experience with JP Morgan Self-Directed Investing?

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Nyc10036
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experience with JP Morgan Self-Directed Investing?

Post by Nyc10036 »

I have been receiving emails from JP Morgan for their Self-Directed Investing account.
It seems fairly straightforward, but they always are until they aren't.

I have a Traditional IRA at Fidelity that I am thinking of moving over for the bonus offer.
The Traditional IRA consists of two Fidelity mutual funds.
The bonus offer is $625 for $250K.

Anyone have experience with the JP Morgan Self-Directed Investing account?
PghPharmBoy
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Re: experience with JP Morgan Self-Directed Investing?

Post by PghPharmBoy »

Hi there -

I opened one a few months ago because Chase has offices where I live and work and I had enough assets to get "Sapphire Checking" with all of it's benefits fee-free. The transfers between my Chase banking accounts and my JPM accounts are quick - usually immediate, sometimes it takes a screen refresh, but the money is there.

The self directed brokerage is pretty standard. I moved my stuff from Fidelity as well, and I liked Fidelity's interface better, but there is nothing wrong with JPM's. The bonus is that you have access to many VG funds for no fee (if that matters to you). I also moved over IRAs, which was simple and the Fidelity funds I was invested in are available at JPM without a fee, so that was seamless.

If you look at other posts, you'll read about tIRA to Roth conversions are a little more involved at JPM, but I haven't done this yet, so I can't comment. It seems like instead of a phone call to Fidelity to get it done you have to sign a form and upload it to JPM. Doesn't sound awful to me, but YMMV.

The few times I've interacted with Customer Service (to request SpecID tracking of purchases and a transfer question) they've been helpful and the online messaging platform is relatively quick.

In my experience, it doesn't have the same feel as Fidelity. To me, it seemed like I could call Fido and the reps were always ready and willing to help (Note: I didn't call them a lot :mrgreen: ). JPM seems a lot more hands off and more of what you might expect from a call center. Again: YMMV

I don't regret moving. I moved my taxable, Roth and tIRAs, and I opened a Robo account with JPM just to see what that was like. I'm not sure I'll keep the robo, but they do refund any underlying fees for putting you in a JPM ETF, and all of my stuff ended up in JPM ETFs. It's also nice that they show you the fee credits as a line item on your statment - it's not just "baked in".

Let me know if you have specific questions, and I'll see if I can answer them based on my experience. If you search the forum, there are some past posts from folks that would give you some different opinions.

Bottom line - so far, so good.
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cowdogman
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Re: experience with JP Morgan Self-Directed Investing?

Post by cowdogman »

I moved a $100,000 from Vanguard to JPM Self Directed to receive free Sapphire checking ($75,000 minimum) 2-3 years ago.

The Self Directed website interface is very bare bones, nothing like Vanguard or Fidelity. I only invested in Vanguard ETFs and that went smoothly. JPM delivery of 1099s at year end is much slower than Vanguard or Fidelity. Otherwise no complaints, but I can't imagine why anyone would use Self Directed (over Vanguard or Fidelity) other than (and only to the extent necessary) to satisfy a Chase balance minimum. I suspect (but don't know) that JPM customer support (especially if there were a problem) would not be as good as Vanguard or Fidelity.

Last fall I downgraded our Chase checking to Premier Plus ($15,000 minimum) and moved the Self Directed money back to Vanguard--just not worth the extra effort to maintain a separate account (and I have been trying to minimize the number of our accounts as I get older).

I would think that at some point JPM will need to either upgrade the service/website or stop offering Self Directed.

P.S., my bonus offer for opening the Sapphire account was $600--I only opened the Self Directed account to satisfy the Sapphire minimum. You should look at the current Sapphire bonus--it may be more than the Self Directed Bonus. Keep in mind the bonus is taxable--you will get a 1099 from Chase that includes the bonus.
Last edited by cowdogman on Wed Jul 20, 2022 9:27 am, edited 1 time in total.
PghPharmBoy
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Re: experience with JP Morgan Self-Directed Investing?

Post by PghPharmBoy »

cowdogman wrote: Wed Jul 20, 2022 9:16 am ...
JPM delivery of 1099s at year end is much slower than Vanguard or Fidelity.
Thanks for this bit of information - I hadn't found that searching in other threads. Personally, Fidelity's 1099 delivery seemed to take forever (at least they give you a date) and VG was pretty quick in my experience. Appreciate the info - it's something to plan for!

