Chase Bank private client opinions

I actually just talked to my local Private Client Banker about 2-3 weeks ago, and his response to my question about the costs is that it starts at 1.6%, but they can throw in some discounts to get it down to around 1.28%. He also told me that making trades through Chase is something outrageous, like $24/trade , but again he said that those numbers can be manipulated/credited back to your acct at a later date.

I know there are different tiers as far as costs go, but I don't think the first one kicks in until around $1MM- don't quote me on that one, though.

I know several of their people in NOLA and have a few clients who use them.

I believe there is a minimum amount of assets under management that you need to have. There is a fee, the fee is so many basis points based on how much you have invested.

I find them to be high-class people that are always available.

I do have one issue, and it's one I've told them before. I find them to be a little too heavy in alternative investments, especially ones that are JPM branded. For a client that has a large amount of money, alternative investments can make some sense. They usually start with PTPs, but I find they like to trade in and out pretty quickly which causes tax headaches. They are pretty stable when they put you into their hedge funds, because a lot of times there is lockup on some/all of the investment.

Where I think they sometimes go off the rails is their use of structured baskets and notes. They may be good investments, but they are difficult for the average person to understand. Personally, I don't like investing in things I don't understand, even if someone else is making the decision for me to invest. I find some of their explanations for some of these investments to be lacking, and I've told them that. They just point at the returns.

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I actually just talked to my local Private Client Banker about 2-3 weeks ago, and his response to my question about the costs is that it starts at 1.6%, but they can throw in some discounts to get it down to around 1.28%. He also told me that making trades through Chase is something outrageous, like $24/trade , but again he said that those numbers can be manipulated/credited back to your acct at a later date.

I know there are different tiers as far as costs go, but I don't think the first one kicks in until around $1MM- don't quote me on that one, though.

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this is all correct. i am a chase private client and while i do really like their "concierge" style personal banking, their management rates are higher than most, and they do charge $25 per self guided trade which is ridiculous. I keep a self guided account with them in which i transferred in holdings that ill never sell(T, VZ, XOM, CVX) from a different brokerage account. It costs me nothing to maintain that account and the dividend reinvestments are free.

$12,800 on $1MM isn't bad. I just have never felt comfortable giving my bank this business. I'd never feel comfortable giving a large bank this business in any event. I remember when some banks wouldn't lend me money for a used car. Now they all come a calling, and I sit on a bank board. I know who and what they are. Knowing this, I own stock in my bank. The one that saw me through thick and thin. I'm loyal to them, and no interest rate reduction could ever change this.

I had our retirement plan with a bank, but took that away long ago.

But I'm different. I just shake my head at the number of threads on here about saving $200 on homeowner's insurance, and wonder what ever happened to personal relationships in business? Loyalty? Dancing with those that brought you?

Insurance, legal, taxes, retirement and banking are all done by clients of mine, who are all experts in their fields, and extremely competent. They have referred hundreds of thousands of dollars of business my way, as have I in return.

When the market crashed last time a portion of my companies retirement was guaranteed to get the stock market return minus 1%, or a guaranteed 10%. It was an annuity product. Both insurance companies withdrew the products and disallowed putting in new monies.

I did my research. And to read some on here, all annuities are bad. Your insurance company and agent are the enemy. ad nauseum.

The only professional I've never used is a real estate agent. And out of state I had to.

When some things aren't broke, they shouldn't be fixed. Develop a relationship with a professional, profit with that professional, and stay the course. If you don't know anyone, then you'd better trust but verify. If you're in business, and you're doing business with someone who isn't doing business with you, unless there is a good reason, ditch them. Consistency always outperforms occasional brilliance.