Glad I didn’t cancel the second meeting which took place a day or 2 ago. Still not sure of the difference between JPM Private Bank Wealth Management and JPM Wealth Management Partners/Advisors. Both seemed to use the exact same platforms although the Partners seemed to indicate they had more flexibility as to recommended investments and the Partners seemed to be a more independent group/office.

Another difference, regarding Bitcoin, which I asked about as a “trick question” because I think it’s a quasi-Ponzi scheme, PB said no way, Partners said they could offer a couple of ETFs (or other ways) to invest in Bitcoin. (“Bitcoin cannot be purchased within a JPM Private Bank account at this time. Given the highly speculative nature of bitcoin and lack of regulatory oversight we are not able to advise on bitcoin.”)

But, big differences were: PB were not agreeable to no fee 100% self-directed account and seemed to have a minimum of $10 million. Partners were quickly agreeable to a no-fee (if no trading) 100% self-directed account and seemed to have a minimum of $1 million, fees based on trading, $5 to sell a no-load mutual fund, higher fees to purchase. Partners also seemed more amenable to discussion of credit cards, agreed that JPM Reserve Visa approval is generally automatic (for their customers), does not report (uncertain if it counted toward 5/24) and implied that 5/24 was not an issue for their customers as their customers CC applications were submitted by one of their in-house staff for (Chase) human review and decision.

Partners also said I could do business with them at no cost, take advantage of their services including IRA and philanthropy experts, by simply transferring my current CPC JPM account (several no-load mutual fund positions) to them while maintaining my existing CPC checking account number and login.