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I just downgraded from Chase Private Client to Sapphire Banking
Old 10-05-2020, 12:03 PM   #1
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I just downgraded from Chase Private Client to Sapphire Banking

They're modifying the qualifications for Private Banking and while the required minimum amount held at Chase will be now 150k (down from 250k) YouInvest account is not part of that. I'm not about tp pay them $35 a month for the privilege of having a dedicated banker and a private financial adviser - both were a joke while I had Private Banking enabled.
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Old 10-05-2020, 12:11 PM   #2
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Good to know. Thanks for the report.
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Old 10-05-2020, 01:41 PM   #3
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Yes - I recently received my $1,000 payout for opening a Chase Sapphire account.

That seemed like the sweet spot where I could qualify to waive fees with $75,000 transferred to their "You Invest - JPM" brokerage acct.

-gauss
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Old 10-05-2020, 01:57 PM   #4
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Yes - I recently received my $1,000 payout for opening a Chase Sapphire account.

That seemed like the sweet spot where I could qualify to waive fees with $75,000 transferred to their "You Invest - JPM" brokerage acct.

-gauss
You could totally get another 2k from them for upgrading to Private but given that they only accept managed investments as qualifying accounts it's a questionable deal now. I'm not sure how long do they want keep their hands on the 150k for the bonus to clear - in theory 6 months of holding that amount in zero interest checking wouldn't be bad to collect 2k.
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Old 10-06-2020, 07:48 AM   #5
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You could totally get another 2k from them for upgrading to Private but given that they only accept managed investments as qualifying accounts it's a questionable deal now. I'm not sure how long do they want keep their hands on the 150k for the bonus to clear - in theory 6 months of holding that amount in zero interest checking wouldn't be bad to collect 2k.
Thanks but I think I will pass.

I would think having a dedicated banker and dedicated broker would be about driving sales for them and them building a financial profile of the customer over time.

Not very attractive for DIY'er like myself.

-gauss
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Old 10-10-2020, 01:51 AM   #6
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I've seen movies/TV shows with "private bankers." The implication is that the "rich" have more "access" or advantages that the "rest of us" don't have. On that basis alone, this sounds kind of interesting. Having said that, it doesn't sound like $150K would get you much more than an Ed Jones type - probably in a better suit but YMMV.
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Old 10-10-2020, 04:16 AM   #7
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I have had Chase as my bank for many years, but when I gave them a shot at investment advice I was quite unimpressed.
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Old 10-10-2020, 10:03 AM   #8
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Originally Posted by Koolau View Post
I've seen movies/TV shows with "private bankers." The implication is that the "rich" have more "access" or advantages that the "rest of us" don't have. On that basis alone, this sounds kind of interesting. Having said that, it doesn't sound like $150K would get you much more than an Ed Jones type - probably in a better suit but YMMV.
We/I have been really unimpressed with our private banker experience at Chase over the last several years. Granted, we just moved some Vanguard holdings there and self-manage, but they/I screwed up a sale and are cumbersome to work with vs. selling at the Vanguard site. The Private Bankers have pretty uniformly been more like Billy the trainee in a little private glass cubby - way more competence at the pool of desk people. This has been the case with 3 private bankers and about the same number of pool desk bank people. Maybe we are just too used to being self reliant and aren't taking proper advantage. Gal does like that Sapphire Reserve card though (to this cheapskate's chagrin).
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Old 10-10-2020, 02:20 PM   #9
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I have had Private Banking relationships at two national banks (still I have one), and I honestly think I could get the same service through the relationship I have created with individuals at the branch across the street. Sure the Private Bank is in a different building, and after you get buzzed in you get offered a coffee, but for what I need, just being nice to the individual I work with on the retail side of the bank (who may not have any idea how much I have) seems to open many of the same doors as the private bank (needing something fixed, opening an account quickly, help wiring money, getting silly charges that shouldn't have been charged waived).

Admittedly, I am not in need of managed brokerage services (I like to understand where my money is invested, and I already know most of the hot shot attorneys and CPAs in town), so maybe I am not the usual private bank customer.
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