quote:
JPM has private banking branches outside of NYC. FYI, you need nowhere near $1m (much less $10m) to open a Private Banking account at one of those locations. IIRC, the minimum is $250K.

I'm talking about the one in Austin. $1M used to get you the top tier. Now it doesn't. The change happened a couple months ago -- very recent.

quote:
Because it was a ridiculous statement.

No, you just didn't care to see the validity in it. The wealth managers thing was just a lens on the idea that $1M doesn't make you rich in 2019. The threshold for being "rich" is much higher -- closer to $20M than $1M.

This post was edited on 7/6/19 at 12:31 pm

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Posted by NC_Tigah

Carolinas

Member since Sep 2003

124712 posts

Posted on 7/6/19 at 1:13 pm to TxTiger82

quote:
Yea I'm talking about the one in Austin. $1M used to get you the top tier. Now it doesn't.

quote:
A lot of wealth managers won't work with less than $20 million

in Austin?
"A lot of wealth managers won't work with less than $20 million" in Austin Tx?

Look, I'm not busting your chops here.
I just see no need to intimate on this board that folks with six digit savings don't have access to good resources and reasonable professional assistance if they need it. A lot of access at that.

quote:
quote:
First off you're talking "rich", while the OP was basically talking "sustainable" living.
The threshold for being "rich"

Again, I simply understood the OP to ask "is $1-to-$2million enough to retire on?"
Not whether it qualifies as "rich".

If I misunderstood though, and the OP was asking whether $2m would support lifestyles of the rich and famous, I'd agree with you 100%. Living off of $2m won't set you up as Richey Rich.

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