chase Private Client Advisory

Slalom Consulting Samms
Aug 29 11 Comments

hi all
have any of you used chase private client services? if yes please share your experiences if not how do you manage your investments? i understand chase will push for JPMorgan managed assets/money market funds. But would appreciate any insights and experiences.

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TOP 11 Comments
  • Slalom Consulting Samms
    OP
    Thank you all for your inputs. Do any of you use Vanguard?But would be curious to know about their sales commissions?
    Aug 30 3
    • Google PWgY17
      I use Vanguard and know lots of people personally who do it as well.

      Your question shows a lack of knowledge about Vanguard and index funds in general - please read up on the financial advisory industry in general, unless you want to pay a lot of fees for nothing.

      Vanguard has *no commission of any kind* and they charge the lowest fees in the industry. Hardly anybody can beat them. Fidelity should be good too.
      Aug 30
    • Google PWgY17
      Average vanguard fund's expense ratio is 0.05%, let's say Chase charges you, not 1% but 0.6% (40% discount to you)... diff = 0.55%

      let's say you have 300k to invest and it stays like that for 30 years.

      If it compounds at 7% (us historic average) in the vanguard fund, it will compound at 7-0.55 = 6.45% in your chase account

      now, let's see what happens in vanguard over 30 years, assuming you don't put even a single penny more - 300,000*(1.07^30)=2,283,676.51

      let's see the same, now with 6.45% - 300000*(1.0645^30) = 1,956,551.24

      let's see their ratio - 1,956,551.24 / 2,283,676.51 = 0.85

      Congratulations, you've just lost 15 bloody percent !!
      Aug 30
    • Slalom Consulting Samms
      OP
      Thanks PWgY17. Appreciate the breakdown. Yep am learning the ropes and appreciate your insights!
      Aug 30
  • New / Strategy MWSt70
    Just use Vanguard or Fidelity dude. Low fees will
    make you more money in the long run.
    Aug 29 1
    • Slalom Consulting Samms
      OP
      Do you use either of them? How frequently do you change asset allocation?
      Aug 30
  • Oath OPnd70
    Wouldn’t be surprised if you forgot your wallet in their office and when you returned to get it, all the money inside was gone 🤷‍♂️
    Aug 29 0
  • Google PWgY17
    Don't do it. IIRC the fees alone is 1% -- with Vanguard you can get funds with very low expense ratio.

    As others have pointed out, they are not fiduciaries and will be pushing for their own funds.

    Whatever discounts they offer wrt mortgage (since that accompanies the private client stuff) can be easily had at Wells or BoA -- both have lesser restrictive terms, and you don't even need to have funds other than that you use for mortgage in your account - unlike Chase.
    Aug 29 0
  • HackerRank kjybvhji
    Just go for the free coffee
    Aug 29 0
  • Microsoft Dzxz35
    Not a fiduciary
    Aug 29 0
  • Microsoft / Eng coolbloke
    Run!
    Aug 29 0