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rated:
Long time reader and first time post. I appreciate all your response. I was approached by Chase Private Client banker last weekend at the bank branch office. He said they would like to meet with me regarding their service and stated that they would like to make an appointment this coming week to go over my financial info (specifically my investment portfolios such as 401k, IRA and personal investment). I agreed to meet with Chase financial advisor since it was free and told them that I will bring my statements for all my investment so that they can assess. I did some research and found that Chase Private Client requires certain minimum require amount of to qualify (I think it was 250K). I only bank and have a few Chase Credit Cards. Iím in late 30ís, married with 2 kids. I have about 450K of investment (IRA-100K, 401K- 200K, 150K- personal investment (stocks, mutual funds and bonds). I really donít have time to research my investment so I usually change my investment portfolios once a year. The average return for last 3 years was about 10%.
Here are my questions:

1. Any feedback from people who have been part of the program.
2. Is this service worth it? I couldnít find any service fees in their website.
3. If Chase Private Clientís last 3 years of returns with service fees are greater than mine, Iím thinking about switching since I donít have to hassle of managing the investment. Any thoughts
4. What other questions should I ask?


Thanks for your help

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Just to share my experience with Chase.... I ended up with Chase involuntarily... started with First City Texas in 199... (more)

ebersfamily (Apr. 20, 2014 @ 8:18a) |

I just spoke with them recently. It's 1.6%/yr payable quarterly for the first $250k, and goes down to .85% yr for margi... (more)

Mongocurly (Jun. 04, 2014 @ 5:19p) |

Their service is just overrated , not good at all. I should never go with them to control my 401K account, It was very s... (more)

snowakowgolf (Jul. 01, 2014 @ 5:55p) |


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Past performance is not indicative of future results?

I'm a low-cost index funds Vanguard type of guy, so I wouldn't want to pay their high fees... but that's just me.

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They offered that to me a couple of months back, but I turned it down. For me, I do mostly index funds in Roth and post-tax investing. I didn't see a need for them to take any more of my money for something I can handle.

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They keep calling me too, but I have not met with them yet. Their interest rates are a joke, but I guess it does not hurt to see what they can do for you. When you meet with them, hit them up for US Open tickets.

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Only if they offer you the Palladium card.

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Tell them you'll only pay their fees with Ultimate Rewards Points.

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"3. If Chase Private Clientís last 3 years of returns with service fees are greater than mine, Iím thinking about switching since I donít have to hassle of managing the investment. Any thoughts"

lol

3 years of performance is just noise in the investment world

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hotahai said:   Only if they offer you the Palladium card.

CPC clients are elgible for the palladium card. But the card itself isn't worth the fees other than having a fancy pretty looking card.

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Titus15 said:   

2. Is this service worth it?


Yes if you like to pay for a used car salesman to manage your portfolio.

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anks329 said:   hotahai said:   Only if they offer you the Palladium card.

CPC clients are elgible for the palladium card. But the card itself isn't worth the fees other than having a fancy pretty looking card.


Had to Google the Palladium card to see what it was, if Wikipedia is to be believed it was available to CPC clients but no more. Now whether Wikipedia is right is a whole other question.

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All you're doing is giving them a chance to upsell you into expensive, actively-managed mutual funds. I wouldn't waste my time.

That doesn't mean you shouldn't/don't need financial advice. I would just prefer getting that from a fiduciary rather than a salesman. Find a fee only advisor to go over your stuff.

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Titus15 said:   
2. Is this service worth it? I couldnít find any service fees in their website.
3. If Chase Private Clientís last 3 years of returns with service fees are greater than mine, Iím thinking about switching since I donít have to hassle of managing the investment. Any thoughts


Most likely not worth especially not worth it to have them manage your money. As for three, I suggest if you aren't into actively managing your money (I am not either) that you head over to http://www.bogleheads.org/wiki/Main_Page and do some reading. You'd be much better off passively investing in some index funds over paying somebody to actively manage at least at your and my net worth. I am pretty much only in index funds and it is now pretty much just on autopilot now with little for me to do. Just my 2 cents probably worth one.

