- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
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 2:16 pm to cjared036
I asked in another thread about money managers before and no one really offered any thoughts as I recall. I guess I could have found it and bumped it.
I've just never been down this road and was hoping someone here uses them or can offer advice.
I've just never been down this road and was hoping someone here uses them or can offer advice.
Posted on 9/23/15 at 2:20 pm to Old Sarge
Chase has been trying to get me to invest as well but I haven't decided what to do with mine yet either. I am just not too keen on investing in the market. I keep hoping interest rates will pick up a bit to make CD's a better option.
Posted on 9/23/15 at 2:21 pm to Old Sarge
I have a friend who uses private client services with his bank and to hear him tell it, it's a mixed bag.
Useful at some points, mountain movers at others and then at others maddeningly bogged down with red tape over trivial things that they can't do.
From a perspective of someone who doesn't have those assets to move around, I'd never want to pay almost 2% towards the services I know they render (and I'm sure there's plenty I don't know about). Then again if I did have that type of income and assets, the relative ease of having a dedicated person to handle it for me without lines or red tape would be nice and probably not bother me as much.
Useful at some points, mountain movers at others and then at others maddeningly bogged down with red tape over trivial things that they can't do.
From a perspective of someone who doesn't have those assets to move around, I'd never want to pay almost 2% towards the services I know they render (and I'm sure there's plenty I don't know about). Then again if I did have that type of income and assets, the relative ease of having a dedicated person to handle it for me without lines or red tape would be nice and probably not bother me as much.
Posted on 9/23/15 at 2:24 pm to GFunk
But I'm skeptical if for the 1%+ fee they will really do any better than me just keeping it in top rated mutual funds in the long haul
Posted on 9/23/15 at 2:27 pm to GFunk
quote:
of someone who doesn't have those assets to move around
A lot of money smart young people on this board. By the time you are my age you will have a lot more than me.
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 9/23/15 at 4:54 pm to LSUFanHouston
Thanks for the info 
Posted on 9/23/15 at 5:31 pm to Old Sarge
I am doing this with about 10% of my portfolio but not with Chase. Its been ok. I have been thinking about pulling the money out though. The fees are always at the high end of their range. and returns are just so-so
Posted on 9/23/15 at 7:02 pm to Hawkeye95
is it with a big box bank? or with an independent?
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 6:59 am to 632627
quote:
Or are you just interested in using their wealth management team and investing strategy?
This^^^^
I don't think the benefits of a private client relationship by itself are really that big. You get a number you can call and get immediate help if you lose a credit card. You get much higher limit on your debit card.
Posted on 9/24/15 at 7:44 am to Old Sarge
Make sure your private banker has lending authority on his and your signature(s). In other words, if you need $125K, you can pick up the telephone, and he can have it put in your account almost immediately.
I don't now how feasible this is at larger banks. There are smaller bank that can and will do this for you, and in large amounts.
Otherwise, I think you are just choosing a money manager with no banking benefits.
As an example, I had a large uninsured flood loss. I borrowed $300K on my signature, albeit for a very, very high interest rate of 4% back in 2009. At that time my collateral could have been argued to be almost worthless, and possibly even my signature. They lent on character and relationship, as banks used to do, and community and midsized banks banks still do. Depends on the banker and his authority. I don't understand the point of a banker with no authority. It seems pointless to me.
I don't now how feasible this is at larger banks. There are smaller bank that can and will do this for you, and in large amounts.
Otherwise, I think you are just choosing a money manager with no banking benefits.
As an example, I had a large uninsured flood loss. I borrowed $300K on my signature, albeit for a very, very high interest rate of 4% back in 2009. At that time my collateral could have been argued to be almost worthless, and possibly even my signature. They lent on character and relationship, as banks used to do, and community and midsized banks banks still do. Depends on the banker and his authority. I don't understand the point of a banker with no authority. It seems pointless to me.
Posted on 9/24/15 at 8:48 am to Old Sarge
There are some other perks; free safe deposit box, reimbursed atm fees, mortgage discounts, etc. it really depends how much banking you do. These days people do most of their banking electronically so they rely less and less on in branch service, so the private client relationship might not benefit them.
Regarding their wealth management, the fees are on the high side, there are better options for management firms.
Regarding their wealth management, the fees are on the high side, there are better options for management firms.
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.
Posted on 9/24/15 at 3:04 pm to Old Sarge
big box bank
Posted on 9/24/15 at 3:46 pm to Iowa Golfer
I already get a free safety deposit box
Meh, i'm just going to keep buying chunks of mutual funds on my own
Meh, i'm just going to keep buying chunks of mutual funds on my own
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News