Can you give us an idea of how long it took to get your 1099? Thanks!
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Nyc10036
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Re: experience with JP Morgan Self-Directed Investing?

Post by Nyc10036 »

cowdogman wrote: Wed Jul 20, 2022 9:16 am I moved a $100,000 from Vanguard to JPM Self Directed to receive free Sapphire checking ($75,000 minimum) 2-3 years ago.

...

P.S., my bonus offer was $600 for $75,000 invested.
Did the bonus require direct deposit as well?
$600 for $75K is a much better bonus.
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cowdogman
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Re: experience with JP Morgan Self-Directed Investing?

Post by cowdogman »

Nyc10036 wrote: Wed Jul 20, 2022 9:26 am
cowdogman wrote: Wed Jul 20, 2022 9:16 am I moved a $100,000 from Vanguard to JPM Self Directed to receive free Sapphire checking ($75,000 minimum) 2-3 years ago.

...

P.S., my bonus offer was $600 for $75,000 invested.
Did the bonus require direct deposit as well?
$600 for $75K is a much better bonus.
See my corrected post above. After posting I remembered my bonus was for the Sapphire account, not the Self Directed account. I believe (not sure) the current Sapphire bonus is $750.

No requirement for direct deposit.
Last edited by cowdogman on Wed Jul 20, 2022 9:36 am, edited 1 time in total.
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Re: experience with JP Morgan Self-Directed Investing?

Post by cowdogman »

PghPharmBoy wrote: Wed Jul 20, 2022 9:20 am
cowdogman wrote: Wed Jul 20, 2022 9:16 am ...
JPM delivery of 1099s at year end is much slower than Vanguard or Fidelity.
Thanks for this bit of information - I hadn't found that searching in other threads. Personally, Fidelity's 1099 delivery seemed to take forever (at least they give you a date) and VG was pretty quick in my experience. Appreciate the info - it's something to plan for!

Can you give us an idea of how long it took to get your 1099? Thanks!
For 2021 tax year, mid-February 2022. Not horrible but I remember I was waiting for that one so I could file. I received Vanguard and Fidelity's 1099s in the last week of January.
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Nyc10036
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Re: experience with JP Morgan Self-Directed Investing?

Post by Nyc10036 »

cowdogman wrote: Wed Jul 20, 2022 9:29 am
Nyc10036 wrote: Wed Jul 20, 2022 9:26 am
cowdogman wrote: Wed Jul 20, 2022 9:16 am I moved a $100,000 from Vanguard to JPM Self Directed to receive free Sapphire checking ($75,000 minimum) 2-3 years ago.

...

P.S., my bonus offer was $600 for $75,000 invested.
Did the bonus require direct deposit as well?
$600 for $75K is a much better bonus.
See my corrected post above. After posting I remembered my bonus was for the Sapphire account, not the Self Directed account. I believe (not sure) the current Sapphire bonus is $750.

No requirement for direct deposit.
Thanks.
It appears that the Sapphhire bonus is no more. :(
manlymatt83
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Re: experience with JP Morgan Self-Directed Investing?

Post by manlymatt83 »

So happy to see this thread.

I LOVE it. Their UX is beautiful.

I moved my taxable account from Vanguard to JPM a few weeks ago for the bonus. Got me their sapphire checking which offers free atm refunds and free wires (like Schwab). I’ll keep my Credit Union for day to day but the free B&M account is awesome.

My biggest surprise? I can auto-invest into Vanguard mutual funds for free. It’s all setup, every Tuesday. And their support has been top notch.

Honestly considering consolidating everything to Chase / JPM self directed if things stay great.
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Re: experience with JP Morgan Self-Directed Investing?

Post by manlymatt83 »

PghPharmBoy wrote: Wed Jul 20, 2022 8:58 am Let me know if you have specific questions, and I'll see if I can answer them based on my experience. If you search the forum, there are some past posts from folks that would give you some different opinions.

Bottom line - so far, so good.
Did you get them to refund any $75 transfer fees for moving? Or was it just the bonus?
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Re: experience with JP Morgan Self-Directed Investing?

Post by manlymatt83 »

cowdogman wrote: Wed Jul 20, 2022 9:16 am I would think that at some point JPM will need to either upgrade the service/website or stop offering Self Directed.
I am wondering if somehow the interface has changed in the last year.

