Should I bother meeting with a Chase Private Client Rep

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cdu7
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Should I bother meeting with a Chase Private Client Rep

Post by cdu7 » Wed Sep 19, 2018 9:04 am

I use a Chase bare bones account for everyday transactions and the convenience of a mega bank, but after moving some money through the bank for the down-payment on a house, I got a bunch of calls from this Chase Private Client person. I decided to go ahead and meet with them, but now I'm thinking it's a waste of everyone's time. Should I just cancel, or is it worth the 20 minutes to listen to the song and dance? Are there benefits to Chase Private Client to all those that use it?

Jack FFR1846
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Re: Should I bother meeting with a Chase Private Client Rep

Post by Jack FFR1846 » Wed Sep 19, 2018 9:14 am

Find an old clip of Peewee Herman's Saturday morning show. It will make more sense and have less nonsense than whatever this clown has to say. It'll also cost you less money.
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BogleMelon
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Re: Should I bother meeting with a Chase Private Client Rep

Post by BogleMelon » Wed Sep 19, 2018 9:17 am

Why don't you ask him "what is the meeting will be about"?
Probably another salesman who wants to sell you some kind of crappy investment, or could be regarding your mortgage details.. Just call and ask him..
"One of the funny things about stock market, every time one is buying another is selling, and both think they are astute" - William Feather

cdu7
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Re: Should I bother meeting with a Chase Private Client Rep

Post by cdu7 » Wed Sep 19, 2018 9:19 am

BogleMelon wrote:
Wed Sep 19, 2018 9:17 am
Why don't you ask him "what is the meeting will be about"?
Probably another salesman who wants to sell you some kind of crappy investment, or could be regarding your mortgage details.. Just call and ask him..
It's about showing me options the bank has to better suit my needs, or so I'm told.

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Cyclesafe
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Re: Should I bother meeting with a Chase Private Client Rep

Post by Cyclesafe » Wed Sep 19, 2018 9:19 am

No benefit to anyone who prefers to understand and be in control of their financial situation. But it may be of use to you to hear the pitch, especially if there is no fee involved up front for an analysis. You are already a customer of Chase, so don't feel that you are wasting the advisor's time. You might be preventing him from ripping off a less-enlightened soul. Karma points there!

BogleMelon
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Re: Should I bother meeting with a Chase Private Client Rep

Post by BogleMelon » Wed Sep 19, 2018 9:22 am

cdu7 wrote:
Wed Sep 19, 2018 9:19 am
BogleMelon wrote:
Wed Sep 19, 2018 9:17 am
Why don't you ask him "what is the meeting will be about"?
Probably another salesman who wants to sell you some kind of crappy investment, or could be regarding your mortgage details.. Just call and ask him..
It's about showing me options the bank has to better suit my needs, or so I'm told.
So another crappy investment will be offered to you. Skip the meeting. Life is too short!
"One of the funny things about stock market, every time one is buying another is selling, and both think they are astute" - William Feather

student
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Re: Should I bother meeting with a Chase Private Client Rep

Post by student » Wed Sep 19, 2018 9:36 am

You can go if you want entertainment, I have gone to something similar.

barnaclebob
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Re: Should I bother meeting with a Chase Private Client Rep

Post by barnaclebob » Wed Sep 19, 2018 9:43 am

I'd only go if you are a salesman yourself and you like seeing other sales pitches to improve your own skills.

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djpeteski
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Re: Should I bother meeting with a Chase Private Client Rep

Post by djpeteski » Wed Sep 19, 2018 9:47 am

You can look at the Chase Private Client site and see if you can derive any benefit from being such. Some people enjoy free or discounted museum admission. Others need the free safety deposit box, or cashier's checks. I think they also used to discount mortgages but I am not seeing that on their site right now.

So lets say you can derive some benefit from being a private client. If I understand correctly, you can move your money to JP Morgan and they have similar fee structures. Most of the vanguard and fido funds are available so no real issue there. If you have 250K, you qualify and get the benefits. Now you will probably be called regularly by a JP Morgan rep encouraging you to sign up for their management service.

Despite being a heavy user of chase, it just is not worth it in our case. In the past 5 years, we have only done a couple of cashiers checks, they do not offer cultural discounts in our area, and we don't really need a safety deposit box.

