I do indeed have about >$250K in assets. About $50k in checking, $140K in savings, and only about $80K in IRA. As you can see I really like my funds liquid. My concern is that, if I go to CPC, how much of my assets will they make me invest? They need $250K in investable assets? How much funds is required in the account at all times to remain a CPC? I'm looking to buy two homes in the next 5-8 years.
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. † That will pay for a lot of fee waivers and credit cards made from weird metals. And I'm assuming there are high embedded fees in all their funds too. Pass.
I was doing some searching online for CPC reviews and this was pretty much the only thread I could find. I'm currently 26, making a good amount of money and recently invested with CPC. I only put in 100K so far and the fees are 1.6% annually and deducted quarterly from the assets. I chose the most aggressive model since I'm young but based on the past 5 year performance I was shown, the second most aggressive model (option below me) had pretty similar return and less risk. As you put more money in they drop down to around .6%-1.2% and you can also do some negotiating with them. It's been 2 months since I've invested with CPC and I'm currently up 2% on my investment which isn't bad since the market's been pretty shaky lately.
According to the relationship manager, the investments are managed by their institutional money group in NYC which normally only does large accounts 25 mil or greater. They also cover all the buy/sell and maintenance fees included with the annual fees. I don't really have any complaints other than the initial fees being pretty high. Also their chase.com online banking system to view your performance is pretty shitty.
I'm tempted to get a premium account to fool.com or zacks and manage the money myself but I think I'm gonna put some more in soon with CPC to get my fees lowered and see where it goes. ismaelhoopster said: I do indeed have about >$250K in assets. About $50k in checking, $140K in savings, and only about $80K in IRA. As you can see I really like my funds liquid. My concern is that, if I go to CPC, how much of my assets will they make me invest? They need $250K in investable assets? How much funds is required in the account at all times to remain a CPC? I'm looking to buy two homes in the next 5-8 years. †† @ismael - you don't need to invest anything, they require 100k to get started (any accounts) and 250k by the end of the year but I've heard they are flexible on this. If you are buying a home it's really good since their closings and mortgages are at preferred rates so you get big discounts. You can break your 250k up exactly as you listed it above and still qualify.
TravelerMSY said: So, after paying the wrap fees, can you trade as much as you want for free? † Exactly, they cover all the trade fees but I don't think they let you trade freely by yourself. It seems that only their money managers can control the trades for these managed accounts.
jalm1 said: I would expect the underlying JMP funds they put you in also have a cost as well (ER). Or do they included the fund cost in their 1.6% management cost? † Yep, all the ER fees and fund fees are covered by the 1.6% management cost so it's not as bad as it seems although it does seem to be on the higher side of management costs. The funds are pretty diverse, only 10 JMP funds right now out of 36 total funds. There's a good mix of diversity with Vanguard PIMCO, iShares, Sachs, Harbor, etc. They're not afraid to sell off the underperforming funds and in the past week they recently sold off a lagging JMP fund and put the earnings into a different brand's fund.
Hey I worked for JPM for 14yrs if you want to know the really truth about what they are doing contact me at firstname.lastname@example.org 1) you are being over charged for these services 2) Chase has a branch on every corner they need your assets to pay for their retail space. In the town I live in they have over 70 chase branches-
nuttyinvestor said: jalm1 said: I would expect the underlying JMP funds they put you in also have a cost as well (ER). Or do they included the fund cost in their 1.6% management cost? † Yep, all the ER fees and fund fees are covered by the 1.6% management cost so it's not as bad as it seems although it does seem to be on the higher side of management costs. The funds are pretty diverse, only 10 JMP funds right now out of 36 total funds. There's a good mix of diversity with Vanguard PIMCO, iShares, Sachs, Harbor, etc. They're not afraid to sell off the underperforming funds and in the past week they recently sold off a lagging JMP fund and put the earnings into a different brand's fund. ††
the mgmt fee is usually always separate .. i highly doubt that'll cover underlying fee expense.† I'm about to open an account with Schwab - managed account with 1% fee .. but you still pay the underlying fund expense or ETF expense (although for mutual fund, they'll get† you in institutional class which would be slightly lower fee than regular class).
I have never seen such stupidity. Nobody even knows what CPC is obviously. Look at the numbers for how active management by qualified portfolio managers has outperformed all you moron vanguard investors. Good luck idiots.
What did Groucho Marx say? I refuse to join any club that would have me as a member.
You ought to know that bringing $250k or $1M is small potatoes in this world and doesn't get you access to any investment worth having. Bring $10M and maybe you can get into a hedge fund. Except oops, those have lower returns than the markets, too. Bring $100M and you can get into the best hedge funds which might actually surpass the public markets net of fees, but no guarantees.
Most of this small scale private banking stuff is just marketing to the aspiring mass affluent. They are not offering you access to anything special except the belief that you are, in fact, special. If you have weird needs like making 50 international wires a month or something then private banking may be your ticket... except apparently they kick you out of the club when you actually try to use your benefits!
b'h hi I was recently talking to†a chase private client banker to get me on to their platform... he claims their is no such thing to close all the accounts without specific reasons like fraud money laundry etc I am considering to sign up but after looking at the forum I am afraid that this will happen to me as well... did you ever work out your issue with CHASE or was it a dead case...?
Titus15 said: †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%.† May I ask what your asset allocation is? 10% seems really low for the past 3 years, unless you're heavily into bonds.
B"H Dear joeshmo2012 I would like to contact you for a fast few private questions about chase I am seriously considering cpc but your case is concerning me Please call me ASAP on my mobile# +1917-682-2340
Disclaimer: By providing links to other sites, FatWallet.com does not guarantee, approve or endorse the information or products available at these sites, nor does a link indicate any association with or endorsement by the linked site to FatWallet.com.
Members of our community may attach files to a post in accordance with the User Agreement. FatWallet is not responsible for the content, accuracy, completeness or validity of any information contained in any attached file. Files have *not* been scanned for viruses. Be especially wary of Excel files which may contain malicious content.
Earn Cash Back while you shop - just 3 simple steps.
1. Sign Up so we know who to pay! (It's FREE.)
2. Shop through FatWallet for deals from your favorite stores. Your online purchases earn Cash Back that builds in your FatWallet account.
3. Get Paid by requesting a payment via check or PayPal.
FatWallet coupons help you save more when shopping online. Use our Coupons Search to browse coupons and offers from thousands of stores, gathered into one convenient location.
As part of our FatWallet Community, you can share deals with almost a million shoppers in our forums. Forum content is generated by consumers for consumers. Share deals, money-saving tips, and more. It's FREE, fun, and addicting.
Our customer experience team is here around the clock - real people ready to assist.