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Chase Private Client
Old 03-22-2017, 08:28 PM   #1
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Chase Private Client

Interested in input from others on this. Not a whole lot of advantages that jump out at us. We rarely use an ATM, wire fees are passed on to borrowers, don't think there are the credit card advantages private clients once enjoyed.. Not really feeling much enthusiasm for letting Chase manage our investments for 1.45% or so. However - there is no charge if we just have $250k worth of Vanguard being held by Chase. We would have a separate statement from Chase regarding the Vanguard they held, but no fees. Sooo what groovy advantages does a free PC relationship have ?

Has anyone been wowed by some features of the Private Client program that you can expound on? Frankly, there are several real competent bankers that we enjoyed working with at the local Chase branch and the Private Banker seems to be not close to their ability.
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Old 03-22-2017, 10:22 PM   #2
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I would think they would be telling you what the list of benefits of being a private client would be?
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Old 03-22-2017, 10:54 PM   #3
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I use the Chase Private Client program but not with Chase actively managing my accounts. We moved to Chase last year when we were looking for someone to do a refi on our home and Chase was the first local Bank we found that was willing and clever enough to see beyond our cash-rich and job-poor status. (I had previously heard from several of my friends that Chase was a good place to go for creative financing.)

If you like trading and actively managing your own portfolio, Chase Preferred Client is definitely not for you. It's nothing like Fidelity or e-Trade as far as ease of use for trades or available research. Their JP Morgan online trading tools are the worst I've seen, and I speculate it is because JP Morgan has always tried to be more of a full-service brokerage. They are upgrading all that, and they tell me it's coming, but so far they are not at all ready for prime time on the online research and trading side.

For me, it came at a time when DW and I were ready to consolidate accounts and simplify things, and stick with ETFs and stocks I already owned, so I didn't mind that part too much. I was already using Chase for my mom's IRA accounts and liked the service from the local branch. I don't have Chase handling my portfolio management, I do it myself and work through my JP Morgan/Chase Preferred Client Advisor.

I use my eTrade account and my old Fidelity login for my own research and I speak with my Private Client Advisor as a sounding board and to execute the trades. He has been very good, and very helpful and will actually call me without me calling him about what's going on. Despite the website shortcomings, I will say that I have gotten much, much better, much more personalized service from my local branch than I have ever received from any brokerage. It's a tradeoff I can happily live with for now. (I now actually have cell phone numbers in my cell phone of actual live management people at my local Chase bank branch who will happily take my and DW's calls immediately and take responsibility for answering our questions and solving our banking and investment account problems - any questions or problems)

Their Chase Sapphire credit card is the best in the industry as far as travel benefits and that is something we are just starting to use. If you travel overseas a lot, it offers some terrific, unique benefits such as free access to first-class airport lounges, no foreign or domestic ATM fees and ATM exchange rate benefits, concierge and travel services, etc. You get the first $300 of travel expenses reimbursed dollar-for-dollar every year and (I believe) 100K+ miles for signing up. I like that I can earn triple points on travel and still accumulate my travel miles with the carriers too. My wife loves it because we charge everything on the card, pay it off monthly, and she doesn't need to reconcile our bank account nearly as often as before. Their travel concierge program is very competitive on pricing and I recently booked a trip to Australia through them. It was like having my own travel agent.

I know that there may be better institutions and programs out there, but Chase seems to offer a lot more in one place to large account holders than the other large banks. It's definitely not for everyone, but for us at this stage in our lives it is just extremely convenient, and not very costly because of the fee discounts we earn due to the size of our holdings. So far Chase has earned my business - they worked out a $600K cash out refinance on my home while we were retired - and are one of the only banks I've found in my area that is willing to underwrite loans to us on the basis of the various types of passive and Trust income that we have.

I wouldn't have used Chase when I was younger, poorer and more aggressive, but now it's just right for us.....for now. Things could change, and I'm willing to move if I find something better. I do recommend anyone considering them to at least take a closer look and talk to your local Private Client representative. You might be pleasantly surprised.
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Old 03-23-2017, 05:34 AM   #4
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I have a 7 figure portfolio at Fidelity and a private advisor there when I have a need. I have banked at Chase for many years and did talk with their Private Client advisor. They really didn't offer anything I did not already have so I passed.
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Old 03-24-2017, 11:00 AM   #5
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I was private client as that is where I originally had my portfolio but I moved it to Fidelity. They weren't really telling me anything I didn't already know. If I were less inclined to do my own research I might find them useful.
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Old 03-24-2017, 11:37 AM   #6
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I guess I just wanted to feel like there was something special about private client. No desire to use their investment services at a 1.45% cost, but if we can park a Vanguard fund there and meet the $250k requirement for private client at zero cost and gain some groovy special advantages over mere customer I would go for it. Thus far it just isn't worthwhile to me. Thanks all, and if anyone else can mention neat private client perks I'd love to hear them.

free ATM
free wires
increased limits on some deposits/withdrawals
?
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Old 03-24-2017, 12:06 PM   #7
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Originally Posted by calmloki View Post
I guess I just wanted to feel like there was something special about private client. No desire to use their investment services at a 1.45% cost, but if we can park a Vanguard fund there and meet the $250k requirement for private client at zero cost and gain some groovy special advantages over mere customer I would go for it. Thus far it just isn't worthwhile to me. Thanks all, and if anyone else can mention neat private client perks I'd love to hear them.

free ATM
free wires
increased limits on some deposits/withdrawals
?

