Here's an example of cross-selling in action: J.P. Morgan is opening new Chase private bank branches, starting in New York City.
In all, JPM wants to build out its high-net-worth private banking network to 1,000 exclusive branches over the next two years.
The newly announced offices in New York's toniest neighborhoods are only a dry run.
Private banking is the equivalent of full-service brokerage for elite clients. Chase has been a leader in the space, using its broad reach and parent J.P. Morgan's cachet to win big accounts and manage a bigger slice of HNW families' wealth.
Unlike the kinds of arrangements that banks like Wells Fargo or Bank of America might have envisioned, this is more than forcing brokers to ask about debit cards.
These are sophisticated operations and real competitors to independent full-service wealth management firms.