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Risk tolerant age considered index investing from vanguard for all of my retirement assets. Chase probably wants to play and ACTIVE role in your holdings, collecting a percent to a percent and a half in fees along the way. But don't worry, they will be real friendly and will get you a cup of coffee while they trim a couple hundered K from you over your life. My take on it.

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Will it allow you access to their London Whale?

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Thanks for your advice

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DamnoIT said:    But don't worry, they will be real friendly and will get you a cup of coffee while they trim a couple hundered K from you over your life.

Our local guy whilst courting, gave us a cup of our very own ...handle broke

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JP Morgan's managed portfolios might appeal to some high asset clients (1M+). The mutual funds are generally more expensive than ETFs, Vanguard etc. - no good reason to pay the higher fees.

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I don't like being a private client. Ask him if they have public client services available.

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Titus15 said:   
3. If Chase Private Clientís last 3 years of returns with service fees are greater than mine, Iím thinking about switching since I donít have to hassle of managing the investment. Any thoughts
Thanks for your help


This does not make sense at all. They provide a variety of investment vehicles, investment options, funds, strategies, with different allocations for different age groups and needs.

Do you have any doubt that they would not be able to show you some of their past "accounts" that have had returns greater then 25% per year? I bet they have some that post 50%+ per year.

Take a look at what you're invested in now, then see how much those same investments would cost of Chase was handling it.

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apeboy said:   "3. If Chase Private Clientís last 3 years of returns with service fees are greater than mine, Iím thinking about switching since I donít have to hassle of managing the investment. Any thoughts"

lol

3 years of performance is just noise in the investment world


Everyone in "finance" made money in the past 3 years.

Note how they didn't include 4 or 5 years. Because 2008 probably down big. 2009 flat or slightly up.

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I have CPC as well - my understanding is that you Chase will group together CPC investors to "club" and invest in hedge funds/private equity funds/etc. in a FoF format. Of course the downside is the double management fees... I'm still not clear what the minimum investment slugs would be, but that is a benefit over public markets.

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I've met twice now with the CPC "salesmen." My understanding is that once they tag you as CPC, then you get all of the benefits of the fee waivers and extra customer service of the bank, regardless of how much you invest into their funds. For example, they will reimburse outside bank ATM fees. They were willing to lower the 250k threshold to recruit my wife and I since we are young with high salaries. I think I am probably going to sign up while we save cash for a down payment on a house, and try to take advantage of the low CPC mortgage rates. I took CPC's mortgage quote to an outside mortgage broker and he was not able to match it. So, I will join CPC but not invest in the fund. They don't like that, but investing in the fund is not actually required to be CPC. I think eventually they may kick you out if you don't put anything into their active funds, but in the meantime there seem to be nice banking benefits in exchange for drinking coffee and listening to their sales pitch now and then. They review your deposits once a year to see whether to kick you out or not.

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spockphd said:   I've met twice now with the CPC "salesmen." My understanding is that once they tag you as CPC, then you get all of the benefits of the fee waivers and extra customer service of the bank, regardless of how much you invest into their funds. For example, they will reimburse outside bank ATM fees. They were willing to lower the 250k threshold to recruit my wife and I since we are young with high salaries. I think I am probably going to sign up while we save cash for a down payment on a house, and try to take advantage of the low CPC mortgage rates. I took CPC's mortgage quote to an outside mortgage broker and he was not able to match it. So, I will join CPC but not invest in the fund. They don't like that, but investing in the fund is not actually required to be CPC. I think eventually they may kick you out if you don't put anything into their active funds, but in the meantime there seem to be nice banking benefits in exchange for drinking coffee and listening to their sales pitch now and then. They review your deposits once a year to see whether to kick you out or not.
If you haven't already done so, post the mortgage offer in the stickied mortgage rate thread and ask for input. You should receive some good advice as to whether Chase's deal is competitive with other lenders.

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I am enrolled as a Chase Private Client. The fee is .4% (taken quarterly) of total portfolio value and tapers off ever so gradually after you reach a certain portfolio value.