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BolderBoy
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Re: Should I bother meeting with a Chase Private Client Rep

Post by BolderBoy » Wed Sep 19, 2018 9:52 am

cdu7 wrote:
Wed Sep 19, 2018 9:04 am
...after moving some money through the bank for the down-payment on a house, I got a bunch of calls from this Chase Private Client person.
Cancel. This was automatically triggered by a software algorithm that saw the amount of the down payment money you transferred and flagged your account for investing potential followup.
"Never underestimate one's capacity to overestimate one's abilities" - The Dunning-Kruger Effect

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FGal
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Re: Should I bother meeting with a Chase Private Client Rep

Post by FGal » Wed Sep 19, 2018 9:57 am

Nope, waste of time.

They are terribly expensive, load funds, the actual reps don't really even understand their own investments, and you don't need to invest where you bank.

I had a small amount with Chase investments many years ago when I was dumb. I remember the rep being almost as clueless as I was, and when I finally started researching, the stuff they had me in made zero sense, so it was obviously just garbage funds they told every one of their reps to sell to all clients. Definitely a "one size fits all" situation - they'll stuff you into the stupid funds that make Chase the most money regardless if they actually work for the client's wants/needs.

cdu7
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Re: Should I bother meeting with a Chase Private Client Rep

Post by cdu7 » Wed Sep 19, 2018 10:02 am

Mixed advice here, from what I understand I can use Private Client without actually buying any Chase funds or using their advisory services. That said, it may be more trouble than it's worth. As of now I'm leaning towards hearing the sales pitch for the curiosity if nothing else. There is no way they would sell me on using their funds or advisory services. A safety deposit box would be nice........ still I dislike the idea of moving large amounts of assets into Chase.

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Re: Should I bother meeting with a Chase Private Client Rep

Post by arf30 » Wed Sep 19, 2018 10:04 am

Go to the meeting and report back here. The no fee checking account is nice but the investment side will likely be poor.

Jack FFR1846
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Re: Should I bother meeting with a Chase Private Client Rep

Post by Jack FFR1846 » Wed Sep 19, 2018 10:09 am

If you like going to time share presentations so much that you would go even without a substantial prize being dangled before you, then sure. Come to think of it....why not just go to a time share presentation. Or maybe a bad chicken dinner presentation. It's much harder to dart out of a meeting one on one than to do so at a dinner where you strategically sit at the table with easiest access to an exit.
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Raymond
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Re: Should I bother meeting with a Chase Private Client Rep

Post by Raymond » Wed Sep 19, 2018 10:10 am

FGal wrote:
Wed Sep 19, 2018 9:57 am

...the actual reps don't really even understand their own investments...
The part that they do understand thoroughly is their commission on each investment they peddle :greedy

OP, it's up to you if you want to spend time at the bank listening to the spiel.

Personally, I'd rather do something else, like pulling up weeds in my yard.
"Ritter, Tod und Teufel"

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Re: Should I bother meeting with a Chase Private Client Rep

Post by Mr.BB » Wed Sep 19, 2018 10:16 am

Would be interesting just to hear their pitch and if they mention their fees/expenses upfront and how they justify them.
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Re: Should I bother meeting with a Chase Private Client Rep

Post by letsgobobby » Wed Sep 19, 2018 10:22 am

Most of the posts here are wrong.

I'm very happy with CPC. it costs me nothing as I keep the required amount invested in Vanguard admiral shares. I like the no fees for anything and when I needed a certifying officer signature for a large amount, my credit unions couldn't handle it, but CPC could. Free checks and wires. They have locations everywhere so other folks in other states on various accounts (joint, trusts, LLCs) can get service as well.

They never cold call me and other than the initial meeting have never tried to sell me expensive investments.