I was nervous a few months ago when I moved over because people kept saying the interface was awful. But I was pleasantly surprised when I opened my account how simple, clean, and user friendly the interface was. Have you logged in recently to see if there have been any changes? What about the current interface do you not find awesome, just curious?
PghPharmBoy
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Re: experience with JP Morgan Self-Directed Investing?

Post by PghPharmBoy »

manlymatt83 wrote: Wed Jul 20, 2022 9:48 am Did you get them to refund any $75 transfer fees for moving? Or was it just the bonus?
So, Fidelity didn't charge a $75 transfer-out fee. Which was nice. I didn't get a bonus for moving, but it made sense for me to get the Sapphire Checking.

In reference to your comments about the UI...it *is* clean and simple. I think I was just used to Fidelity's site (some have derided it as 'death by 1000 tabs' - that never bothered me!) but I have no material complaints about the Chase site. The one thing I wish they'd improve is researching which funds are available without a fee. It seems a little clunky for me.
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Re: experience with JP Morgan Self-Directed Investing?

Post by cowdogman »

manlymatt83 wrote: Wed Jul 20, 2022 9:53 am
cowdogman wrote: Wed Jul 20, 2022 9:16 am I would think that at some point JPM will need to either upgrade the service/website or stop offering Self Directed.
I am wondering if somehow the interface has changed in the last year.

I was nervous a few months ago when I moved over because people kept saying the interface was awful. But I was pleasantly surprised when I opened my account how simple, clean, and user friendly the interface was. Have you logged in recently to see if there have been any changes? What about the current interface do you not find awesome, just curious?
I moved all our money out last fall but the account is still open--and so I just looked again. There appears to be no change.

Just from memory:

1. I remember one of the annoying things was that it was difficult to figure out how to buy and sell. There are no buttons or tabs for buying or selling. I finally figured out I had to get a Quote and then the quote page let me trade. That is just weird.

2. Transaction history is limited to 2 years in 1 year increments.

3. There are minimal research tools--which are available, again, only thru the Quote function.

As I said above, it's very bare bones and I don't know why anybody would choose it other than for the relationship discount. Maybe that is good enough for Chase--attracts a decent amount of assets for not that much effort.
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Re: experience with JP Morgan Self-Directed Investing?

Post by calwatch »

JPM Self Directed is simple but surprisingly powerful. I was unware, until someone posted on this forum, that you could buy brokered CDs, secondary Treasuries, and other fixed income instruments through it. There are no research reports available for companies, if that is important to you. You also can only purchase shares fully with cash, there is no margin functionality (not relevant for retirement accounts, but useful for taxable, if only to eliminate lag when shares settle).

Doing specific stock sales is very simple, for tax loss harvesting. And no one has called me to ask me to upgrade to the full cost advised product, although you will get ads for it on the web site. Overall I would recommend if you need a one stop shop that has banking, and only invest in ETFs.
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Re: experience with JP Morgan Self-Directed Investing?

Post by manlymatt83 »

calwatch wrote: Wed Jul 20, 2022 10:27 am JPM Self Directed is simple but surprisingly powerful. I was unware, until someone posted on this forum, that you could buy brokered CDs, secondary Treasuries, and other fixed income instruments through it. There are no research reports available for companies, if that is important to you. You also can only purchase shares fully with cash, there is no margin functionality (not relevant for retirement accounts, but useful for taxable, if only to eliminate lag when shares settle).

Doing specific stock sales is very simple, for tax loss harvesting. And no one has called me to ask me to upgrade to the full cost advised product, although you will get ads for it on the web site. Overall I would recommend if you need a one stop shop that has banking, and only invest in ETFs.
I “VTWAX and chill” so I like that it doesn’t have all the research, etc. less tabs!
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Re: experience with JP Morgan Self-Directed Investing?

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4. And no enhanced security--no ability to use authenticator or security key--tho Chase will want to SMS or email you if it doesn't recognize your computer.
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Re: experience with JP Morgan Self-Directed Investing?

Post by PghPharmBoy »

cowdogman wrote: Wed Jul 20, 2022 10:52 am 4. And no enhanced security--no ability to use authenticator or security key--tho Chase will want to SMS or email you if it doesn't recognize your computer.
I actually force the Chase website to do 2FA with each log in. Is there an authenticator/security key option at Fido or VG? The only place I've had found the option to do that is at E*Trade (where my employer puts my RSUs). Admittedly, I haven't dug around too deeply looking for it...
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Re: experience with JP Morgan Self-Directed Investing?

