Originally Posted by
viji
I am interested in becoming a Private Client but I'm not so sure about enrolling with Strategic Portfolio. I also don't know if this has anything to do with the special credit card promotion or with the palladium card, only that I mentioned that I was interested in getting a palladium card to a different banker months ago.
Does anyone have any experience with the CPC , CSP, and will this eventually lead me to qualify for the Palladium card? Honestly, while the lady was talking, I was so distracted by the huge Private Client emblem and all I can picture was the Palladium card. I would love to get the Palladium card but don't want to risk my money in investments, as I'm conservative even with my 401K. I know they have different levels of risk with their portfolio. I guess I can't get anything from them if I don't give them something in return. Any thoughts?
I am a fairly conservative investor as well. If your main concern is "risk" with Chase/JP Morgan, then I don't think it's an issue because they are pretty much the largest and wealthiest bank in the US. They're safe and will happily hand-hold investors who are timid or who don't want to be bothered with the nitty-gritty of managing their own money. The downside is that you will pay higher fees for their service... for some, this is worth it.
If all you want is the Palladium Card and a few bank perkies, then you can definitely get this from Chase with little or no downside. If you go back and research a few pages in this thread, you can find out about other's and my own experience with CPC. But to summarize: CPC usually requires about $250k in investable assets to be held with Chase (some states suggest only $100k, but it is unclear if Chase will expect you to get to $250k in a reasonable amount of time). A poster recently reported that he only had a mortgage financed with Chase to qualify for the Palladium, but my own experience suggests otherwise (my personal banker told me flat out that mortgages do NOT count towards the $250k asset goal). Others report that just getting in good with a CPC or JPM banker and having them submit an application for the Palladium will work (but you still have to have the income to qualify for the card).
If you're determined to get the Palladium with as little expense to you as possible, here is the most direct route:
1) Transfer $250k to a CPC savings and checking account.
2) Apply for the Palladium card.
3) Fondle the sexy palladium goodness in the comfort of your own home.
4) Transfer your money out of Chase, close your accounts and run.
Personally, I did steps 1-3, but I kept my cash in their accounts because I'm in the middle of a renovation project and need to keep my money liquid. I also like the benefits of the CPC service and can't see a reason to pull out yet.
I got the sense from my banker that if you don't happen to have $250k in liquid assets lying around, then you could just muster up as much as you can spare (within reason... I doubt they'd open up a CPC account for you with only fifty bucks) and they'll open a CPC account for you with a loose expectation that you'd someday reach their goal.
Once you're all set up, you could then apply for the Palladium card. To make the strongest case to qualify for it, you should have a good chunk o' change with Chase, or a high income. Once you get the card, keep your money with Chase, or close up shop and run. Either way, they're unlikely to take away your Palladium.
Hope this helps!