Account fees with full service Chase Private Client account?

[CrisisAverted]

Like many, I am trying to take advantage of the CPC $2000 offer which requires bringing in $250k to most accounts except YouInvest.

I have that amount that would be coming to Chase but they'd be mostly in equities. Some cash, maybe $50k.

For the $100k, since I can't use a YouInvest account, I'd have to go with a full service account, but NON-discretionary, so that I can place my own trades.

However, in reading the various fee schedules for the various Chase/JPM investment entities is confusing and lacking in clarity.

As a CPC, how or what would my fees be for the full service non-discretionary account?

I am trying to limit my exposure to sitting in a bank with a banker for an hour due to our current covid climate, especially if I have to pay some sort of annual admin fee of 1%, etc.

Does anyone know? Thanks!

[Monster99]

If the fee schedule is not clear, why would you invest with them? They obviously think they can make more off of you than the transfer bonus or they wouldn't do it......

[MikeG62]

Like many, I am trying to take advantage of the CPC $2000 offer which requires bringing in $250k to most accounts except YouInvest.

I have that amount that would be coming to Chase but they'd be mostly in equities. Some cash, maybe $50k.

For the $100k, since I can't use a YouInvest account, I'd have to go with a full service account, but NON-discretionary, so that I can place my own trades.

However, in reading the various fee schedules for the various Chase/JPM investment entities is confusing and lacking in clarity.

As a CPC, how or what would my fees be for the full service non-discretionary account?

I am trying to limit my exposure to sitting in a bank with a banker for an hour due to our current covid climate, especially if I have to pay some sort of annual admin fee of 1%, etc.

Does anyone know? Thanks!

I took advantage of this offer back in June. Bonus posted earlier this month. I moved shares (FMV >$250K) in a broad based ETF. I have not incurred any fees so far.

[Thrifty Femme]

It's not a requirement. Tell them you are DIY and not interested in AUM.

[adamthesmythe]

I don't think the Chase account makes sense if you are paying AUM fees. With a bonus it might make sense if you remember to cancel when the minimum period is up.

If you are using an account to invest, I believe the law requires the broker to "know" the client. So some sort of interaction with a representative will be necessary. I expect they will doe it remotely these days.

[jeff1949]

Like MikeG62 above I have not incurred any investment fees since investing $30k with Chase "You Invest" back in March. My wife and I each got our $1000 bonus with no problems and no fees whatsoever after closing the Sapphire Checking accounts.

[CrisisAverted]

If the fee schedule is not clear, why would you invest with them? They obviously think they can make more off of you than the transfer bonus or they wouldn't do it......

It may be possible that I am the one not understanding fee schedule due to the complication of being CPC. I just feel like it's not clear without meeting an advisor what the fees are.

Like MikeG62 above I have not incurred any investment fees since investing $30k with Chase "You Invest" back in March. My wife and I each got our $1000 bonus with no problems and no fees whatsoever after closing the Sapphire Checking accounts.

Thank you, but I have a YouInvest account, and unfortunately it does not qualify for this specific promotion.

It's not a requirement. Tell them you are DIY and not interested in AUM.

That is the goal--however, I am bringing over equities and do not want to sell them prior to bringing them over due that creating a taxable event. As a result, I have to have one of their investments accounts. A YouInvest will not qualify.

I don't think the Chase account makes sense if you are paying AUM fees. With a bonus it might make sense if you remember to cancel when the minimum period is up.

If you are using an account to invest, I believe the law requires the broker to "know" the client. So some sort of interaction with a representative will be necessary. I expect they will doe it remotely these days.

I think this makes sense. If the AUM fees are 1% or thereabouts per year, then a balance of $100k in the investments would charge me $1k/annually. That would make this promo a non-starter.

I don't mind going in to set up the account, etc. I just don't want a sales pitch in there for an hour only to learn that the fees are not tenable.

I took advantage of this offer back in June. Bonus posted earlier this month. I moved shares (FMV >$250K) in a broad based ETF. I have not incurred any fees so far.

Oh this is helpful! How do you know you are not being charged any maintenance, AUM, or other administrative fees? Which specific account did you transfer your ETFs to? I know it's not YouInvest, and I doubt you went the full service discretionary account, so it must be the full service non-discretionary account? I wonder if the fees are charged at the end of the year? Or perhaps, maybe cut from your earnings?

[2tall4economy]

Did it recently.