Post by manlymatt83 »

PghPharmBoy wrote: Wed Jul 20, 2022 10:58 am
cowdogman wrote: Wed Jul 20, 2022 10:52 am 4. And no enhanced security--no ability to use authenticator or security key--tho Chase will want to SMS or email you if it doesn't recognize your computer.
I actually force the Chase website to do 2FA with each log in. Is there an authenticator/security key option at Fido or VG? The only place I've had found the option to do that is at E*Trade (where my employer puts my RSUs). Admittedly, I haven't dug around too deeply looking for it...
How do you force it to do 2FA?
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Re: experience with JP Morgan Self-Directed Investing?

Post by PghPharmBoy »

manlymatt83 wrote: Wed Jul 20, 2022 11:07 am How do you force it to do 2FA?
I don't ever register a device as a "trusted" computer. That forces the website to do the 2FA with each log-in.

Yeah, it's a pain, but it's a small inconvenience for some additional security. I do agree with the previous poster that it would be nice to have a Symantec VIP/token/ehanced security option. It would also be nice to have the transfer lockdown mode like Fido.
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Re: experience with JP Morgan Self-Directed Investing?

Post by Nyc10036 »

manlymatt83 wrote: Wed Jul 20, 2022 9:44 am So happy to see this thread.

I LOVE it. Their UX is beautiful.

I moved my taxable account from Vanguard to JPM a few weeks ago for the bonus. Got me their sapphire checking which offers free atm refunds and free wires (like Schwab). I’ll keep my Credit Union for day to day but the free B&M account is awesome.

My biggest surprise? I can auto-invest into Vanguard mutual funds for free. It’s all setup, every Tuesday. And their support has been top notch.

Honestly considering consolidating everything to Chase / JPM self directed if things stay great.
So you transfered over Vanguard mutual funds?

Did you also get a bonus for Sapphire checking?
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Re: experience with JP Morgan Self-Directed Investing?

Post by manlymatt83 »

Relevant for those interested:

https://account.chase.com/consumer/bank ... andsavings

($600 bonus)
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Re: experience with JP Morgan Self-Directed Investing?

Post by manlymatt83 »

Nyc10036 wrote: Wed Jul 20, 2022 12:02 pm
manlymatt83 wrote: Wed Jul 20, 2022 9:44 am So happy to see this thread.

I LOVE it. Their UX is beautiful.

I moved my taxable account from Vanguard to JPM a few weeks ago for the bonus. Got me their sapphire checking which offers free atm refunds and free wires (like Schwab). I’ll keep my Credit Union for day to day but the free B&M account is awesome.

My biggest surprise? I can auto-invest into Vanguard mutual funds for free. It’s all setup, every Tuesday. And their support has been top notch.

Honestly considering consolidating everything to Chase / JPM self directed if things stay great.
So you transfered over Vanguard mutual funds?

Did you also get a bonus for Sapphire checking?
Yes I transferred VTWAX. I got a brokerage bonus.
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Re: experience with JP Morgan Self-Directed Investing?

Post by cowdogman »

PghPharmBoy wrote: Wed Jul 20, 2022 10:58 am
cowdogman wrote: Wed Jul 20, 2022 10:52 am 4. And no enhanced security--no ability to use authenticator or security key--tho Chase will want to SMS or email you if it doesn't recognize your computer.
I actually force the Chase website to do 2FA with each log in. Is there an authenticator/security key option at Fido or VG? The only place I've had found the option to do that is at E*Trade (where my employer puts my RSUs). Admittedly, I haven't dug around too deeply looking for it...
Fidelity has an authenticator option, which I quite like.

Vanguard allows me to register a security key (Yubikey) and so I have. Users are unable to turn off SMS at Vanguard as an option and so I have a Google Voice number I use for texts from Vanguard and other sites--more secure than SMS. There is a very long thread on this issue--just search "Yubikey Vanguard" above.

I've never seen the "Trusted Computer" option at Chase, but maybe I've missed it.
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Re: experience with JP Morgan Self-Directed Investing?

