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Chase private client services
Posted on 9/23/15 at 1:17 pm
Posted on 9/23/15 at 1:17 pm
So they want to manage my money, fee is 1.4 to .9 % depending on the balance I keep with them. Minimum 250k to start.
Any value in this over a normal money manager? I'm interested but mainly because I am less likely to get ripped off by a JP person, or am I wrong in that?
Any value in this over a normal money manager? I'm interested but mainly because I am less likely to get ripped off by a JP person, or am I wrong in that?
6
Posted on 9/23/15 at 1:27 pm to Old Sarge
Who do your friends/colleagues use? It's not taboo to discuss money with people you trust. At least not this line of conversation.
Posted on 9/23/15 at 1:36 pm to Old Sarge
nice look at me thread.
also welcome to the club.
also welcome to the club.
Posted on 9/23/15 at 1:41 pm to Old Sarge
quote:
So they want to manage my money, fee is 1.4 to .9 % depending on the balance I keep with them. Minimum 250k to start.
this is highway robbery in my opinion.
Posted on 9/23/15 at 3:26 pm to Old Sarge
I know some of their people in both the Louisiana and Houston markets. I know a couple personally and also some of my clients use them.
They seem to be good, smart people who appear to take a holistic approach to investing. You get a team of people you work with - instead of just one person, you might have a relationship manager, one or two people that deal with the investments, someone to deal with administrative issues (a lower level person), etc.
I'm not sure investment-wise they are any better than any other outfit. If you have other banking needs, such as you own a business that needs treasury management and loan programs, it seems that having them handle the personal finances makes it easier for the business groups to deal with you.
I will offer one caveat - they really love their branded investments - especially their derivative investments. I don't think on the outset they do a good job explaining exactly how they work and are valued - but if you push them they have tons of resources and explanations they can share with you. They tend to want full authority over your trading, so make real sure you understand these derivative contracts if they suggest you get in one.
They seem to be good, smart people who appear to take a holistic approach to investing. You get a team of people you work with - instead of just one person, you might have a relationship manager, one or two people that deal with the investments, someone to deal with administrative issues (a lower level person), etc.
I'm not sure investment-wise they are any better than any other outfit. If you have other banking needs, such as you own a business that needs treasury management and loan programs, it seems that having them handle the personal finances makes it easier for the business groups to deal with you.
I will offer one caveat - they really love their branded investments - especially their derivative investments. I don't think on the outset they do a good job explaining exactly how they work and are valued - but if you push them they have tons of resources and explanations they can share with you. They tend to want full authority over your trading, so make real sure you understand these derivative contracts if they suggest you get in one.
Posted on 9/24/15 at 12:32 am to Old Sarge
If you do a lot of banking, being a chase private client is awesome, there are a ton of useful perks and benefits.
Having them manage your portfolio at the rates they charge is not really one of the great benefits. You are better off putting your money in an index fund.
Do you want to become a chase private client for the banking benefits/relationship? Or are you just interested in using their wealth management team and investing strategy?
Having them manage your portfolio at the rates they charge is not really one of the great benefits. You are better off putting your money in an index fund.
Do you want to become a chase private client for the banking benefits/relationship? Or are you just interested in using their wealth management team and investing strategy?
Posted on 9/24/15 at 8:58 am to Old Sarge
IMHO you aren't paying for better investment returns so much as for other perks. It isn't hard to park your money in a set of index funds and get a similar risk/reward profile.
What's nice about it is that you can just pick up the phone and call someone when you need something, and it goes beyond making investments. You need to find a good insurance agent? Need a good CPA? Real estate agent? Retirement planner? They'll know and can put you in touch immediately. They will of course do all the record keeping. Really, the question is whether that is worth the fee.
They will generally want authority to make investments for you. Especially at a big-name bank they are highly unlikely to do anything that just screws you over, just be aware of it.
What's nice about it is that you can just pick up the phone and call someone when you need something, and it goes beyond making investments. You need to find a good insurance agent? Need a good CPA? Real estate agent? Retirement planner? They'll know and can put you in touch immediately. They will of course do all the record keeping. Really, the question is whether that is worth the fee.
They will generally want authority to make investments for you. Especially at a big-name bank they are highly unlikely to do anything that just screws you over, just be aware of it.
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