MrMosby wrote:I have never once seen JPM Chase have a product line that lost them money.
that's the goal
unfortunately you don't win every bet but you do your best to minimize the loss while gaining $$ steadily. that seems to be what every FA's speech breaks down to at the very core
as a shareholder I'm glad
as a customer it doesn't apply to me because I don't have anything invested with them
if you have 250k liquid because your assets are truly that great (in the double MM figures and therefore you should have more then that liquid) it would make sense to do chase private client for nothing else then the deposit benefits
that's if you need to do wires
that's if you find a capable banker whom you can communicate seamlessly with
but if your banking needs aren't complex and you enjoy managing your own money and think you do or you do do a capable job of it
then you're better off having your accounts with one of those non-b&m places that give you perks like no fee for ATM withdraws from any bank, or a good CU that does that
CPC is for people who don't want to focus on investments themselves, want a strong team to look after their assets that they can trust, from a company that is reputable like JP Morgan chase. afterall, if the 1-2% of world richest trust JP Morgan with their assets why not you.
but yes, they will gauge you (fair amount I guess for their overhead) on fees
I know someone who would not move over to CPC with his assets based on the principle of fees, but he also developed an algorithm or program that he uses to help monitor and pick picks. even when he had one doing bad, which is rare for him, since I've known him, he still wouldn't move it over..he kept that one particular bond of 200somethingk to himself rather then letting Chase have a penny.
sad but he enjoys it, the picking of etf
I know some others who joined because they can't be bothered with it.
some join for the mortgage perks and stuck around for the business ones, like free wires for business platinum, which is fee free if you keep 50k versus 100k if you're cpc. or, some who join just because they make quite a few wire transfers a year and their balances would not dip below 250k so why not, instead of getting nickeled and dimed for every wire incoming/outgoing fees