My portfolio is invested in a variety of funds and they are not all JPM products. For instance, my portfolio owns shares in a Dodge and Cox fund, a John Hancock fund, a Vanguard ETF Fund, a T. Rowe Price fund, a Dreyfus Fund, a couple Pimco funds, a Neuberger Berman Fund, a Blackrock fund, in addition to some JPM funds - all spread across various sectors. There are no loads on any of the funds (buying or selling). Of course, each fund has its own internal fees. I don't know what these fees are and frankly don't care as long as they are good funds. And I don't know why I (especially considering the time required by my day job and familial responsibilities) would be a better judge of that than my Chase Private banker or any fee-only financial adviser worth his salt nor why Chase would want to put me in anything other than good funds; after all, the better my portfolio performs (and that means not only growing during the good times but also weathering the bad times better than the market in general) the more money they make off that .4% quarterly fee.

In addition, I am getting more than an investment advisory service as a Chase Private Client. I have 3 girls I want to put through college and pay for their weddings in addition to other goals that will require not insignificant chunks of money some time in the future. My Chase Private Banker has helped me lay all this out and is currently helping me get on track with these goals.

Sure, I believe it is within my ability to do all this myself. I also believe it is within my ability to fix my HVAC system myself, fix my home's foundation myself, and sundry other things that I might chose to fix my mind to. But to realize such abilities and then complete the tasks successfully would require time that I simply do not have without my work, my family, or my (small amount of) free time (that I would like to spend doing other things) suffering. Some things are better left to professionals or at least better done with a little professional assistance, and those things are different for different people. Time will tell if being a Chase Private Client is worth the fees, but I think the service they are providing is as worthy of payment as anything else important and that one might feel they need help with.

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bbartol said:   I am enrolled as a Chase Private Client. The fee is .4% (taken quarterly) of total portfolio value and tapers off ever so gradually after you reach a certain portfolio value. My portfolio is invested in a variety of funds and they are not all JPM products. For instance, my portfolio owns shares in a Dodge and Cox fund, a John Hancock fund, a Vanguard ETF Fund, a T. Rowe Price fund, a Dreyfus Fund, a couple Pimco funds, a Neuberger Berman Fund, a Blackrock fund, in addition to some JPM funds - all spread across various sectors. There are no loads on any of the funds (buying or selling). Of course, each fund has their own internal fees. I don't know what these fees are and frankly don't care as long as they are good funds. And I don't know why I (especially considering the time required by my day job and familial responsibilities) would be a better judge of that than my Chase Private banker or any financial adviser worth his salt nor why Chase would want to put me in bad funds; after all, the better my portfolio performs (and that means not only growing during the good times but also weathering the bad times better than the market in general) the more money they make off that .4% quarterly fee. In addition, I am getting more than an investment advisory service as a Chase Private Client. I have 3 girls I want to put through college and pay for their weddings in addition to other goals that will require not insignificant chunks of money some time in the future. My Chase Private Banker has helped me lay all this out and is currently helping me get on track with these goals. Sure, I believe it is within my ability to do all this myself. I also believe it is within my ability to fix my HVAC system myself, fix my home's foundation myself, and sundry other things that I might chose to fix my mind to. But to realize such abilities and then complete the tasks successfully would require time that I simply do not have without my work, my family, or my (small amount of) free time (that I would like to spend doing other things) suffering. Some things are better left to professionals or at least better done with a little professional assistance, and those things are different for different people. Time will tell if being a Chase Private Client is worth the fees, but I think the service they are providing is as worthy of payment as anything else important and that one might feel they need help with.

Can a brother get a little white space in there? A few paragraph breaks please.

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Is bbartol and washburnsie the same person. Or is this a plant by Chase Private Client service. I am interested in Chase Private Client services and is looking for real answers and review.

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bbartol said:   The fee is .4% (taken quarterly) of total portfolio value...
...the more money they make off that .4% quarterly fee.

So do I have this right - their fee is 1.6% annually, paid quarterly? That's a bit on the high side for investment management, which typically runs 1-2%/year.

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xerty said:   bbartol said:   The fee is .4% (taken quarterly) of total portfolio value...
...the more money they make off that .4% quarterly fee.

