In 1988, while Epstein was still consulting for Hoffenberg, he founded his financial management firm, J. Epstein & Company.[43][29] The company was said by Epstein to have been formed to manage the assets of clients with more than US$1 billion in net worth, although others have expressed skepticism about that number, as he was secretive of the clients that he took.[15]

The only publicly known billionaire client of Epstein was Leslie Wexner, chairman and CEO of L Brands (formerly The Limited, Inc.) and Victoria's Secret.[14][46] In 1986, Epstein met Wexner through their mutual acquaintances, insurance executive Robert Meister and his wife, in Palm Beach.