No fees unles you sign up for you invest with their portfolio products.

No sales pitch after the first meeting, which was required to be in person.

Also getting accounts opened is also required to be in person. Annoying. No other bank I’ve used in past decade requires that.

[2tall4economy]

Did it recently.

No fees unless you sign up for youinvest with their portfolio products.

No sales pitch after the first meeting, which was required to be in person.

Also getting non-investment accounts opened required to be in person. Annoying. No other bank I’ve used in past decade requires that.

[CrisisAverted]

Did it recently.

No fees unles you sign up for you invest with their portfolio products.

No sales pitch after the first meeting, which was required to be in person.

Also getting accounts opened is also required to be in person. Annoying. No other bank I’ve used in past decade requires that.

Thank you!

Can you clarify your first sentence about "no fees unless you sign up for you invest with their portfolio products?" What does this mean exactly? I have an existing youinvest account. I am going to be upgrading my sapphire checking to CPC.

However, to bring in the $250k, about $150k or so will be in equities and they specifically state that you cannot put that money into a youinvest account.

In what form did you bring your money over, and in what specific type of account did you keep it? (referring to investments).

Note: I THINK I read somewhere where a prior version of this offer before it was for $2k allowed for youinvest accounts, but this current offer DOES NOT permit youinvest.

[MikeG62]

Oh this is helpful! How do you know you are not being charged any maintenance, AUM, or other administrative fees? Which specific account did you transfer your ETFs to? I know it's not YouInvest, and I doubt you went the full service discretionary account, so it must be the full service non-discretionary account? I wonder if the fees are charged at the end of the year? Or perhaps, maybe cut from your earnings?

First, I scheduled a call with a Chase Private Client banker (using the Chase site). During that call, I opened a checking account with Chase. I was immediately e-mailed a code (while we were on the phone) which I provided to the banker and she flipped the checking account to Private Client status. She then brought a JPM advisor on the phone and he opened the JPM (full service not YouInvest) brokerage account. Shortly thereafter, I transferred in shares in IWB (iShares 1000 ETF) in-kind from Merrill Edge to JPM. For a more thorough explanation of the process see this thread:

viewtopic.php?f=10&t=196884&p=5308290&h ... r#p5308290

Those shares continue to sit at JPM - the same as if they had been left at the source broker. I have reviewed my statements each month. Not $0.01 in fees charged.

There are no fees charged unless you agree to have the advisor manage your account or otherwise allow him to peddle products to you on which fees are assessed. As detailed in that other thread, I was clear to explain that I was fully a DIY investor and if they pressured me to do anything other than move shares into the account I would move the shares out and end my relationship with JPM. They leave me alone.

Let me say it again since you seem skeptical. There are NO fees charged on either of my accounts, not monthly, not annually and they do not take a cut of my earnings.

[desiderium]

Ask to speak with the private banker directly in a quick phone call and pin them down first, before you commit to the longer pitch.

Tell them you are interested in trying them out for awhile but are not sure you want a longer term relationship and are concerned about fees for your specific move

I have been cold called on several occasions after paying off my mortgage with a series of fairly large chunks, but have not explored seriously. I imagine they would be eager to talk to you.

[2tall4economy]

Did it recently.

No fees unles you sign up for you invest with their portfolio products.

No sales pitch after the first meeting, which was required to be in person.

Also getting accounts opened is also required to be in person. Annoying. No other bank I’ve used in past decade requires that.

Thank you!

Can you clarify your first sentence about "no fees unless you sign up for you invest with their portfolio products?" What does this mean exactly? I have an existing youinvest account. I am going to be upgrading my sapphire checking to CPC.

However, to bring in the $250k, about $150k or so will be in equities and they specifically state that you cannot put that money into a youinvest account.

In what form did you bring your money over, and in what specific type of account did you keep it? (referring to investments).

Note: I THINK I read somewhere where a prior version of this offer before it was for $2k allowed for youinvest accounts, but this current offer DOES NOT permit youinvest.

you should double check that -- pretty sure it says that money ALREADY IN youinvest doesn't count toward the $250k, not that youinvest itself doesn't count.

I've not gotten my bonus money yet but I'm told I qualify, and what I brought over was just my IRAs into the youinvest platform.

[Thrifty Femme]

It's not a requirement. Tell them you are DIY and not interested in AUM.

That is the goal--however, I am bringing over equities and do not want to sell them prior to bringing them over due that creating a taxable event. As a result, I have to have one of their investments accounts. A YouInvest will not qualify.

