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Chase Private Client is banking for the elite. Or is it? Is all that personalized attention and dedicated service just for the wealthy or can anyone qualify? We’ll help you figure out what it takes to qualify, what the benefits are, and if it’s worth it to sign up as a Chase Private Client.
What is Chase Private Client?
Chase Private Client offers a range of exclusive benefits for top Chase clients, from premium banking solutions, personalized attention, and the expertise and investment capabilities of J.P. Morgan. Essentially, it’s more or less exactly what it sounds like: personalized banking and investment solutions tailored to meet your needs.
Basically, as a Chase Private Client, you’ll be assigned a team of banking professionals to help you determine and map out your financial goals. That includes a Private Client Banker and a J.P. Morgan Private Client Advisor. You’ll be able to reach out to them over the phone, via email, or at a local branch to get advice and guidance when you need it.
Concierge Banking with Chase Private Client
Chase Private Clients get premium banking solutions that include priority service, no-fee banking, no ATM fees, and no exchange rate adjustment fees for purchases made while traveling in foreign countries. Other benefits include:
- No Monthly Service Fee on Chase Private Client Checking or Savings accounts when linked to any Chase Private Client Checking account
- No annual rent for 3 x 5 Safe Deposit Box (subject to availability) and 20% discount for larger boxes
- No stop payment fees
- No fees for money orders, cashier’s checks, counter checks
- Access and admission to select arts and cultural institutions across the country
- No Chase fee at a non-Chase ATM – including international ATMs. Additionally, ATM fees charged by the ATM owners are refunded up to 5 times per statement period
- A discounted rate when you purchase a home with the Chase Private Client Mortgage Rate Program
- There aren’t any Chase fees for domestic and international wire transfers available in person, online, or over the phone
Investments with Chase Private Client
On the investment side of things, J.P. Morgan investment capabilities mean retirement planning, portfolio management, annuities, and even saving for college. Financial advisors help you plan adjustments as your lifestyle and goals change, developing strategies to save for the future. They’ll even guide you through a customized financial analysis to help you spend and save smarter now. Thus, it’s a way to feel confident about your financial future. As seen on the Chase site, that involves:
- Aiding you so that you have a better understanding of your investment objectives, investable assets, time frame and risk tolerance
- Help you manage your financial goals
- Conduct a Customized Financial Analysis to create a strategy to help you reach your goals; there will be adjustments for unexpected scenarios you might encounter along the way
- Offer advice on how should manage your financial decisions as you move through the different stages of your life
Who qualifies for Chase Private Client?
However, not everybody can jump right into elite membership with Chase Private Client. To qualify, the first hurdle is that you must have $250,000 in qualifying investments and deposits. Rumor has it that if you come close and have been with Chase for years, you might be offered an invitation to join Chase Private Client, but that’s not a guarantee. The $250,000 can be in any combination of cash, bank accounts, securities, and liquid investments. The account must also be a personal account, not a business account.
The Cost of Chase Private Client
However, all of this doesn’t come cheap. A flat rate charge will be applicable for the total household assets under management. That includes checking, credit, taxable, and IRA’s. The fee is 1.25% of yearly assets billed quarterly.
Thus, this is comparable to other large investment firms. However, you can find lower rates elsewhere. Management fees can also be very high, as much as twice the amount of investments purchased from other services like Ameritrade. There’s also a $20 monthly fee on the Chase Private Client savings account.
Fees aside, the savings accounts are notorious for their low-interest rates. For example, online banks like Goldman Sachs offer 1.7% interest on deposits compared to as little as .01% on Chase savings accounts.
Is Chase Private Client worth it?
If you’re considering joining, do the math first. Additionally, if it’s investments you want, look into other investment options and portfolio management first. Likely, you’ll find better rates and returns on investment elsewhere. Same goes for mortgage rates. Remember: Just because they are discounted with the program doesn’t mean they are automatically the most competitive.
However, if you would save more on ATM and foreign transaction fees, mortgage rates, deposit boxes and museum entries than you’re losing in maintenance and concierge-type fees (that would take a lot of fees), Chase Private Client May be worth a closer look.
Keep in mind that many of the perks that accompany the Chase Private Client checking and savings can also be found in other Chase accounts. Likely, sticking with a less expensive checking account and opting for a different investment strategy will save you money now and in the long run. For those who want a more hands-on approach to investing, options trading isn’t available with Chase Private Client. However, if it’s full-service asset management you want and you are willing to pay a little extra to get it, Chase Private Client is an option worth considering.
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