Post by PghPharmBoy »

cowdogman wrote: Wed Jul 20, 2022 2:16 pm
PghPharmBoy wrote: Wed Jul 20, 2022 10:58 am
cowdogman wrote: Wed Jul 20, 2022 10:52 am 4. And no enhanced security--no ability to use authenticator or security key--tho Chase will want to SMS or email you if it doesn't recognize your computer.
I actually force the Chase website to do 2FA with each log in. Is there an authenticator/security key option at Fido or VG? The only place I've had found the option to do that is at E*Trade (where my employer puts my RSUs). Admittedly, I haven't dug around too deeply looking for it...
Fidelity has an authenticator option, which I quite like.

Vanguard allows me to register a security key (Yubikey) and so I have. Users are unable to turn off SMS at Vanguard as an option and so I have a Google Voice number I use for texts from Vanguard and other sites--more secure than SMS. There is a very long thread on this issue--just search "Yubikey Vanguard" above.

I've never seen the "Trusted Computer" option at Chase, but maybe I've missed it.
So I did some digging.

If you go into the "Security and Privacy" tag, then scroll about halfway down and click on "Add extra security when you sign in using a browser" there's a toggle for "Extra Security at Sign In". I don't remember specifically coming here and clicking the toggle, but I do remember clicking that the computer I was using was not a trusted computer. Maybe that answer flips the toggle? Or there was some sort of update?

Either way - this appears to be how to force the 2FA at sign-in.

:sharebeer
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Re: experience with JP Morgan Self-Directed Investing?

Post by Django Ii »

Chase's brokerage sweep fund is still paying a negligible amount.
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Re: experience with JP Morgan Self-Directed Investing?

Post by manlymatt83 »

Weeks later and I am still so surprised they don’t charge for investment into mutual funds. Vanguard for free. PIMCO for free. Chase is known to be more expensive in almost anything.
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Re: experience with JP Morgan Self-Directed Investing?

Post by anon_investor »

Django Ii wrote: Thu Jul 21, 2022 6:46 am Chase's brokerage sweep fund is still paying a negligible amount.
Is there a decent NTF money market mutual fund option at Chase?
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Re: experience with JP Morgan Self-Directed Investing?

Post by manlymatt83 »

anon_investor wrote: Sun Aug 07, 2022 5:30 pm
Django Ii wrote: Thu Jul 21, 2022 6:46 am Chase's brokerage sweep fund is still paying a negligible amount.
Is there a decent NTF money market mutual fund option at Chase?
VMFXX seems available for a $3000 minimum investment.
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Re: experience with JP Morgan Self-Directed Investing?

Post by texasfight »

Chase is night and day better than vanguard when it comes to being able to aggregate tax lot info into excel and and tax loss harvesting so much easier for me

Instant transfer from sweep to checking and vice versa

UX is much quicer can log in and do a trade much faster, etc.

When set to not reinvest, my dividends can be used to purchase an ETF one day faster than VG

Only qualm I have is ETF restrictions but VG has though too

I still use VG for my backdoor roth before transferring to chase

And then I get all the sapphire banking benefits
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Re: experience with JP Morgan Self-Directed Investing?

Post by manlymatt83 »

texasfight wrote: Sun Aug 07, 2022 6:35 pm Chase is night and day better than vanguard when it comes to being able to aggregate tax lot info into excel and and tax loss harvesting so much easier for me

Instant transfer from sweep to checking and vice versa

UX is much quicer can log in and do a trade much faster, etc.

When set to not reinvest, my dividends can be used to purchase an ETF one day faster than VG

Only qualm I have is ETF restrictions but VG has though too

I still use VG for my backdoor roth before transferring to chase

And then I get all the sapphire banking benefits
Agreed! same page as you. Chase is great.
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Re: experience with JP Morgan Self-Directed Investing?

Post by PghPharmBoy »

manlymatt83 wrote: Sun Aug 07, 2022 5:33 pm
anon_investor wrote: Sun Aug 07, 2022 5:30 pm
Django Ii wrote: Thu Jul 21, 2022 6:46 am Chase's brokerage sweep fund is still paying a negligible amount.
Is there a decent NTF money market mutual fund option at Chase?
VMFXX seems available for a $3000 minimum investment.
It is! I hold cash in VMFXX in my Chase Self-Directed account.
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Re: experience with JP Morgan Self-Directed Investing?

Post by manlymatt83 »

JP Morgan sent me an email last week about moving more assets over from Schwab.