Let's review. I think you want to become a Chase Private Client. That requires 250k in assets (cash, CDs, investments). Your current YouInvest balance counts towards the 250k for becoming a Chase Private Client. If you bring in additional investments, those additional investments don't have to go into your YouInvest. They can go into another bucket that's not YouInvest and not AUM, so no fees.

Are you in mutual funds or ETFs? If you're in ETFs, you can transfer in kind. Mutual funds might be trickier for transferring in kind. What holdings are you looking to transfer?

Now there is a 2k bonus for bringing in 250k is assets, for which bringing into YouInvest doesn't qualify. I'm not sure if there's a bonus for smaller amounts.

[CrisisAverted]

First, I scheduled a call with a Chase Private Client banker (using the Chase site). During that call, I opened a checking account with Chase. I was immediately e-mailed a code (while we were on the phone) which I provided to the banker and she flipped the checking account to Private Client status. She then brought a JPM advisor on the phone and he opened the JPM (full service not YouInvest) brokerage account. Shortly thereafter, I transferred in shares in IWB (iShares 1000 ETF) in-kind from Merrill Edge to JPM. For a more thorough explanation of the process see this thread:

viewtopic.php?f=10&t=196884&p=5308290&h ... r#p5308290

Those shares continue to sit at JPM - the same as if they had been left at the source broker. I have reviewed my statements each month. Not $0.01 in fees charged.

There are no fees charged unless you agree to have the advisor manage your account or otherwise allow him to peddle products to you on which fees are assessed. As detailed in that other thread, I was clear to explain that I was fully a DIY investor and if they pressured me to do anything other than move shares into the account I would move the shares out and end my relationship with JPM. They leave me alone.

Let me say it again since you seem skeptical. There are NO fees charged on either of my accounts, not monthly, not annually and they do not take a cut of my earnings.

Great post, thanks! Good link there too!

I have a Chase Sapphire checking already which will be the account that will get upgraded to CPC. I read your post that you linked, and it looks like one does REQUIRE an AUM relationship: "He was ok with my passing on an AUM relationship."

So this is the point that is conveniently left out online on the Chase site (for obvious reasons). It is not clear that one can have the "JPM Investment Account" but not require AUM. It's the AUM that requires fees per fee schedule, including even if you have a non-discretionary account. Looks like that the "AUM-flag" was never entered into your account. And since you're either going to call in for your trades or not do any until the funds are transferred to a YouInvest account, looks like you won't have to worry about fees.

The fee schedules i've located previously don't go over a fee-free JPM Investment Account, of course.

I like your idea of eventually transferring the equities to a YouInvest. I have one already, so I'll just move the funds there.

I read some posts up where (viewtopic.php?p=5303733#p5301475) it's confirmed that the "full service self-directed" brokerage has no fees. However, when I asked whether a "full service self-directed" account exists on the phone with the banker (not the investments person, and not a CPC), they said that the only thing like that is You Invest. Perhaps this Chase employee is not sure. Very glad to hear that I can "pass on their advisory service." Now that I know there is no requirement to sign up for asset management, this process is a lot less onerous.

[CrisisAverted]

Ask to speak with the private banker directly in a quick phone call and pin them down first, before you commit to the longer pitch.

Tell them you are interested in trying them out for awhile but are not sure you want a longer term relationship and are concerned about fees for your specific move

I have been cold called on several occasions after paying off my mortgage with a series of fairly large chunks, but have not explored seriously. I imagine they would be eager to talk to you.

Great idea, thank you! If I don't like their vibes, I can just try another CPC branch. There is no shortage of them around here.

[CrisisAverted]

Let's review. I think you want to become a Chase Private Client. That requires 250k in assets (cash, CDs, investments). Your current YouInvest balance counts towards the 250k for becoming a Chase Private Client. If you bring in additional investments, those additional investments don't have to go into your YouInvest. They can go into another bucket that's not YouInvest and not AUM, so no fees.

Are you in mutual funds or ETFs? If you're in ETFs, you can transfer in kind. Mutual funds might be trickier for transferring in kind. What holdings are you looking to transfer?

Now there is a 2k bonus for bringing in 250k is assets, for which bringing into YouInvest doesn't qualify. I'm not sure if there's a bonus for smaller amounts.