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Re: Should I bother meeting with a Chase Private Client Rep

Post by Sandtrap » Wed Sep 19, 2018 10:23 am

cdu7 wrote:
Wed Sep 19, 2018 9:04 am
I use a Chase bare bones account for everyday transactions and the convenience of a mega bank, but after moving some money through the bank for the down-payment on a house, I got a bunch of calls from this Chase Private Client person. I decided to go ahead and meet with them, but now I'm thinking it's a waste of everyone's time. Should I just cancel, or is it worth the 20 minutes to listen to the song and dance? Are there benefits to Chase Private Client to all those that use it?
Cancel.
No benefit.

cal_orchid
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Re: Should I bother meeting with a Chase Private Client Rep

Post by cal_orchid » Wed Sep 19, 2018 11:35 am

I went with my parents to a CP client meeting about two years ago. It was a 30 minute meeting, the banker made his pitch, and explained his fees and options available through Chase. Attending the meeting was helpful because it solidified my decision to never utilize these financial services. I would say that if you are curious at all about the program, it is worth scheduling a meeting. My parents and I are all Chase Private Client members and we do enjoy free admission to museums. We also can set up joint accounts for no fee, and have fee waivers for electronic transfers and foreign transactions.

cdu7
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Re: Should I bother meeting with a Chase Private Client Rep

Post by cdu7 » Wed Sep 19, 2018 5:45 pm

Wife won’t attend, but wants me to go to report back. She said they would have to offer serious benefits for her to consider.

livesoft
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Re: Should I bother meeting with a Chase Private Client Rep

Post by livesoft » Wed Sep 19, 2018 6:13 pm

Are some of these reps private subcontractors to Chase? That is, they work for themselves, but camp out in the bank building, but are not paid by Chase.

BTW, the JPMorganChase employee 401(k) is outstanding with passively-managed low-expense ratio index funds.
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socaldude
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Re: Should I bother meeting with a Chase Private Client Rep

Post by socaldude » Wed Sep 19, 2018 6:20 pm

Cancel this meeting !!

cas
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Re: Should I bother meeting with a Chase Private Client Rep

Post by cas » Wed Sep 19, 2018 6:36 pm

As part of your decision on whether to go, you may want to read this SEC news release (from December 2015) about the $300 million fine JP Morgan Chase (including a subset of Chase Private Client advisors who were bound by fiduciary duty - most aren't) had to pay for breach of fiduciary duty. (A $300 million fine is small potatoes for JP Morgan Chase, but it is large in the realm of SEC fines for this type of thing.)

https://www.sec.gov/news/pressrelease/2015-283.html
The Securities and Exchange Commission today announced that two J.P. Morgan wealth management subsidiaries have agreed to pay $267 million and admit wrongdoing to settle charges that they failed to disclose conflicts of interest to clients. . . . In a parallel action, JPMorgan Chase Bank agreed to pay an additional $40 million penalty to the U.S. Commodity Futures Trading Commission (CFTC). . . .

“Firms have an obligation to communicate all conflicts so a client can fairly judge the investment advice they are receiving,” said Andrew J. Ceresney, Director of the SEC Enforcement Division. “These J.P. Morgan subsidiaries failed to disclose that they preferred to invest client money in firm-managed mutual funds and hedge funds, and clients were denied all the facts to determine why investment decisions were being made by their investment advisers.”

Julie M. Riewe, Co-Chief of the SEC Enforcement Division’s Asset Management Unit, added, “In addition to proprietary product conflicts, JPMS breached its fiduciary duty to certain clients when it did not inform them that they were being invested in a more expensive share class of proprietary mutual funds, and JPMCB did not disclose that it preferred third-party-managed hedge funds that made payments to a J.P. Morgan affiliate. Clients are entitled to know whether their adviser has competing interests that might cause it to render self-interested investment advice.”

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BoglePaul
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Re: Should I bother meeting with a Chase Private Client Rep

Post by BoglePaul » Wed Sep 19, 2018 7:03 pm

Perhaps the Private Client rep is so persistent to meet with you because Chase Bank wants to make you rich. Or your high balance triggered their retirement vampires to separate you from you from your savings. If you do attend, let us know what investments they recommend so we may take the other side.

Seriously, I would hesitate to establish a relationship they will surely maintain now a record exists you have something they want. They may not get it now but their reps will keep an eye for its return in XX years. My father met with them once briefly when he opened his account after retiring South. A year later when he entered the branch to deposit a check, they pulled him aside and convinced him to invest his retirement nestegg in what ammounted to a mutal fund which contained a 60% stock index / 40% bond index with a 2% annual fee and a 2% fee if sold within the first year. Good luck.

