Originally Posted by viji

Thank you for the replies. I am actually confused with what they are offering me. It sounds like in order to be Chase Private Client, I would need to enroll in their Strategic Portfolio(mutual funds). I only have a little over 50K in savings, and I read online to be eligible, at least 250K is needed. The lady (her business card says "Vice President JP Morgan Private Client Adviser") told me it used to be millions are needed for this (Im not sure whether she was talking about the private client or the strategic portfolio) but now chase has brought it to retail level and a minimum of 50K is required. And then she talked about different risks.

Probably because I do not have that high of assets (250k+) they need me to invest in order to become a private client? I have researched online too that Chase is targeting the "mass affluent" the upper middle class who don't have the millions of the ultra high net worth clients, but their minimum is 100K to be a private client. I want to tell them both (the private client banker and adviser) that I am interested to become a PC and get a Palladium card, but not to invest.

If they would not allow this, my leeway would be to go ahead with an investment but with a very conservative risk, upgrade my accounts to a Chase Private Client, and then probably by October, ask them about getting the Palladium card (I recently opened a Chase Freedom card last April, to make it past 6 months). Anyway I think the money would make more than the paltry 0.15% savings interest if I invested it. Or am I going to lose alot of money just because I want to get the Palladium card?

Also the lady told me that the portfolio is flexible that lets say if I needed the money to buy a house or car, that I can take it out anytime, and that the fee (which I think is 1.1% annually) I would not have to pay the whole year's fee, If I only went through 6 months then the fee is only half of it. I would need to ask these again when I meet her on Wednesday.

I remember the gentleman told me they wanted to help me get more than that low savings interest, and I think it would be through investing in their strategic portfolio, which would subsequently upgrade my accounts to private client. Anybody from Chase, specifically a Private Banker can chime in on this?