I would say I am 85% equities, and 15% ETFs. The only ETF I'd bring along is VGT. Everything else is the standard big names like AAPL, ADBE, GOOG, etc.

you should double check that -- pretty sure it says that money ALREADY IN youinvest doesn't count toward the $250k, not that youinvest itself doesn't count.

I've not gotten my bonus money yet but I'm told I qualify, and what I brought over was just my IRAs into the youinvest platform.

Sorry--I may not have been clear. I had $180k or thereabouts in my YI account. I withdrew about $100k via partial ACAT to a different brokerage last month. After 30 days elapses since the delivery date, I will go and upgrade my sapphire checking to CPC and meet with the investments advisor to take advantage of the deal, and to open up a full service self-directed (with no AUM services) investment account.

I will be bringing back about $190k in equities, and $60k in cash, for a total of $250k in "new money." Well, somewhat new. My only concern is the lookback period, if any.

And just to be clear, YouInvest is EXCLUDED from this promotion, which is why there is the hoopla over opening the full service self-directed account.

On the Chase promo site, it says: Within 45 calendar days, transfer a total of $250,000 or more in new money or securities to a combination of eligible checking, savings and/or investment accounts (excludes Chase business checking and savings accounts, any You InvestSM, J.P. Morgan retirement accounts and CDs), and maintain the balance for at least 90 days.* https://account.chase.com/consumer/bank ... vateclient

I read this to mean that I cannot bring NEW money (the $250k) into a YouInvest account.

There is a nice chart on the page which specifically lists YouInvest accounts as ineligible for the new money deposit.

[MikeG62]

Great post, thanks! Good link there too!

I have a Chase Sapphire checking already which will be the account that will get upgraded to CPC. I read your post that you linked, and it looks like one does REQUIRE an AUM relationship: "He was ok with my passing on an AUM relationship."

No, you are reading more into what I was saying than I intended (or you could say I was not totally clear in my post). When I said "he was ok with my passing on the AUM relationship", that did not mean he made an exception for me. It meant he relented his position and moved on with how I was choosing to move forward.

Look, while the advisor would have "liked" me to (preferred I) enroll in AUM arrangement, there is absolutely "no requirement" than one do that. It's optional and at the discretion of the client. So when he/she asks or tries to convince you that a AUM arrangement would be great, you simply say "no thanks, I am (have always been) a DIY investor and have zero interest in entering into a AUM arrangement". That will either immediately end that discussion or you may have to repeat yourself a second time before they relent. Honestly, can you blame them? Here they have a new client walking in the door voluntarily with hundreds of thousands of investment dollars at their disposal. It's a lot easier for them to go after you than cold calling or otherwise trying to find other potential clients with money to potentially convince to move into an AUM fee-based arrangement. After all, it's in their financial interest to get you into the AUM relationship. It's in your financial interest to pass on the offer. Pass on the offer.

So this is the point that is conveniently left out online on the Chase site (for obvious reasons). It is not clear that one can have the "JPM Investment Account" but not require AUM. It's the AUM that requires fees per fee schedule, including even if you have a non-discretionary account. Looks like that the "AUM-flag" was never entered into your account. And since you're either going to call in for your trades or not do any until the funds are transferred to a YouInvest account, looks like you won't have to worry about fees.

It wasn't that they did not enter the "AUM-flag" on my account. They simply followed the discussion. No interest in an AUM relationship and that was that. Same thing will happen in your case. They did not make an exception for me. They just were unable to convince me to enter into an AUM relationship.

I like your idea of eventually transferring the equities to a YouInvest. I have one already, so I'll just move the funds there.

Yes you can do that down the road - once the bonus posts.

My bonus posted earlier this month and I have continued to leave things as they are. It's not harming me to do so. Probably sometime next year (perhaps early next year) I will consider moving the securities back to Fidelity (just for the simplicity of having our assets in fewer places should something happen to me). Not sure I will continue chasing brokerage transfer bonuses with taxable funds due to the horror stories I have read here in the forums over the last couple of months from people who have had their cost basis screwed up during the transfer(s). Maybe I've been lucky so far, but not sure I want to continue pushing my luck (maybe it will run out). Plus, there really aren't many great deals available for transfers at this level ($250k).

I read some posts up where (viewtopic.php?p=5303733#p5301475) it's confirmed that the "full service self-directed" brokerage has no fees. However, when I asked whether a "full service self-directed" account exists on the phone with the banker (not the investments person, and not a CPC), they said that the only thing like that is You Invest. Perhaps this Chase employee is not sure. Very glad to hear that I can "pass on their advisory service." Now that I know there is no requirement to sign up for asset management, this process is a lot less onerous.