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Taylor Larimore
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Re: Should I bother meeting with a Chase Private Client Rep

Post by Taylor Larimore » Wed Sep 19, 2018 7:25 pm

cdu7 wrote:
Wed Sep 19, 2018 9:04 am
I use a Chase bare bones account for everyday transactions and the convenience of a mega bank, but after moving some money through the bank for the down-payment on a house, I got a bunch of calls from this Chase Private Client person. I decided to go ahead and meet with them, but now I'm thinking it's a waste of everyone's time. Should I just cancel, or is it worth the 20 minutes to listen to the song and dance? Are there benefits to Chase Private Client to all those that use it?
cdu7:

I have learned that big banks are among the worst scoundrels in the investment business. Together, they have paid many millions of dollars in fines for defrauding their customers. Remember these words by Boglehead advisor Bill Bernstein:
ACT AS IF EVERY BROKER, INSURANCE SALESMAN, MUTUAL FUND SALESPERSON, AND FINANCIAL ADVISOR YOU ENCOUNTER IS A HARDENED CRIMINAL, AND STICK TO LOW-COST INDEX FUNDS, AND YOU'LL DO JUST FINE."
Best wishes.
Taylor
"Simplicity is the master key to financial success." -- Jack Bogle

adamthesmythe
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Re: Should I bother meeting with a Chase Private Client Rep

Post by adamthesmythe » Wed Sep 19, 2018 8:26 pm

I did meet with a private client rep. I wanted to open a (linked) brokerage account so I could buy bond funds. My understanding is that if you open a brokerage account they need to "know the client." So I did spend time answering (sometimes vaguely) the questions they asked.

By the way, the unmanaged brokerage accounts do not have an AUM fee.

I did leave with a couple of printouts for the funds of the week. They went into the recycling.

It was a pretty soft sell, didn't waste that much time, and was not a problem to decline. Moving forward I do any required purchases or sales through the online interface.

I found it useful because (1) I have a bank account at the same place I get my Chase Sapphire card (2) their office is across the street (3) there are a few perks that are useful to me and (4) I have closed my Merrill Edge account and consolidated into now only three major accounts.

obgraham
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Re: Should I bother meeting with a Chase Private Client Rep

Post by obgraham » Thu Sep 20, 2018 1:34 am

I think most of the big financial institutions go through some variation of this "CPC" business. Bank of America was very happy to make me a "preferred customer" when I was running a bunch of business cash through their place. They were always calling me with this or that, and I had a particular "banker" I could call when I needed something.
Funny how they dropped me like a hot spud once I was retired and the cash flow dropped back. And the "personal banker" was no longer available!

Vanguard isn't a lot different. I'm "Flagship" there -- big deal. And for years that got me a "Personal Representative" who strangely was never available when I would call.

It's just a bunch of stroking to keep the high asset accounts folks feeling loved.

I'm just as happy with an online bank now, and Vanguard has abandoned the Flagship Representatives. Fine by me.

RickBoglehead
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Re: Should I bother meeting with a Chase Private Client Rep

Post by RickBoglehead » Thu Sep 20, 2018 3:36 am

obgraham wrote:
Thu Sep 20, 2018 1:34 am
I think most of the big financial institutions go through some variation of this "CPC" business. Bank of America was very happy to make me a "preferred customer" when I was running a bunch of business cash through their place. They were always calling me with this or that, and I had a particular "banker" I could call when I needed something.
Funny how they dropped me like a hot spud once I was retired and the cash flow dropped back. And the "personal banker" was no longer available!

Vanguard isn't a lot different. I'm "Flagship" there -- big deal. And for years that got me a "Personal Representative" who strangely was never available when I would call.

It's just a bunch of stroking to keep the high asset accounts folks feeling loved.

I'm just as happy with an online bank now, and Vanguard has abandoned the Flagship Representatives. Fine by me.
Flagship reps still available, always reachable (sometimes call back or I email and he responds within an hour or two) and quite helpful.


Some years back I setup business and personal accounts with PNC, because they were free and had low minimums. Got a private banker who did all sorts of things, and if I had wanted would come to my home or office to transact business. He left, branch manager took over, then new private banker. Months later called her and she had left and was not replaced, I was to use branch manager. Then minimums went way up. I left for Huntington, no private banker.

Months after she left PNC, I get an email from someone with the same last name. Her husband, a financial advisor. Told him in no uncertain terms that her taking her client list and giving it to him was not acceptable. Took several tries before he went away.

