Have been talking with a JP Morgan guy and the fee is 0.1% per months, about 1.25% per year. Is it normal?
Don’t pay to have someone mange your money, just buy index funds. You will get better returns and not have to waste your money on some useless finance bro
Fuck. I wish schools made basic personal finance courses mandatory to all students. Two things, well actually three: 1) You are not dealing with an 'investment bank'. You are paying 1.25% to someone in JP Morgan's Wealth Management arm to manage/invest your money. STOP! Take it all out and don't give them a penny more. 2) If you are not financially savvy, move everything you have at JP Morgan to a robo advisor like Wealthfront or Betterment. At 0.25% management fee you will still be better off than most people. 3) Or, if you have the time, you can manage your own investments using low cost Vanguard ETFs. You will need to spend some time first reading and learning on the Bogleheads forums. You can even now just take all the money you have at JP Morgan and just invest it in a simple 3-fund portfolio consisting of VTI, VXUS and BND, and you will most probably do better than your money manager at JP Morgan after fees. Seriously dump the man and make Bogleheads your friend.
Obligatory John Oliver video: https://m.youtube.com/watch?v=gvZSpET11ZY He specifically addresses JPMorgan / Chase.
Here’s a contrary view (to what’s been said so far). Determine what additional benefits your asset management provision provides. Is it worth 1.25%? How much do you have under management? If 1.25% of that is trivial, set a plan to move to an appropriate self managed allocation over a scheduled period of time. Regardless of what the Blind herd say, DON’T JUMP until you understand what you are JUMPING TO. If Boggleheads reads like Klingon, many libraries provide financial and investment literacy classes. Many good YouTube videos also exist. Remember, investment is a marathon, not a sprint. There’s a lot to learn, take the time to do it right. Missing out a few months of gain (or loss) will not doom you.
Read Bogleheads.org before you sign up.