So do I have this right - their fee is 1.6% annually, paid quarterly? That's a bit on the high side for investment management, which typically runs 1-2%/year.


hope it is not .40% every qtr!!! that's pretty high ... i took it as .40% annual, but they take the money every qtr.
Max i would pay is 1% for management .. if you go to vanguard, they might do it for much less.

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It's probably .4% every quarter

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Chase recently closed my account, likely for sending too many international wires. They closed all my business, personal, and credit cards. I had a private client relationship for about 6 months now.

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joesmoe2012 said:   Chase recently closed my account, likely for sending too many international wires. They closed all my business, personal, and credit cards. I had a private client relationship for about 6 months now.
Good to know having a special client relationship doesn't matter at all to the compliance drones. Too bad, but good to know.

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Where to & how much were you wiring?

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I'd rather not get into the details. But basically wiring 6 figures all over the place all the time. 25-40 wires per month.

Important thing to take away is my private banker (who i've known since I was 8 years old when I first opened (a non private client) my accounts with them (custodial account) couldn't do anything. She spent hours on the phone with different people trying anything she could think of. There was nothing that could be done.

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it seems to me op may either be a troll, a shill or someone doing market research for jpm.

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bbartol said:   I am enrolled as a Chase Private Client. The fee is .4% (taken quarterly) of total portfolio value and tapers off ever so gradually after you reach a certain portfolio value.

My portfolio is invested in a variety of funds and they are not all JPM products. For instance, my portfolio owns shares in a Dodge and Cox fund, a John Hancock fund, a Vanguard ETF Fund, a T. Rowe Price fund, a Dreyfus Fund, a couple Pimco funds, a Neuberger Berman Fund, a Blackrock fund, in addition to some JPM funds - all spread across various sectors. There are no loads on any of the funds (buying or selling). Of course, each fund has its own internal fees. I don't know what these fees are and frankly don't care as long as they are good funds. And I don't know why I (especially considering the time required by my day job and familial responsibilities) would be a better judge of that than my Chase Private banker or any fee-only financial adviser worth his salt nor why Chase would want to put me in anything other than good funds; after all, the better my portfolio performs (and that means not only growing during the good times but also weathering the bad times better than the market in general) the more money they make off that .4% quarterly fee.

In addition, I am getting more than an investment advisory service as a Chase Private Client. I have 3 girls I want to put through college and pay for their weddings in addition to other goals that will require not insignificant chunks of money some time in the future. My Chase Private Banker has helped me lay all this out and is currently helping me get on track with these goals.

Sure, I believe it is within my ability to do all this myself. I also believe it is within my ability to fix my HVAC system myself, fix my home's foundation myself, and sundry other things that I might chose to fix my mind to. But to realize such abilities and then complete the tasks successfully would require time that I simply do not have without my work, my family, or my (small amount of) free time (that I would like to spend doing other things) suffering. Some things are better left to professionals or at least better done with a little professional assistance, and those things are different for different people. Time will tell if being a Chase Private Client is worth the fees, but I think the service they are providing is as worthy of payment as anything else important and that one might feel they need help with.

I get it. Time is important to you. It's important to everybody.

But are you truly willing to give up ~25% of your potential portfolio 20 years from now for that?

And that's only the CPC fees. I'd be willing to bet that those funds that you're in have high expense ratios as well. Tack on another 10-20% loss - no thank you.

http://i.imgur.com/0r2Yggk.png

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Wow, 1.6% does seem high. I wonder if it's possible to negotiate down..

Does anyone know if you get other services at CPC that are typical of private banks/wealth managers, either free or for a fee? Ie: tax advisory, retirement & estate planning, etc?

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So I actually just called an office to talk to them and answer my own questions, lol. Seems like a mix of retail and private banking services. The advisors have access to J.P. Morgan teams such as tax advisory and estate planning. The services they offer though are obviously a lot lower touch and less customized than what the Private Bank does. Fees and access seemed flexible based on how much business and assets you are giving them to manage.

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The funny thing is they dont have more than 3 years for their performance.

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The OP is working for CPC and you can believe that.

Skipping 34 Messages...
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Their service is just overrated , not good at all. I should never go with them to control my 401K account, It was very stupid on my side to agreed with their adviser.†






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