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Re: Should I bother meeting with a Chase Private Client Rep

Post by oldcomputerguy » Thu Sep 20, 2018 4:51 am

cdu7 wrote:
Wed Sep 19, 2018 9:04 am
I use a Chase bare bones account for everyday transactions and the convenience of a mega bank, but after moving some money through the bank for the down-payment on a house, I got a bunch of calls from this Chase Private Client person. I decided to go ahead and meet with them, but now I'm thinking it's a waste of everyone's time. Should I just cancel, or is it worth the 20 minutes to listen to the song and dance? Are there benefits to Chase Private Client to all those that use it?
Keep this in mind... This guy is in business to make a living. Is he offering this "service" for free? If so, I guarantee you he's not doing it out of the goodness of his heart. Ask yourself what's in it for him.
It’s taken me a lot of years, but I’ve come around to this: If you’re dumb, surround yourself with smart people. And if you’re smart, surround yourself with smart people who disagree with you.

cdu7
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Re: Should I bother meeting with a Chase Private Client Rep

Post by cdu7 » Thu Sep 20, 2018 9:11 am

I understand the people here saying these guys are out to sell products, and I agree 100%. My understanding however is that CPC is actually just a type of banking/brokerage account in which you keep a certain amount of assets at Chase (any type of asset including Vanguard ETFs) and in exchange you get a bunch of special banking benefits like free museums / free safety deposit box / free wire transfers / free everything for the most part. Yes they will try to sell you on their advisors and services, but my understanding was you don't actually have to use them. Now maybe I'm very wrong, and if they are telling me I HAVE to buy Chase advisory services or products to use CPC I'm out of there ASAP.

NotWhoYouThink
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Re: Should I bother meeting with a Chase Private Client Rep

Post by NotWhoYouThink » Thu Sep 20, 2018 9:26 am

cdu7 wrote:
Thu Sep 20, 2018 9:11 am
I understand the people here saying these guys are out to sell products, and I agree 100%. My understanding however is that CPC is actually just a type of banking/brokerage account in which you keep a certain amount of assets at Chase (any type of asset including Vanguard ETFs) and in exchange you get a bunch of special banking benefits like free museums / free safety deposit box / free wire transfers / free everything for the most part. Yes they will try to sell you on their advisors and services, but my understanding was you don't actually have to use them. Now maybe I'm very wrong, and if they are telling me I HAVE to buy Chase advisory services or products to use CPC I'm out of there ASAP.
Sounds like if you can stick to the arrangement described below, you'll be fine. But I don't know you or know what your susceptibility to a sales pitch is. They want the meeting because they want to sell you something. Are you sure you can withstand the pressure? It may not feel like pressure if the person you meet with is good at his/her job, just might feel like friendly help.
letsgobobby wrote:
Wed Sep 19, 2018 10:22 am
Most of the posts here are wrong.

I'm very happy with CPC. it costs me nothing as I keep the required amount invested in Vanguard admiral shares. I like the no fees for anything and when I needed a certifying officer signature for a large amount, my credit unions couldn't handle it, but CPC could. Free checks and wires. They have locations everywhere so other folks in other states on various accounts (joint, trusts, LLCs) can get service as well.

They never cold call me and other than the initial meeting have never tried to sell me expensive investments.

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Re: Should I bother meeting with a Chase Private Client Rep

Post by BogleMelon » Thu Sep 20, 2018 11:41 am

FGal wrote:
Wed Sep 19, 2018 9:57 am

the stuff they had me in made zero sense,
Can you tell us what were these stuff?
"One of the funny things about stock market, every time one is buying another is selling, and both think they are astute" - William Feather

BogleMelon
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Re: Should I bother meeting with a Chase Private Client Rep

Post by BogleMelon » Thu Sep 20, 2018 11:45 am

Taylor Larimore wrote:
Wed Sep 19, 2018 7:25 pm
Remember these words by Boglehead advisor Bill Bernstein:
ACT AS IF EVERY BROKER, INSURANCE SALESMAN, MUTUAL FUND SALESPERSON, AND FINANCIAL ADVISOR YOU ENCOUNTER IS A HARDENED CRIMINAL, AND STICK TO LOW-COST INDEX FUNDS, AND YOU'LL DO JUST FINE."
Wasn't that William J. Bernstein?
"One of the funny things about stock market, every time one is buying another is selling, and both think they are astute" - William Feather

adamthesmythe
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Re: Should I bother meeting with a Chase Private Client Rep