They are correct. It's technically not a self-directed account as trades are supposed to be initiated (made) by the broker. However, as I said in that thread where I detailed my experience, ALL fees can be avoided by simply calling the advisor and having him conduct the trade. Anyway, for me this is a non-issue since there will be "no trades" in my JPM account. These securities will sit there unless and until I choose to move them out.

[Thrifty Femme]

Let's review. I think you want to become a Chase Private Client. That requires 250k in assets (cash, CDs, investments). Your current YouInvest balance counts towards the 250k for becoming a Chase Private Client. If you bring in additional investments, those additional investments don't have to go into your YouInvest. They can go into another bucket that's not YouInvest and not AUM, so no fees.

Are you in mutual funds or ETFs? If you're in ETFs, you can transfer in kind. Mutual funds might be trickier for transferring in kind. What holdings are you looking to transfer?

Now there is a 2k bonus for bringing in 250k is assets, for which bringing into YouInvest doesn't qualify. I'm not sure if there's a bonus for smaller amounts.

I would say I am 85% equities, and 15% ETFs. The only ETF I'd bring along is VGT. Everything else is the standard big names like AAPL, ADBE, GOOG, etc.

you should double check that -- pretty sure it says that money ALREADY IN youinvest doesn't count toward the $250k, not that youinvest itself doesn't count.

I've not gotten my bonus money yet but I'm told I qualify, and what I brought over was just my IRAs into the youinvest platform.

Sorry--I may not have been clear. I had $180k or thereabouts in my YI account. I withdrew about $100k via partial ACAT to a different brokerage last month. After 30 days elapses since the delivery date, I will go and upgrade my sapphire checking to CPC and meet with the investments advisor to take advantage of the deal, and to open up a full service self-directed (with no AUM services) investment account.

I will be bringing back about $190k in equities, and $60k in cash, for a total of $250k in "new money." Well, somewhat new. My only concern is the lookback period, if any.

And just to be clear, YouInvest is EXCLUDED from this promotion, which is why there is the hoopla over opening the full service self-directed account.

On the Chase promo site, it says: Within 45 calendar days, transfer a total of $250,000 or more in new money or securities to a combination of eligible checking, savings and/or investment accounts (excludes Chase business checking and savings accounts, any You InvestSM, J.P. Morgan retirement accounts and CDs), and maintain the balance for at least 90 days.* https://account.chase.com/consumer/bank ... vateclient

I read this to mean that I cannot bring NEW money (the $250k) into a YouInvest account.

There is a nice chart on the page which specifically lists YouInvest accounts as ineligible for the new money deposit.

I don't own any individual stocks, but I assume they can be transferred in kind. You should be good on that front. I haven't seen any language on a look back for assets transferred or and back in. You should ask when you speak to the Private Client and report back.

I have the same setup as MikeG62.

[neverpanic]

No fees, and I'm also getting free domestic wires.

[CrisisAverted]

Great post, thanks! Good link there too!

I have a Chase Sapphire checking already which will be the account that will get upgraded to CPC. I read your post that you linked, and it looks like one does REQUIRE an AUM relationship: "He was ok with my passing on an AUM relationship."

No, you are reading more into what I was saying than I intended (or you could say I was not totally clear in my post). When I said "he was ok with my passing on the AUM relationship", that did not mean he made an exception for me. It meant he relented his position and moved on with how I was choosing to move forward.

Ah, that is totally my mistake. that's what I get for writing early in the AM.

I meant to say "one does NOT require an AUM relationship."

I am very happy to hear this and will be moving forward with the process now most likely unless they say some crazy things during the meeting. Thank you for your responses and great writeup over on the other thread!

[CrisisAverted]

I don't own any individual stocks, but I assume they can be transferred in kind. You should be good on that front. I haven't seen any language on a look back for assets transferred or and back in. You should ask when you speak to the Private Client and report back.

I have the same setup as MikeG62.

I am a bit worried about asking the CPC banker directly about a lookback period. Don't want to arouse any suspicion or anything like that. Grr

[2tall4economy]

Just thought I'd give a quick update here. A few months in, I've decided to go back to Fidelity but double down with them.

I posted the why's in another thread, but wanted to come here to let you know I fully remove my recomendation!