemkau lauded Sieg for helping the bank integrate First Republic, which J.P. Morgan acquired in 2023 in the wake of its collapse. Under Sieg, advisors also refocused their business toward high-net-worth and ultra-high-net-worth clients.
“Beyond his tremendous business contributions, Phil was a confident and trusted advisor to many of us in J.P. Morgan Wealth Management, always sharing his experience and wisdom as we grew this business,” Lemkau wrote in the memo.
His brother, Andy Sieg, leads Citi Wealth Management.
Earlier this year, Citi hired the law firm Paul Weiss to investigate complaints from staff accusing Andy of intimidation and “unfairly sidelining” certain employees. Sieg remains in charge at Citi, and earlier this month Citigroup CEO Jane Fraser said she was “comfortable” with the findings of the probe.
As for Phil Sieg, his last day at J.P. Morgan will be Oct. 15.
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