Post by adamthesmythe » Thu Sep 20, 2018 11:46 am

On the web I turned up an image of a meeting between a Chase Private Client Rep and a prospective client

https://www.alamy.com/stock-photo-faust ... 26flip%3d0

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Taylor Larimore
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Re: Should I bother meeting with a Chase Private Client Rep

Post by Taylor Larimore » Thu Sep 20, 2018 12:33 pm

BogleMelon wrote:
Thu Sep 20, 2018 11:45 am
Taylor Larimore wrote:
Wed Sep 19, 2018 7:25 pm
Remember these words by Boglehead advisor Bill Bernstein:
ACT AS IF EVERY BROKER, INSURANCE SALESMAN, MUTUAL FUND SALESPERSON, AND FINANCIAL ADVISOR YOU ENCOUNTER IS A HARDENED CRIMINAL, AND STICK TO LOW-COST INDEX FUNDS, AND YOU'LL DO JUST FINE."
Wasn't that William J. Bernstein?
BogleMelon:

Yes, it was William J. Bernstein whom I know personally and consider him one of the most intelligent and nicest man I ever met.

Dr. Bernstein wrote several books but my favorite is his shortest and donated free on the internet. It is where you will find my capitalized quote. This is the link:

https://www.etf.com/docs/IfYouCan.pdf

Best wishes.
Taylor
"Simplicity is the master key to financial success." -- Jack Bogle

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Re: Should I bother meeting with a Chase Private Client Rep

Post by Meg77 » Thu Sep 20, 2018 12:57 pm

A lot of people here clearly have no idea what private banking is. I am a private banker for the record, and I am a private client at Wells Fargo. We don't quite qualify as the minimums are very high at the big banks to become a private client, but a former colleague of mine moved over there and I became her client. Why would I do this? Because private clients get much better fees and services!

Common private client benefits:
free ATMs,
free checking,
free wires,
higher rates on money market accounts,
free safe deposit boxes,
no fees when you overdraft
credit cards with special perks or extra rewards,
a dedicated banker to call (not a 1-800 number) and get to know, go to lunch or golf with
at bigger banks, a special 1-800 number in addition with better trained staff and no wait times
waivers of loan origination fees,
special rates on mortgages,
access to special products like interest only mortgages,
invitations to special events both internal (wine tastings, networking with other private clients, meeting investment managers of funds you invest in, updates from leading economists) and external (tickets to concerts, museums, sporting events).

Notice I haven't said anything about investments yet. Many smaller banks including 2 I've worked for don't even offer investment services, so attempts at cross-selling investment services (while they will certainly be likely to occur) are not the primary point of traditional private banking. And in most private banks you simply need a certain amount of deposits OR loans OR investments to qualify. For example at Wells Fargo you just need $1,000,000 in loans (not mortgages but actual loans through the private bank), or deposits, or investments to become a private client. Or at least that was the rule last I heard a few years back; it may be higher now or in certain cities.

Banks actually LOSE MONEY on many private banking clients. Some of the loans are priced so low that they actually lose money (i.e. our cost of funds is higher than the interest rate they pay), and on top of that many clients never borrow and simply use up all our time and free services. Private Bankers don't do this out of the goodness of our hearts of course; we do it to keep them as clients because a) banks need a large, reliable deposit base and b) many private clients own businesses that make the commercial lending divisions lots of money and c) many of them keep their investments in house which make the wealth management divisions lots of money.
"An investment in knowledge pays the best interest." - Benjamin Franklin

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Re: Should I bother meeting with a Chase Private Client Rep

Post by Baldrekr » Thu Sep 20, 2018 1:37 pm

Agree with the above, I became a private banking client of Union Bank, and I'm pretty sure they are losing money on me. A couple years ago, on condition of me moving $1M of assets over to their brokerage (which it turns out is actually run by wealthscape/mystreetscape), they gave me a 2.5% mortgage refinance on $1.6M with total refi costs of just $3000. All my investments there are in Vanguard funds and I don't use their advisors at all.

