Originally Posted by
GundamWing01
thank you so much for the info. i didnt know JPMS qualifies because I think the min req is very low. similar to CPC at 250k or even lower.
i really appreciate the input. thank you so much. as you suggested, im sure the $10M AUM is negotiable based on individual, similar to being under $250k for CPC. but it doesnt sound like they require $10M ASAP. or maybe its the benefit of all legacy clients vs new ones where the AUM requirements are firm.
i agree that moving $10M just for this card would be stupid. not sure if anyone would do that. personally, the JPMR is an ancillary benefit since its similar to the CSR. hidden personal trade lines is a nice perk, but business cards dedicated to personal expenses are also "hidden". i have a few reasons to begin a PB relationship with chase and im definitely not looking for a simple schwab or vanguard alternative. just not sure if i want to wire $10M right away if I dont have to.
i like to maintain many different banking relationships and have different types of capital financing options available to me. depending on my situation, i want to easily access various products or services simultaneously and assess my options. i dont need JPM to manage my money, but i also like to have different portfolio lines of credit with different institutions to spread my risk. lastly, im hoping a PB relationship will allow me to bypass certain retail client CC restrictions such as 5/24 and allow me to have an unlimited number of chase CCs. IMHO, they have too many good cobrand relationships and its a shame they are all with chase. i assume PB helps protect against common shutdown reasons such as "too many requests for credit" or ramp up in spend. please let me know if you or any of your friends have experience with this.
Pretty sure JPMS is just the name of the division that manages brokerage for JP Morgan Chase. Just like Chase Card Services manages the JPMR.
As PB you def are subject to 5/24. I have gotten approval at 6/24, but any subsequent apps for Hyatt, and a second IHG were instantly denied. It’s not a big deal to me, I don’t have the time to deal with these cards and bonuses, and basically with the 9 chase cards I don’t think I’ll apply for any more again.
The private bank is definitely not a Vanguard or Schwab lol... I mean if you are considering private banking you are looking for a lot more than just actively invested portfolio and returns which is what Schwab is. Private Bank does offer you a lot of investment opportunities in developing countries including projects in Africa, Asia, and certain belt and road initiatives, or get you access to government contacts and also VC funding. They also help you explore estate and tax benefits, and they are very proactive at notifying you of certain financial news and use their software to generate different paths and show you the potential risks and opportunities for every suggestion. You can have them engage with you as little or as much as you like.
Their securities investing is possibly their weakest point IMO. I have made greater returns on my Tesla and ARK shares and options more than their suggested portfolio of nonsense stocks based purely off fundamentals. I am also a lot younger than all of those on my team. So I find many of their insights to be rather laughable and dated. But for someone with no financial knowledge or someone with an inherited estate or trust, they do manage it pretty well, albeit on the conservative side.