Originally Posted by jdsva

The main one that I was sure he couldn’t deliver was multiple fee free business checking accounts for different entities (we have several small family businesses, and they’re all under different legal entities - as they should be). The Private Client Banker who I’ve known for a while even gave me a look when he said he could get this done. And in a later meeting, the advisor himself walked it back saying they could do one (which is the published benefit).

Another was the JPM card. We’re in the mid 7 figures in investable assets, and I know there have been reports of people getting it below that mark, but those seem to be old data points. He would only say that he could get it for me “mid next year”. I wasn’t going to bank (literally) on it. This was another statement he walked back in a later meeting.

Also, he swore up and down that their cash management product was like Fidelity’s which has an auto-liquidation feature. All the research I did, and later others confirmed, say otherwise.

For those that don’t know, this is a great feature when interest rates are decent. You can keep all your spare cash in a high yield fund, and you don’t need to keep any in the “cash” (almost no yield) portion of the account). As transactions (ACH, wire, internal transfers, etc) come in, it automatically sells whatever it needs to cover the transaction. So you don’t need to monitor it and sell (and wait at least a day - more if there are weekends/holidays) in order to have enough available in liquid cash to cover the transactions, or worse, keep a bunch of cash liquid instead of in the high-yield side. So your money earns the most it can until the last moment.