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Re: Should I bother meeting with a Chase Private Client Rep

Post by lhl12 » Thu Sep 20, 2018 2:11 pm

I also agree. The private client/private banking divisions of these large banks can offer attractive and inexpensive (or even free) packages of services that might be a good fit for you. It doesn't cost anything to listen to the sales pitch. The key is to be very disciplined about saying yes only to things that are a good deal for you and saying no to everything else (especially investment management services). If you're not sure whether something is a good deal or not, ask on this forum.

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Re: Should I bother meeting with a Chase Private Client Rep

Post by lhl12 » Thu Sep 20, 2018 2:25 pm

Another good example of this sort of thing is the B of A Premium Rewards/Merrill Edge package. If you have $100,000 in balances at Merrill Edge (which can be in a Vanguard mutual fund, Admiral shares) then you get a great package of services from B of A, including a 2.625% unlimited cash rebate on a B of A Visa card. They will no doubt try to cross-sell you, but you can just say no.

jdb
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Re: Should I bother meeting with a Chase Private Client Rep

Post by jdb » Thu Sep 20, 2018 2:50 pm

Been there done that. Over 30 years private banking with Wells Fargo and its predecessors. Now avoiding any private bankers with BofA. Though enjoy having a Vanguard Flagship rep to call. Won’t make any difference in your life either way unless you are a sucker for high commission wealth management. When I rarely go to museums I am happy to pay full fare to support the organization. So does not make any difference, like almost all decisions in life other than choosing a spouse and deciding whether to have children and figuring out value of low cost index funds. Try to schedule for lunch so maybe you will get free lunch. Good luck.

HerbsKid
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Re: Should I bother meeting with a Chase Private Client Rep

Post by HerbsKid » Thu Sep 20, 2018 5:00 pm

I got one of these invitations from Chase Private Client about 18 months ago.

It was a waste of an hour, all I got was a hard-sell to buy a Pacific Life Annuity. When I asked them "How are you guys compensated? What's your commission structure?" they suddenly fell silent and looked wounded.

I have been moving my money out of Chase in recent months.

Reubin
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Re: Should I bother meeting with a Chase Private Client Rep

Post by Reubin » Thu Sep 20, 2018 5:22 pm

lhl12 wrote:
Thu Sep 20, 2018 2:25 pm
Another good example of this sort of thing is the B of A Premium Rewards/Merrill Edge package. If you have $100,000 in balances at Merrill Edge (which can be in a Vanguard mutual fund, Admiral shares) then you get a great package of services from B of A, including a 2.625% unlimited cash rebate on a B of A Visa card. They will no doubt try to cross-sell you, but you can just say no.
So the bank invests for you in Vanguard funds if you choose to and there is no additional cost to you for them doing this?

cdu7
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Re: Should I bother meeting with a Chase Private Client Rep

Post by cdu7 » Thu Sep 20, 2018 6:04 pm

Had the meeting today, which was not a sales pitch at all except for the benefits of private client. They understood I am self-directed and said I should look into Chase's new discount brokerage called "You Invest" which has 0.00 commissions on all trades for private clients. So all I have to do is open up this discount brokerage thing, move 250k in assets there, hold them there and get all the benefits of private client. Sounds like a great deal in my mind. They also made it clear they can't help me at all if I'm using the you invest thing, I have to do it all myself, which again sounds great to me. I'm glad I went and definitely think I'm going to sign up for the chase discount brokerage for all the free perks of private client.

cdu7
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Re: Should I bother meeting with a Chase Private Client Rep

Post by cdu7 » Thu Sep 20, 2018 6:46 pm

By the way, yes I’m aware the long game for them here is get him in our ecosystem and then one day we can make some money off him, but as long as I just stick with self directed vanguard etfs, I don’t see the downside.

letsgobobby
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Re: Should I bother meeting with a Chase Private Client Rep

Post by letsgobobby » Thu Sep 20, 2018 6:49 pm

cdu7 wrote:
Thu Sep 20, 2018 6:46 pm
By the way, yes I’m aware the long game for them here is get him in our ecosystem and then one day we can make some money off him, but as long as I just stick with self directed vanguard etfs, I don’t see the downside.
If you use the traditional platform and not the new you invest, you can call them up for help anytime you want. I'm sure they'd be more than happy to direct your investments, but of course, why would you need that kind of help?

Trism
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Re: Should I bother meeting with a Chase Private Client Rep

Post by Trism » Thu Sep 27, 2018 5:13 pm

I met with one earlier this year.