I am torn because I am supposed to like Schwab better (right?) but my experience at Chase / JP Morgan has been nothing short of amazing.

My auto invest into VTWAX every week works without a hitch. The checking account I have offers atm refunds just like Schwab. And the interface is so simple.

Is there anything I’m missing? Why don’t more people use Chase JP Morgan self directed?
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Re: experience with JP Morgan Self-Directed Investing?

Post by PghPharmBoy »

manlymatt83 wrote: Tue Sep 20, 2022 2:42 pm Is there anything I’m missing? Why don’t more people use Chase JP Morgan self directed?
Based on the threads I've read, it seems to be one of two things:
1.) JPM/Chase has high-cost Advisory services that are very anti-Boglehead
2.) There is a knee jerk reaction to Chase/JPM that is negative. As to why, I'm not entirely sure, but I haven't experienced any reason to leave.

Additionally, I saw some advertising about a hybrid online/advisor offering for 0.60% AUM. Not sure what it offers over and above the RoboAdvisor (aside from someone to talk to) but it looks like it may be an equivalent offering to Fidelity's Personalized Planning and Advice. LINK

Coincidentally, Fido's PP&A is being rolled into FidelityGO, so I'm wondering if perhaps the hybrid model is not working out the way they planned?
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Re: experience with JP Morgan Self-Directed Investing?

Post by manlymatt83 »

PghPharmBoy wrote: Tue Sep 20, 2022 3:05 pm
manlymatt83 wrote: Tue Sep 20, 2022 2:42 pm Is there anything I’m missing? Why don’t more people use Chase JP Morgan self directed?
Based on the threads I've read, it seems to be one of two things:
1.) JPM/Chase has high-cost Advisory services that are very anti-Boglehead
2.) There is a knee jerk reaction to Chase/JPM that is negative. As to why, I'm not entirely sure, but I haven't experienced any reason to leave.

Additionally, I saw some advertising about a hybrid online/advisor offering for 0.60% AUM. Not sure what it offers over and above the RoboAdvisor (aside from someone to talk to) but it looks like it may be an equivalent offering to Fidelity's Personalized Planning and Advice. LINK

Coincidentally, Fido's PP&A is being rolled into FidelityGO, so I'm wondering if perhaps the hybrid model is not working out the way they planned?
Agree with #2. It's odd! Regarding #1, I have found Chase pretty open to my "no thank you". They haven't messaged me since. Has your experience been the same?
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Re: experience with JP Morgan Self-Directed Investing?

Post by Joe Public »

manlymatt83 wrote: Tue Sep 20, 2022 2:42 pm JP Morgan sent me an email last week about moving more assets over from Schwab.

I am torn because I am supposed to like Schwab better (right?) but my experience at Chase / JP Morgan has been nothing short of amazing.

My auto invest into VTWAX every week works without a hitch. The checking account I have offers atm refunds just like Schwab. And the interface is so simple.

Is there anything I’m missing? Why don’t more people use Chase JP Morgan self directed?
If they offered an easy way to sell mutual fund shares online by specific identification in a taxable account, I would probably open an account. My SO has an IRA there, and everything has been smooth so far. We've been with them for banking for a long time (legacy WaMu :) ).
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Re: experience with JP Morgan Self-Directed Investing?

Post by manlymatt83 »

Joe Public wrote: Wed Sep 21, 2022 6:58 pm
manlymatt83 wrote: Tue Sep 20, 2022 2:42 pm JP Morgan sent me an email last week about moving more assets over from Schwab.

I am torn because I am supposed to like Schwab better (right?) but my experience at Chase / JP Morgan has been nothing short of amazing.

My auto invest into VTWAX every week works without a hitch. The checking account I have offers atm refunds just like Schwab. And the interface is so simple.

Is there anything I’m missing? Why don’t more people use Chase JP Morgan self directed?
If they offered an easy way to sell mutual fund shares online by specific identification in a taxable account, I would probably open an account. My SO has an IRA there, and everything has been smooth so far. We've been with them for banking for a long time (legacy WaMu :) ).
I thought they did as long as the mutual funds weren’t transferred in?
PghPharmBoy
Posts: 69
Joined: Wed Sep 05, 2018 2:01 pm

Re: experience with JP Morgan Self-Directed Investing?

