Originally Posted by
747FC
At the risk of straying too far away from Centurion topics, I am a bit confused about your statements above that essentially say:
1. "Anyone with a JPM private banking relationship (which is completely different from Chase Private Client) can request the card."
2. "JPM is very unlikely to extend a PB relationship to someone unless they’re privy to some underlying wealth for that person. I reckon the **average** amount of assets invested in JPM PB to be deep 8 figures.
3. JPM Reserve is way easier to get than the Centurion and it’s not even close..."
Are there not more Centurion holders than JPMR holders? At least that has been the speculation I have heard when this topic has been discussed. Seems feasible as it is way easier to spend money (often OPM) than save and invest it. Also, those with deep 8-figure investable assets constitute a very rarefied strata.
Sorry I wrote a lot and realize it’s prob not coherent.
The average amount invested probably skews very high but the **minimum** amount (which is right after the second quote you took from my post) is probably very low. There are data points for people with under $1M invested with JPM private bank. According to a quick Google search, there’s almost 10 million multi-millionaires in the US. That’s definitely not everyone but it’s nowhere near as exclusive as most claim.
You really just need a connection to the firm to get access to the card. IPOing your tech company with JPM capital markets? Welcome to JPM Private Banking!
Either way, $10M is a random number. As someone with the JPM Reserve that wants the Business Centurion (for the 2 cents / MR fixed redemption), I admit I could be biased in saying that the JPM Reserve is easier to get than the Centurion.