I’ve been doing some research into this credit card and associated financial relationships. Chase Private Client (CPC), JPM Private Bank, and JPM Wealth Management/Advisors are each separate and only marginally related platforms. The nearest JPM Private Bank offices are 20 miles from me in different directions. The nearest JPM Wealth Management/Advisors office is 8 miles from me. Told each that I have $10M in assets (which might or might not be true or accurate).
I met with a JPM Private Banker and his Team Lead 2 weeks ago, they met me at a casual restaurant close to my home. I uploaded below 2 pages from the booklet they gave me. One compares JPM Reserve Visa (JPM RV) to CSP Visa, the other is their Fee Schedule. I thought it was interesting that they compare it to CSP, not CSR. They have no influence on Chase credit card approvals (5/24) and they do not routinely waive the JPM RV annual fee. They cannot trade Bitcoin on their platform. They agreed it was weird that JPM charges a customer who’s generating $55k annually in Advisory Fees $550 for a credit card.
I’ll probably cancel my meeting scheduled tomorrow with 2 JPM Wealth Management/Advisors. After 40 years of 100% self-directed, zero fee investing (other than trading commissions and IRA Custodian fees years ago and mutual fund management fees), I cannot for the life of me understand why I should give someone 0.2% to 1% of my assets every year when no financial advisory/manager has consistently outperformed the general market and I don’t (? yet) need any handholding.
If I really want JPM RV perks, I’ll get a CSR and a UA Club card and suck up the annual fees, still a whole lot less than 0.5%.
(Sorry about the large uploads, necessary for legibility.)
