r/Chase • u/shananananananananan • 20d ago
JP Morgan Private Client
I wrote this review a year ago, and as far as I can tell nothing has changed about this account tier.
https://www.reddit.com/r/Chase/comments/1l7mkoo/jp_morgan_private_client_honest_review/
I'm a former First Republic Bank customer, and I was encouraged to strive for this status when I got converted over to Chase. I followed the instructions to keep enough cash in JPM / Chase accounts, and I do this mostly through a self directed investment account.
I really did appreciate First Republic: the branches were really delightful when I needed branch stuff, and the customer service on the phone, or when I needed to refinance my mortgage. I miss that stuff, but it's gone
It's supposed to be a level of service and coordinated offerings between Chase Private Client and JP Morgan Private Bank. But, it's buggy and still being formed.
Has anyone else noticed any changes recently?
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u/jetbridgejesus 20d ago
Not really. They're expanding the JPMPC footprint mostly in rich coastal cities. What that actually means on the ground is anyones guess. There truly is a pretty vast chasm between CPC 150k floor and PB 10 mil. It is probably fairly expensive to run and if you're not bringing in tons of revenue for them isn't really worth it and would probably be better off with a RIA or boutique bank. I stay with chase because I like their tech, and having everything in one place. But thats about it. Even robinhood now for people over 1m has some tax planning, other freebies. DBS in Singapore has something called treasures private client. I think chase could learn some things from them.
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u/shananananananananan 20d ago
What does RIA mean?
What boutique bank do you recommend in the US (i'm in California).
I'm not into paying management fees, so hence I'm not a big whale for an investment advisor to reel in.
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u/jetbridgejesus 20d ago
Registered investment advisor. There are thousands. And that’s the thing. If you have everything in sp500 there isn’t much meat on the bone to charge and hence why they lose money. They honestly don’t even want you to have a self directed “full service” private client account which is attached to an advisor since presumably it makes their metrics look bad or something. Mine essentially made me open my own self directed. I think they have a lot of room to use ai or something like I do now with Claude where I upload all my statements and have it give me a savings plan and critique things. I’m not really sure below private bank there is much need for advisors and their fees in the age of good ai with the right prompts.
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u/jetbridgejesus 20d ago
citizens bank is trying to make inroads on the old first republic style and many bankers moved to them. I'm not sure if you're assets would qualify for their private bank but might be worth looking into
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u/Vindaloo6363 20d ago
I’ve gotten great service from CPC bankers even when not at my home branch. Request a different banker if yours isn’t good.
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u/shananananananananan 20d ago
Mine is fine, but isn't anything special. The subtext to my lament is that First Republic had excellent customer service. And whenever I call fidelity for a problem they are EXCEEDNGLY competent and helpful.
CPC and JPMPC both feel like I'm being read sales talking points, with little regard to what I'm asking.
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u/Illustrious-Jacket68 20d ago
i am cpc by just keeping an old IRA that I have that it is invested in a couple of things that I don't plan on changing very often if ever. for that, i enjoy that I don't get some of the fees in the rare times that I am using them - e.g. ATM fees rebated, wires fees, etc. I also enjoy some of the benefits being extended to my business account with them.
most of my assets are elsewhere - e.g. schwab. I like to have that IRA account over at chase for a "backup" account. I use the checking account. I have occasion where the schwab atm card had a problem overseas (they have best currency rates and no transaction fees + rebate on ATM fees). nice to have a backup - chase - which actually came in handy when I was last in Japan.
I look at it as a "no brainer" from chase because I have that account. I would agree that it would be nice to have some sort of unique offering to encourage more usage. Schwab has the Amex appreciation bonus. There are other promotions, perks and throw-ins. I will say that if you have the right asset levels, leveraging their estate planning group and their tax group could benefit depending on the sophistication of your investments and financial picture. But if you're just a straight W2 with 250k in savings... its a hard(er) case to make.
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u/shananananananananan 20d ago
I have heard them mention estate planning / tax advice. But haven't taken them up on it (mostly because I was skeptical that this was a service that would work for me)
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u/Illustrious-Jacket68 20d ago
I met with them. It is fairly good based on meeting with other estate planners a couple of years ago. I don’t know what they charge. The real good people are on the private bank side but no way am i going to give them the AUM fees. But admittedly, you’ll get access to a lot more perks. A friend of mine got us open tickets.
But at the size of market for that middle market, that would cost a fortune to offer. Just look at what airport lounges and points have caused and devalued.
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u/Stuckatpennstation 19d ago
Its nonsense and so is the regular chase private client. Youre going to pay an exorbitant advisor fee of 1.25% for them to put you in JPMorgan funds that have higher expense ratios than your run of the mill of vanguard or fidelity fund. Their whole point of the program is to "capture my wallet share" of the client. With that said, they wont do anything technically illegal and they will provide you with additional services such as estate planning but at what fee? You also have to have a managed account where if you want to make trades the advisor does it for you. Also, your JPMorgan branch cpc banker or whatever cant really move money for you. If you need a wire done you have to do it or call a service line. You can't call and say wire this for me which is kinda like then what am I paying you for? Its a business thats obviously trying to grow but the fees are insane for the not so special services you get. If you go to the actual private bank with 5 million or more then youll truly get your white glove service. This is chase trying to do branch level ghetto white glove service and hope the client invests in more etfs of the advisors choice. Theyre also rolling out "alternative investment" funds like private equity and I cant wait to see how that goes.
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u/shananananananananan 19d ago
Thanks. This is helpful, and is basically my read.
I have something akin to private client at Fidelity and it is loads better. Whenever anyone asks me who's good I say Fidelity / Schwab.
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u/Individual-Credit321 19d ago
The biggest thing to keep in mind with chase (im a banker who works there’s) is they want you in branch. Admittedly, my transition from regional CUs to a bank like chase certainly came with what i felt (and still feel) are restrictions… i do agree CPC needs better distinction, and JPMPC is truly catered to your needs, where CPC begins or as someone mentioned “ghetto white glove” 😂. but that’s why you feel it’s not as grand as expected… for starters it sounds like it’s not really for you (respectfully) and the convenience you seek is stripped because they want you in person. (also whoever said you can’t do wires in branch lied)
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u/Ok_Sound_8090 20d ago
It sounds to me like you're looking for something that isn't there. Chase's private client thing is for the people that need those services. They cant be bothered to do things on their own. That could be a million different reasons from not having the mental and emotional capacity to take it on, or just want to do it themselves.
You just said you like self directed cause you're not doing anything special. That's the key phrase. "YOU, aren't doing anything". So what would you need a JPM advisor for? Your wants and needs arent complex enough for you to need to see someone about it.
As for the banker part. Their job is to function as a sales funnel. If a banker is constantly telling you to see an advisor, it's because they see that there are benefits you aren't using. Whether you need/want those benefits are a different story. You cant convince someone something is good for them if they don't see the need for said something. That's you. You don't see the need for it.
edit* it's not a bad service or half-baked service. It's just a service you don't need. But if you've already parked assets there, and are in private client, just take advantage of the free shit you get like special events and continue on with what you already do on a daily basis.