She had a sign-up bonus offer for the Sapphire Reserve, even though I was above 5/24, so I picked up the card and the sign-up bonus points.

Tomorrow we are closing on a HELOC on our second home with Chase at Prime -0.125% with $50 OOP and no penalty for closing the line the next day if we want to (we don't; we were already HELOC shopping elsewhere when I met with her but Chase had the best terms I could find).

Are we moving our investments over? No. But I've been pleased with the fact that so far they've only "helped" with products that are relevant to our needs.

She's asked me to meet with their investments person, but I just politely declined.

michaeljc70
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Re: Should I bother meeting with a Chase Private Client Rep

Post by michaeljc70 » Thu Sep 27, 2018 6:42 pm

cdu7 wrote:
Thu Sep 20, 2018 6:04 pm
Had the meeting today, which was not a sales pitch at all except for the benefits of private client. They understood I am self-directed and said I should look into Chase's new discount brokerage called "You Invest" which has 0.00 commissions on all trades for private clients. So all I have to do is open up this discount brokerage thing, move 250k in assets there, hold them there and get all the benefits of private client. Sounds like a great deal in my mind. They also made it clear they can't help me at all if I'm using the you invest thing, I have to do it all myself, which again sounds great to me. I'm glad I went and definitely think I'm going to sign up for the chase discount brokerage for all the free perks of private client.
What is the great deal? Trades are cheap or free many places. Especially on index funds. What are the other benefits?

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bottlecap
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Re: Should I bother meeting with a Chase Private Client Rep

Post by bottlecap » Thu Sep 27, 2018 7:13 pm

It's a waste of your time, but feel free to meet with them if you have nothing better to do.

JT
Last edited by bottlecap on Thu Sep 27, 2018 7:29 pm, edited 1 time in total.

HEDGEFUNDIE
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Re: Should I bother meeting with a Chase Private Client Rep

Post by HEDGEFUNDIE » Thu Sep 27, 2018 7:18 pm

michaeljc70 wrote:
Thu Sep 27, 2018 6:42 pm
cdu7 wrote:
Thu Sep 20, 2018 6:04 pm
Had the meeting today, which was not a sales pitch at all except for the benefits of private client. They understood I am self-directed and said I should look into Chase's new discount brokerage called "You Invest" which has 0.00 commissions on all trades for private clients. So all I have to do is open up this discount brokerage thing, move 250k in assets there, hold them there and get all the benefits of private client. Sounds like a great deal in my mind. They also made it clear they can't help me at all if I'm using the you invest thing, I have to do it all myself, which again sounds great to me. I'm glad I went and definitely think I'm going to sign up for the chase discount brokerage for all the free perks of private client.
What is the great deal? Trades are cheap or free many places. Especially on index funds. What are the other benefits?
Completely free checking (including wire transfers, ATMs, foreign transactions) and cheaper loans (home, auto, student)

michaeljc70
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Re: Should I bother meeting with a Chase Private Client Rep

Post by michaeljc70 » Thu Sep 27, 2018 7:21 pm

HEDGEFUNDIE wrote:
Thu Sep 27, 2018 7:18 pm
michaeljc70 wrote:
Thu Sep 27, 2018 6:42 pm
cdu7 wrote:
Thu Sep 20, 2018 6:04 pm
Had the meeting today, which was not a sales pitch at all except for the benefits of private client. They understood I am self-directed and said I should look into Chase's new discount brokerage called "You Invest" which has 0.00 commissions on all trades for private clients. So all I have to do is open up this discount brokerage thing, move 250k in assets there, hold them there and get all the benefits of private client. Sounds like a great deal in my mind. They also made it clear they can't help me at all if I'm using the you invest thing, I have to do it all myself, which again sounds great to me. I'm glad I went and definitely think I'm going to sign up for the chase discount brokerage for all the free perks of private client.
What is the great deal? Trades are cheap or free many places. Especially on index funds. What are the other benefits?
Completely free checking (including wire transfers, ATMs, foreign transactions) and cheaper loans (home, auto, student)
Okay. I don't really need any loans. I already get free ATMs from TDA. I get free foreign transactions through CCs. I don't do wires. I have free Chase checking. Useless to me. I could see how it might benefit some people. Chase rates on loans are very high when I've compared, so I doubt the reduced rates are even competitive, but I could be wrong.

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