- JPMorgan launched “Special Advisory Services,” led by investment-banking chair Liz Myers, to give select top clients consulting-style guidance on issues like AI, cybersecurity, digital assets, geopolitics, and sustainability.
- Basic or one-off help will be free, while larger or ongoing projects will be priced case-by-case for clients with deep relationships such as IPO issuers, major dealmakers, and primary-bank customers.
- The move builds on strong 2025 investment-banking fee momentum even as the bank ramps spending on AI, technology, and compensation.
- It aims to deepen client stickiness and cross-sell, but raises questions about scalability, internal expert capacity, and overlap with existing advisory/consulting services.
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The launch of Special Advisory Services underscores J.P. Morgan’s evolution toward a model that combines traditional dealmaking with strategic advisory capabilities. By offering consulting-like support in areas such as AI, cybersecurity, and sustainability, the bank is responding to rising client demand not just for capital markets services, but for guidance navigating disruptive risk themes. This effort positions it more like a multi-service institution, blurring lines with strategy consultants and technology advisors.
Operationally, Liz Myers—the global chair of investment banking—will coordinate this offering leveraging internal experts across advisory teams. That implies significant internal capacity but also allocative strain: most of these experts currently focus on internal functions, so redirecting them toward clients could generate opportunity costs.
Financially, the timing makes sense. In 2025, JPMorgan led the global investment banking fee rankings aided by strong advisory and underwriting growth: for instance, in Q3, investment banking fees were ~$2.6 billion (up ~16 %) vs. the year before; in the first nine months, ~$7.29 billion (up ~12 %) compared to 2024. That gives the firm both credibility and operating leverage in adding advisory dimensions. Meanwhile, expense pressures are mounting, as JPMorgan forecasts ~$105 billion in expenses in 2026—up more than $9 billion from 2025—driven in part by its investments in AI and technology, as well as expanding business lines.
Strategically, the service has several potential benefits: it may deepen client relationships by embedding the bank earlier in strategic thinking; help the bank cross-sell its broad range of capabilities; and allow differentiation from pure transactional competitors. However, execution risks include whether these advisory priorities are truly differentiated or could be seen as auxiliary add-ons; whether free or low-cost advisory devalues premium advisory; and whether resource constraints allow consistent delivery. Further, it raises questions about disclosure, liability (if counsel given goes wrong), and whether this could draw regulatory scrutiny if advisory crosses into non-banking territory.
Open questions: Which clients will qualify in practice, and how will JPMorgan avoid diluting its internal expert base? How will profitability be tracked and charged over time? Will this model be replicated by rivals, or will regulatory/perception barriers limit its expansion? And finally, how will JPMorgan measure success—by revenue, client satisfaction, or deal volume expansion?
Supporting Notes
- J.P. Morgan announced Special Advisory Services on January 5, 2026, led by Liz Myers, aiming at providing clients with expertise beyond traditional banking, including AI, cybersecurity, digital assets, geopolitics, healthcare, supply chains, and sustainability.
- The services will be free for basic or one-off advisory, with fees negotiated for longer or more resource-intensive projects; target clients are those with deep, long-term relationships—such as IPO clients, transformational deal participants, or companies seeking JPMorgan as primary operating bank.
- Liz Myers has been global chair of Investment Banking; previously head of global equity capital markets; initially a “handful” of people will staff Special Advisory Services, with potential scale-up depending on demand.
- JPMorgan’s investment banking fees in Q3 2025 rose ~16 % YoY to ~$2.6 billion; for the first nine months of 2025, IB fees were ~$7.29 billion, up ~12 % vs same period in 2024.
- The bank expects expenses in 2026 to reach ~$105 billion, up $9 billion from 2025, driven by AI and technology investment, increased advisor compensation, branch expansion, and real estate/operating costs.
- Goldman Sachs led global M&A fee revenue in 2025 with ~$1.48 trillion in deal value; however, JPMorgan still outpaced Goldman in total investment banking fees globally ($10.1 billion vs $8.9 billion) largely due to non-M&A advisory and underwriting strength.