J.P. Morgan Wealth Management launched QuickDeposit for Investments, a new capability within the Chase and J.P. Morgan mobile app that it said Tuesday enables clients to conveniently deposit checks into their investment accounts anytime from their phones.
Clients can click "Deposit Checks" on the "Home" or "Pay & Transfer" tabs in the apps, take a photo of the check, and have their funds deposited into their investment accounts within 24 hours, the firm said.
The company called the launch "another step in J.P. Morgan Wealth Management's journey to building out its digital investment capabilities."
"QuickDeposit for banking has always been one of our most popular features," according to Kristin Lemkau, CEO of U.S. Wealth Management for J.P. Morgan. "Now we have that same capability for investments," she said in a statement.
Examples of QuickDeposit for Investments transactions include deposits into taxable investment accounts, contributions into a traditional or Roth IRA, and rolling over a 401(k) or other employer-sponsored retirement plan into an IRA.
Clients can deposit up to $100,000 for taxable accounts and $500,000 for retirement accounts every 30 days. They will also be able to use QuickDeposit for Investments in the J.P. Morgan app, the company said.
In December, J.P. Morgan launched Wealth Plan, a free digital money coach that gives Chase clients a full picture of their finances and helps them plan, save and invest, all in one place. Wealth Plan is available to all 62 million digitally active Chase clients in the Chase Mobile app and on the Chase website.
Accounts eligible for QuickDeposit for Investments include brokerage and managed accounts; and individual or joint, taxable, traditional IRAs or Roth IRAs.
J.P. Morgan Wealth Management now has about 5,000 advisors with $615 billion of assets under supervision.
Envestnet Continues Succession Plan
Rose Palazzo was appointed group president of Envestnet Financial Planning and will lead all of Envestnet MoneyGuide's operations, the company said.
Her appointment was part of a planned succession at the firm as Tony Leal moves to an advisory role within Envestnet's WealthTech Business, it said.
Palazzo reports to Tom Sipp, executive vice president of business lines at Envestnet.