Post by PghPharmBoy »

manlymatt83 wrote: Wed Sep 21, 2022 5:34 pm
PghPharmBoy wrote: Tue Sep 20, 2022 3:05 pm
manlymatt83 wrote: Tue Sep 20, 2022 2:42 pm Is there anything I’m missing? Why don’t more people use Chase JP Morgan self directed?
Based on the threads I've read, it seems to be one of two things:
1.) JPM/Chase has high-cost Advisory services that are very anti-Boglehead
2.) There is a knee jerk reaction to Chase/JPM that is negative. As to why, I'm not entirely sure, but I haven't experienced any reason to leave.

Additionally, I saw some advertising about a hybrid online/advisor offering for 0.60% AUM. Not sure what it offers over and above the RoboAdvisor (aside from someone to talk to) but it looks like it may be an equivalent offering to Fidelity's Personalized Planning and Advice. LINK

Coincidentally, Fido's PP&A is being rolled into FidelityGO, so I'm wondering if perhaps the hybrid model is not working out the way they planned?
Agree with #2. It's odd! Regarding #1, I have found Chase pretty open to my "no thank you". They haven't messaged me since. Has your experience been the same?
I told the “Private Banker” at my local branch when I opened my account that I planned to DIY and they’ve never called. I get the occasional auto-generated email about a “complementary review” with a banker and I just ignore them.
PghPharmBoy
Posts: 69
Joined: Wed Sep 05, 2018 2:01 pm

Re: experience with JP Morgan Self-Directed Investing?

Post by PghPharmBoy »

manlymatt83 wrote: Wed Sep 21, 2022 7:06 pm
Joe Public wrote: Wed Sep 21, 2022 6:58 pm
manlymatt83 wrote: Tue Sep 20, 2022 2:42 pm JP Morgan sent me an email last week about moving more assets over from Schwab.

I am torn because I am supposed to like Schwab better (right?) but my experience at Chase / JP Morgan has been nothing short of amazing.

My auto invest into VTWAX every week works without a hitch. The checking account I have offers atm refunds just like Schwab. And the interface is so simple.

Is there anything I’m missing? Why don’t more people use Chase JP Morgan self directed?
If they offered an easy way to sell mutual fund shares online by specific identification in a taxable account, I would probably open an account. My SO has an IRA there, and everything has been smooth so far. We've been with them for banking for a long time (legacy WaMu :) ).
I thought they did as long as the mutual funds weren’t transferred in?
I had to send a secure message to request SpecID, but have had no issues yet with it.
Joe Public
Posts: 108
Joined: Mon Jul 27, 2020 8:36 pm

Re: experience with JP Morgan Self-Directed Investing?

Post by Joe Public »

PghPharmBoy wrote: Wed Sep 21, 2022 8:09 pm
manlymatt83 wrote: Wed Sep 21, 2022 7:06 pm
Joe Public wrote: Wed Sep 21, 2022 6:58 pm
manlymatt83 wrote: Tue Sep 20, 2022 2:42 pm JP Morgan sent me an email last week about moving more assets over from Schwab.

I am torn because I am supposed to like Schwab better (right?) but my experience at Chase / JP Morgan has been nothing short of amazing.

My auto invest into VTWAX every week works without a hitch. The checking account I have offers atm refunds just like Schwab. And the interface is so simple.

Is there anything I’m missing? Why don’t more people use Chase JP Morgan self directed?
If they offered an easy way to sell mutual fund shares online by specific identification in a taxable account, I would probably open an account. My SO has an IRA there, and everything has been smooth so far. We've been with them for banking for a long time (legacy WaMu :) ).
I thought they did as long as the mutual funds weren’t transferred in?
I had to send a secure message to request SpecID, but have had no issues yet with it.
Have you sold mutual funds online there using specific identification as opposed to average cost? I'd read here on older Chase You Invest threads that it was not possible to do it online and was a challenge to do over the phone. If things have improved in that regard, that would be a significant change.
PghPharmBoy
Posts: 69
Joined: Wed Sep 05, 2018 2:01 pm

Re: experience with JP Morgan Self-Directed Investing?

Post by PghPharmBoy »

I haven’t tried to sell yet, and I did request SpecID tracking. I just went in and worked up a sell ticket for VTSAX (which I buy into weekly) and it has lumped everything together as a “Short Term Lot”. (I’ve only had my brokerage account since March).

Have others had good results selling individual lots? I’m going to reach out again and ask about this, as I had received a confirmation in writing that specific lots would be tracked. I just haven’t had occasion to check on it, so thanks for the question!

