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Chase Private Client/Wealth Management Brokerage Review 2014


Chase private client/wealth management review for 2014: full service brokerage rating, fees, minimums. Financial advisor investing cost structure.



Chase Private Client


Chase Private Client is the full service private banking version of the plain vanilla Chase bank account. Chase Private client is offered to those who have a regular Chase bank account with a balance of $250,000 or above.


Chase Private Client – No Pre-Set Spending Limit Cards with Rewards Points


The main thrust of the Chase Private client account is a comprehensive suite of IRAs and Brokerage accounts with credit cards, lines of credit, and checking added for good measure. While the checking and credit cards that are offered by Chase Private Client are essentially standard Chase cards, the Chase Private Client credit card offers no pre-set spending limit. In addition to the no pre-set spending limit, the card also acts as a rewards card. Chase Private Client rewards cards users collect “points” as they use the card – the more that is charged, the more points earned. The points can add up fast, with extra points earned from goods and services that are often times associated with High Net Worth clients. The list includes Airlines tickets, high end hotel stays, cruise tickets, etc., all offering 2x to 3x the usual accumulation of points per dollar spent.


Chase Private Client – Full Service for No Additional Costs


Chase Private Client account holders will have full access to unlimited checking, free checks, and unlimited domestic incoming and outgoing Fed Funds wires on all Chase Private Client accounts. Setting up the wire service is easy, and is best done by going to the nearest office and having a Private Banker filling out all forms and paperwork. It is best to have a Private Banker set up the initial wiring paperwork, as the forms tend to be tricky and in no way intuitive by any means. Once the initial paperwork is set up, and the first wire is completed and confirmed, any additional wires made to or from this Fed Funds address is easily arranged with a phone call to a Private Banker.


Chase Private Client – Essentially a “Hands Off” Managed Brokerage Account


The core of the Chase Private Client account is the asset management function of the account. While the Chase Private Client account offers cash access with debit, checking and credit cards, the client will be advised to place the bulk of the funds in the account into a version of Chase’s managed money program. This means that while the client will have full access to the cash portion of the account, the securities portion of the account will be placed in a discretionary account that will be fully managed by Chase.

In the typical brokerage account, the client initiates all buy and sell orders of all securities into and out of the account. The brokerage account holder may ask for advice from the broker servicing the account, but for the most part the ultimate decision of what securities to buy and sell and how much of each is to be determined by the account holder. Things are different with the Advisory role of the Chase Private Client account. With the Advisory arrangement, the money is placed in an account and managed by financial professionals. These Chase finance professionals structure and maintain the content of the client’s investment portfolio to meet the risk/reward profile of the client.

The risk/reward profile of the client is carefully determined at the beginning and throughout the client/banking relationship. This profile is found out by the consultative process of the Private Banker including a careful question and answer process.




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Chase Private Client -- Fees In-Line with Other Brokerages, Cheaper than Mutual Funds


Chase Private Client is essentially a wrap account. This means clients will be charged a flat rate for the total household assets under management. All funds in the household will be included, Checking, Credit, Taxable, and IRA’s. The flat rate for the account is 1.25% of assets yearly, but billed quarterly. This can be expensive if there is a large cash balance, but is in-line with UBS, Morgan Stanley, and Merrill Lynch for similar services. When compared to the price of many mutual funds that might be purchased independently by the account holder the fees are very reasonable, as Class – A, B or C mutual funds can have management fees of upwards of 2.25%-2.5% per year.

Overall Chase Private Client offers house holding of checking, credit, and brokerage accounts to High Net Worth account holders, with a specialty of Managed Money Accounts. Fees in this type of account are always high, but the account comes with extra benefits such as free wires and no pre-set spending limit credit cards.

If you don't want to pay steep Chase Private Client fees or want additional self-directed account, you can open a fee-free brokerages account at one of the top rated online brokers such as TD Ameritrade (Review) or Etrade (Review) free of charge.

This article was updated on 3/14/2014.



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