Originally Posted by
fishfood
Well, I went to the new financial center at Columbus Circle, and was told that I'll have to convert my self-directed brokerage account to a managed account. I guess that was it for me. They seem to have conflicting ideas of what the actual policy is, and I have no desire to pay the 1% management fee for the privilege for a potential JPM Reserve Card.
We transferred over 750k in self managed. Met with the wealth management and banker team at Columbus circle. The wealth manager was quite aggressive and wouldn’t really let the banker (former FRB) talk, more interested in pitching investments that he did not fully understand (fee structure, performance benchmarks, etc). Then I asked for a follow up with the banker. Meeting was cancelled and wealth manager showed up. Asked about Reserve card and there was a lot of “we think we can get it for you”. Once it was clear that we did not want a managed account he stopped responding but it did convert over to JPM Private Client after 30 days of holding 750k (received an email). It’s unclear if there are any additional benefits and thus far have not been able to “upgrade” to JPM checking. They are supposed to review estate plans and trust accounts but after 3 emails and a month I have not received a reply after sending ours for review. I am hopeful it’s better than CPC but clearly a program that is starting out with some growing pains.