Citywealth Quick Insight Series on the California Market – Olivier de Givenchy, CEO of J.P. Morgan Private Bank

Date: 19 Aug 2026

Karen Jones

This week’s Citywealth Quick Insight Series on the California Market is dedicated to Olivier de Givenchy, CEO, West Region, J.P. Morgan Private Bank

Olivier de Givenchy oversees J.P. Morgan Private Bank’s offices in California, Washington, Arizona, Colorado, Utah, and Nevada. He is also Chairman of the West Market Leadership Team and the California Working Group. He also chairs the Board of Directors of the Academy Museum of Motion Pictures and is a member of the Paul Getty Museum Director’s Council.

Are wealthy families moving state by state, moving overseas, or staying put and restructuring instead?

Many families are taking a thoughtful approach to where they live and how they plan for the future. While some are exploring new locations in response to changing tax environments or personal circumstances, others remain deeply committed to their communities. These decisions are not about taxes alone. Family priorities, business interests and quality of life all play a role. Our advisors help clients navigate these choices, ensuring their plans reflect both their values and long-term goals.

Which matters more today in private wealth planning: federal tax policy or state residency?

Both federal tax policy and state residency play important roles in private wealth planning, but their impact can vary depending on a family’s circumstances. Federal tax policy sets the overall framework for wealth transfer and income planning. At the same time, differences in state tax laws and residency requirements can have a meaningful effect on a family’s strategy, especially for those considering a move or with ties to multiple states. We help clients evaluate both layers, so their plans remain flexible and resilient as laws and personal situations evolve.

Is the United States becoming a collection of competing wealth jurisdictions, with California, New York, Florida and Texas operating under very different wealth planning realities?

We are seeing greater diversity in how states approach tax policy. Families are weighing these differences carefully as they make decisions about where to live and how to plan for the future, but they are not the deciding factor. Some states are attracting new residents, while others are adapting to shifts in their population. These trends are reshaping local real estate markets and influencing how families engage with their communities and direct their philanthropic efforts across the country. For example, states with lower tax rates and appealing lifestyle offerings have seen increased demand for high-end homes and a rise in new residents. At the same time, families who choose to stay in higher-tax states often do so because of deep community ties, access to cultural institutions or business opportunities. These choices ripple outward, affecting local economies, charitable giving and the broader fabric of each region.

What are clients most concerned about right now: tax, litigation, privacy, asset protection, succession, divorce or political uncertainty?

Clients are focused on a range of priorities. Taxes and residency are top of mind, but privacy, security and long-term stewardship are equally important. Succession and trust planning remain priorities, particularly for families with members in multiple states or countries. We work closely with clients to ensure their plans are resilient and reflect their family’s values.

Has life insurance become one of the most important tools in modern wealth structuring and succession planning?

Many families are turning to Private Placement Life Insurance (PPLI), a tax-efficient structure, as a primary estate planning vehicle. At J.P. Morgan Private Bank, we have a dedicated Private Placement Solutions and annuity team, and we often frame PPLI as an asset-location decision. The potential benefits are most compelling when families are intentional about what they place inside the structure and how it fits within their broader portfolio and estate plan.

How has philanthropy changed following reductions in government-backed international aid and growing pressure on private capital to fill funding gaps?

Families are increasingly focused on education, economic mobility, health and causes tied to technology’s impact. There is a strong emphasis on measurable outcomes and deploying capital efficiently. Many are using donor-advised funds as a flexible, privacy-conscious way to begin giving, with the option to become more public over time. International giving and systems-level change are also gaining prominence. We encourage clients to align their giving with their values and to measure the impact of their philanthropy.

What is the one issue wealthy families should be planning for now that most are currently overlooking?

Families should closely review the structure of their trusts and the residency of beneficiaries and trustees. Even when an individual relocates, beneficiaries who remain in high-tax states may still face state income tax on trust distributions.

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