(As an aside, I can see all the individual purchases but unless I’m not understanding some nuance of the sell ticket, they don’t appear when I try to sell.)
manlymatt83
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Joined: Tue Jan 30, 2018 8:23 am

Re: experience with JP Morgan Self-Directed Investing?

Post by manlymatt83 »

PghPharmBoy wrote: Thu Sep 22, 2022 6:23 am I haven’t tried to sell yet, and I did request SpecID tracking. I just went in and worked up a sell ticket for VTSAX (which I buy into weekly) and it has lumped everything together as a “Short Term Lot”. (I’ve only had my brokerage account since March).

Have others had good results selling individual lots? I’m going to reach out again and ask about this, as I had received a confirmation in writing that specific lots would be tracked. I just haven’t had occasion to check on it, so thanks for the question!

(As an aside, I can see all the individual purchases but unless I’m not understanding some nuance of the sell ticket, they don’t appear when I try to sell.)
I’d be curious what your success ends up being. I’d love to see the JPM Self Directed account be more welcome here alongside the top 3, especially with the commission free vanguard funds.
PghPharmBoy
Posts: 69
Joined: Wed Sep 05, 2018 2:01 pm

Re: experience with JP Morgan Self-Directed Investing?

Post by PghPharmBoy »

I went back and looked at what I had sent and the responses. This is what I got back from Chase when I requested SpecID:
JPMorgan Self Directed Accounts Customer Service wrote: Thank you for contacting us about your investment account ending in ####.

Stocks and fixed income products are held at original cost and may not be changed. IRS regulations allow your Registered Investment Company
positions (for example, mutual funds and ETFs) to be held using original or average cost. The default for these positions is average cost.

You can change the holding method on the account to original cost by replying to this message to confirm the following information:
  • The last four digits of the account(s) for which you would like to change
  • Confirmation that you wish to change the default method from average cost to original cost.
  • Direction the change to be made on either a retroactiveor a prospective basis.
    • Retroactive changes are only eligible for accounts that have been opened for less than one year and if adjustments are made prior to the first sell transaction and apply to all holdings in the account.
    • Proactive changes apply only to future purchases. All shares previously purchased will continue to be held at Average Cost
    • The change will be applied based on the eligibility requirements mentioned above.
  • Confirmation of the account liquidation method for your account(s). The account liquidation method may only be changed if Registered Investment Company positions are held at Original cost.
    i. First In, First Out (FIFO) - This is the default method
    ii. Last In, First Out (LIFO)
    iii. High-Cost
    iv. Low-Cost
    v. High-Cost Long-Term

    Shares will continue selling using the default FIFO method if you do not make a selection.
The next day, I got this message:
JPMorgan Self Directed Accounts Customer Service wrote:Thank you for contacting us about your investment account ending in ####.

We received your email instructing us to update your Registered Investment Company holdings to the original cost. The update has been made and will apply retroactively to current holdings and also to future purchases.
Highlighting is mine

So, I assumed that this was the case as I've rolled along for just over 6 months. I sent them a note today asking them to review my account and confirm, as I attempted to do a sale and wasn't able to select specific lots or see the original cost on the sale screen. I'll let you know what I find out.

I should say, this is not a huge hurdle for me. I'm not really looking for TLH in this account, and I'm not planning on selling anytime soon. If I need to bail sooner, it's going to be for a reason that is more pressing than perfecting my tax strategy. Not being snarky, it's just how I see it. So, for me, this isn't a barrier to holding a brokerage account at JPMC and the benefits I get on the banking side more than outweigh this issue. That said, I may change my tune when my gains are substantial and I can't separate out which I want to sell when! :mrgreen:
PghPharmBoy
Posts: 69
Joined: Wed Sep 05, 2018 2:01 pm

Re: experience with JP Morgan Self-Directed Investing?

Post by PghPharmBoy »

So, I heard back from Chase already.

They confirmed that my cost-basis is being held as the original cost and that they are using my selected share disposal method (FWIW, I selected "High-Cost Long-Term"). It may be that this is as specific as you can get when selling shares.

As I said up-thread, it's not a concern for me currently. If it gets to be a big deal, I can just move my holdings elsewhere and dispose of them how I see fit.

As always, YMMV.

Cheers,
PPB :sharebeer
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