We recently were contacted by Chase private investment advisor. They charge ridiculously high management fees of 1.4%. Has anyone have experience with Chase and is it worth it? TC 350k
Let’s see that TC first
The fee varies by portfolio surely. But yes, they do charge fees on the $ amount, whether or not your portfolio is making money. I have used them for few years and my biggest gripe is that I still have to actively manage during market events etc. the advisor manages 100s of accounts and they do not give personal attention, except when you’re eager to redeem your money in which case they will ply you with lunches and dinners. The minimum for most portfolios is 100k but they can park your money in many bespoke structures that have returned high digits. So you pay for access to such portfolios constructed by other funds which retails cannot access.
Thanks for the info.
What's your advise comparing it to robo advisors like wealth front?
Chase is almost as bad as Wells Fargo
They are going to charge you 1.4% to buy SP500 lol
I don’t understand people who seek financial advisors , is it easier than buying ETFs? Do they want the ego boost of going to a bank and meeting their financial advisor that will just buy mutual funds and charge them for it while loosing money? Is it because they don’t know any better ? I’m truly clueless
They don’t trust their own financial management skills. Is it that hard to understand why someone hires services for anything - lawnmowing, cleaning, trainer etc ? It’s so they feel comfortable knowing that their money is in better hands .
Is different tho? The services you mentioned actually provide a value. Financial advisor provide none. What’s not to be trusted about buying a freaking etf ? Like click buy in the same app you bank ?
What could they even do for 1.4%, definitely not worth it