Chase Private Client?

[ridgebackpilot]

Does anyone have experience with the Chase Private Client relationship? Chase has been so good to us recently, with three new cards approved and a solid checking account history, that I'm thinking of taking our relationship to the next level.

I have a number of "orphaned" retirement accounts from previous jobs that I need to consolidate and put under professional management. I'd also like some retirement planning advice from an investment advisor. I'd even consider taking out our next mortgage with Chase, having been treated so poorly over the years by Wells Fargo! In addition, I'm thinking that if I become a Private Client with Chase, it would deepen my relationship with them and I might be approved for CLI's on my CSP and other cards.

I've read here that the Chase Palladium card really isn't worth the AF, so I might just keep my CSP card and ask for a higher limit once I'm a Private Client.

I'd be grateful for your advice if you've experienced the Chase Private Client service. Would you recommend that I go for it?

[Anonymous]

You have to have at least $100k in chase accounts. Better if you have over $250k

the best is that this service is free (has long as u have the cash sitting there). No fees for everything, wire transfer, ATM, etc. 

i have no issues with just the private client side. (As long as you have a good advisor)

Regarding investing with them. There's 2 routes, with chase bank or with JPM. With chase bank, it's lower risk and cost less for the portfolio. With JPM, portfolio starts at $100k at 1.6% annual fees. They have more aggressive portfolios. If I were you, I'll choose the safer slower investments. 

* currently losing money with JPM portfolio, but I just started. 

* Fun fact: my banker accidentally sent out holidays greeting email and didn't use BCC so he reveal all his private client's email address. 

* palladium card: banker can actually waive the AF ( if they like you)

[ridgebackpilot]

Thanks! I can easily give them more than $250K to manage, provided retirement funds are included (as I believe is the case).

Good to know about the difference between JPM and Chase investment services. I wasn't aware of that distinction and I have a meeting with them tomorrow.

Maybe I'll get the Palladium card if they offer it to me with the fee waived. Otherwise I'll keep my CSP; don't really need them both!

[Open123]

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@ridgebackpilot wrote:
Thanks! I can easily give them more than $250K to manage, provided retirement funds are included (as I believe is the case).

Good to know about the difference between JPM and Chase investment services. I wasn't aware of that distinction and I have a meeting with them tomorrow.

Maybe I'll get the Palladium card if they offer it to me with the fee waived. Otherwise I'll keep my CSP; don't really need them both!

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It is.  All Banks/Brokerages count investable assets, except for 401K (some self-directed ones may count).

Professional management is worth it if you find the "right" Financial/Investment Advisor.  1.6% on AUMs is kind of high, but worth it if your earn returns higher or commensurate with the S&P 500 with lower risk.  One simple piece of advice.  Do not let anyone convince you to buy a loaded mutual fund or any kind of Variable Annuity.

Good luck!

[CreditCuriosity]

Market stinks right now.. I am lucky if I return 3% atm.. Granted I am very conservative due to the wild market swings along with the low interest rates that have been around way to long.  Hopefully next year brings better things for my investments!

[ridgebackpilot]

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@CreditCuriousity wrote:

Market stinks right now.. I am lucky if I return 3% atm.. Granted I am very conservative due to the wild market swings along with the low interest rates that have been around way to long.  Hopefully next year brings better things for my investments!

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You're right about that! Fidelity managed to return -6% on my retirement investments in the past quarter. With any luck, Chase can do better than that!

[ddemari]

The market does stink right now and I agree I hate mutual funds. A family member I know that does Chase private baking does it for the lower rates and higher yields on savings and chAse sends her yearly passes for free admission into museums in Chicago. She doesn't have any Chase credit cards which I find amusing lol.

[CreditCuriosity]

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@ridgebackpilot wrote:

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@CreditCuriousity wrote:

Market stinks right now.. I am lucky if I return 3% atm.. Granted I am very conservative due to the wild market swings along with the low interest rates that have been around way to long.  Hopefully next year brings better things for my investments!

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You're right about that! Fidelity managed to return -6% on my retirement investments in the past quarter. With any luck, Chase can do better than that!

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Ya most of my money is with Fideity and hell if I will let them pick what my money is in... I do my research and put my money where I feel "safe".. As this last year as anyone in the market knows has been umm "crud" to put it nicely unless you are into shorting in the stock market, etc..  Always huge risks with that though.  Sure some savy people did decent, but not anything like last year or the prior years.

[sjt]

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@ridgebackpilot wrote:
Does anyone have experience with the Chase Private Client relationship? Chase has been so good to us recently, with three new cards approved and a solid checking account history, that I'm thinking of taking our relationship to the next level.

I have a number of "orphaned" retirement accounts from previous jobs that I need to consolidate and put under professional management. I'd also like some retirement planning advice from an investment advisor. I'd even consider taking out our next mortgage with Chase, having been treated so poorly over the years by Wells Fargo! In addition, I'm thinking that if I become a Private Client with Chase, it would deepen my relationship with them and I might be approved for CLI's on my CSP and other cards.

I've read here that the Chase Palladium card really isn't worth the AF, so I might just keep my CSP card and ask for a higher limit once I'm a Private Client.

I'd be grateful for your advice if you've experienced the Chase Private Client service. Would you recommend that I go for it?

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Chase Private Client requires $250K, although you can start a relationship with $100K with a commitment to bringing it up to $250K within a certain timeframe.

The relationship boils down to your Financial Advisor, the fees they charge, and the various investment programs offered. Use those criterias to determine whether COC is a good fit for you.