JPMorgan Advisors Phil Scott and Jim Atwood Depart to Form Latigo Peak Partners

Two financial advisors associated with JPMorgan Chase are reportedly leaving the bank to start their own investment management firm, Latigo Peak Partners, in a move that highlights how advisors continue to weigh platform access against the operational flexibility of running independent practices.

Phil Scott and Jim Atwood are the names cited in the report, which frames the transition as a major example of “bank-to-RIA” migration. In this context, bank-to-RIA refers to advisors moving from a bank brokerage and wealth platform to a registered investment advisory model, where the firm itself holds advisory responsibility and typically builds a more direct client relationship.

The report says the pair’s planned launch is backed by about $18 billion in assets they are taking with them. It is not clear from the report how those assets are classified (for example, whether they represent client assets under management, client assets under administration, or a mix), nor what portion will transfer immediately versus over time as accounts are re-papered under the new advisory entity.

JPMorgan Chase has not been described in the report as providing specific commentary about the departures or the assets involved, and Latigo Peak Partners has not been described in the report as detailing its investment approach, staffing plan, or timeline for onboarding clients. The degree of advisor or team portability is therefore uncertain based on the information available.

From a business standpoint, large-scale departures like this can be disruptive for banks because they reduce the adviser force and the fee streams linked to those client relationships. They can also reshape competitive dynamics in wealth management, where independent RIAs often compete on service models, fee structures, and decision-making speed, while bank platforms compete on infrastructure, compliance tooling, and product breadth.

For clients, these transitions can introduce practical changes such as a new account custodian or new agreement documents, even when an advisor’s day-to-day relationship remains similar. However, the report does not specify what the customer experience will look like, including whether the new RIA will use JPMorgan services for custody, trading, or technology, or whether it will select alternative vendors.

In the absence of additional disclosures, it remains unclear how the new firm will be capitalized, how it plans to manage regulatory compliance and investment oversight, and whether other advisors or staff will join Scott and Atwood. It also remains unclear whether the reported $18 billion figure will be fully transferred or partially reallocated as some clients choose different paths.

The next items to watch are any filings or announcements related to Latigo Peak Partners’ RIA registration and operational setup, and any further statements from JPMorgan Chase about adviser mobility and client transitions. Those details will clarify the timeline, the structure of the advisory firm, and how much of the reported asset base will ultimately move under the new platform.