Private client is for the well to do or rich person who has no idea about investing but wishes to do something... like most of the banks and brokerage firms have...

Sometimes you might get a smart one, but likely not... I would bet that the majority of people here could do a better job than any of these guys and gals... not saying they do not provide a service to people, just that it is not for people who know about investing and finance...
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Old 03-24-2017, 12:25 PM   #8
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I would stay away from Chase Private Client.
We just settled the estate of a relative who had an account there, which included "managed" brokerage and IRA accounts, checking, savings, and a mortgage. The banking side cooperated easily in settling the estate. The brokerage side was another story...
This relative probably signed up there because it was in a well-known retirement community with lots of golfing. He probably liked to BS with his broker and pretend he was one of the "good ol' boys".
Well, I looked back through the brokerage account history: Three managed funds with an average ER of 2.0%. That is not a typo. For the IRA the broker had him in 24 funds (!), with an average ER of .8%. Also not a typo.
Lots of trading in and out. You can believe me when I say the account balance did not justify 24 funds. It made me very uncomfortable.
We looked into cashing out both accounts out before transferring to Schwab, but the sales fees were absolutely insane. For some of his larger holdings, it would have been in the hundreds of dollars per fund. Chase obviously doesn't want you doing your own trading...
In the end it cost $75 per account to transfer to Schwab. Once the funds were at Schwab we could sell each one for FREE.
BTW, it was like pulling teeth getting the Chase broker to respond to our requests to settle the estate; you can't make money from a deceased person! And EVERYTHING had to be done via this broker.
Still makes my blood boil.
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Old 03-24-2017, 12:30 PM   #9
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Old 03-24-2017, 12:43 PM   #10
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I use the Chase Private Client program
<snip>
Their Chase Sapphire credit card
Is there anything that a Chase Private Client gets with the Sapphire card that others don't get? I've got the Sapphire Reserve and am not a Private Client and I get all those benefits. Unfortunately, for those who didn't get in earlier the sign on reward is now 50K points and not 100K.
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Old 03-24-2017, 03:50 PM   #11
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We opened an account with Chase Private Client about six months ago. We are planning to move some Vanguard ETF shares that are in our IRA's over there at some point, although so far we haven't actually done that. We did not sign up for the active management, and we are assured that fees are 0. So far, that has been the case. The benefits we've enjoyed have been using the ATM while traveling without any foreign transaction fees, getting cash without Chase-imposed ATM fees, getting other bank imposed ATM fees reimbursed (not sure how many times a month, but enough so that we haven't paid any), free admission to many museums, and free wire transfers. Also, our private banker has been friendly and helpful, and we haven't had to deal with the customer service misery of Wells Fargo, which is where we moved from. So far, I am pleased. I will let you know if that changes.
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Old 03-24-2017, 10:40 PM   #12
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Is there anything that a Chase Private Client gets with the Sapphire card that others don't get? I've got the Sapphire Reserve and am not a Private Client and I get all those benefits. Unfortunately, for those who didn't get in earlier the sign on reward is now 50K points and not 100K.
I don't think so. I don't think being a Private Client is a requirement to apply for the Sapphire Reserve credit card. It's just their premium product.
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Old 03-24-2017, 10:48 PM   #13
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Let's say Chase has been chasing me for the private client thing. I had to ignore their numerous calls. I met with one manager/advisor there and she poopoo-ed my investment in Wellesley and Wellington claiming something like the funds dropped -20% in the Great Recession. I only agreed to see this person because a chase person was helping me notorizing transfer paper to Vanguard. Otherwise I didn't feel oblige at all.
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Old 03-24-2017, 11:17 PM   #14
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I've been abusing Chase's good graces for some years - military status got me a free checking account and safe deposit box. Seems like every year they have savings or checking promotions, which the gal and I take advantage of and then close. We have gone through a number of Chase credit cards with attendant promotions. Chase and their notary have been very handy when we are shipping paper back and forth doing property loans or sales. The bulk of our cash, however, sits in Discover making 0.95% vs Chase's .0 bupkiss%.
I'm just a take take take shellfish kinda person though - and for the life of me even if I let them hold Vanguard positions at no cost to me I want some compelling reason to be a private client. - and I'm not getting it. That said, they beat Wells Fargo in so very many ways - very happy to not have any WF association anymore.
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Old 03-25-2017, 10:12 AM   #15
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i found chase useless to us . we have private client status at fidelity .


http://www.brokerage-review.com/stoc...ce-review.aspx
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Old 03-25-2017, 11:20 AM   #16
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Chase Private Client

Do the math to see if one's funds are being depleted with those absurdly high fees in inverse proportion to the inflation of one's ego, which is much of the seductive value-add of "private banks". And please pass the Grey Poupon.
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