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So what do your trust your CPC advisor with and what do you expect from them

Short answers: “trust your CPC advisor with” - very little, “expect from them” - even less, absolutely nothing.

Long answers: are completely individualized. For me, about MY money, I trust no one. From my point of view, as a self-directed investor for 40 years, everyone else is primarily interested in transferring as much of my hard earned money from my wallet and mattress to their bank account, not how they can help my money and investments grow.

In my 5.5 years as CPC, I’ve “trusted” the JPM advisor with performing occasional logistical matters, transferring shares from a paper stock certificate to street name in my Chase/JPM account, transferring stock and/or mutual fund shares from an external account to Chase/JPM (to meet CPC minimums).

I’ve “trusted” the Chase CPC banker, who seems to change every few months, with a little bit more: finding a way for me to be eligible for a Ultimate Rewards promo for which I was not obviously eligible, helping to open a new trust checking account, changing the name of that account after the Chase legal dept messed it up, ordering new deposit slips, crediting back the outrageous fee charged for a handful of deposit slips, helping me find a new safe deposit box location when I was notified the Chase branch closest to my home where my safe deposit box was located would be closing and Chase offered nothing in terms of a new safe deposit box location.

Other people trust their advisor and their banker with much more. This is America, they’re happy to completely take over management (and ownership) of everything you’ve got. But, being America, their primary goal is to maximize Chase’s income and profits which is how they preserve their jobs. Please don’t be so na�ve as to believe that they actually care about your financial appreciation, they only care about that to the extent it inspires you to pay Chase greater fees.

Think of your advisor as being like a UA or AA agent. They might possibly perhaps maybe find you the best award ticket price for a 4 segment, mixed class, multiple airline metal, multiple long haul, changeable ticket but you’ll have to hold their hand and watch them like a hawk throughout the entire process.

When I had Citi private banking their main use was answering the phone almost immediately and fixing things other parts of Citi messed up. How do the Chase CPC bankers compare on those things?

I am wondering the same thing - also, if you're with CPC, are you required to have an advisor with your stock portfolio that will charge you a fee? Curious because if BofA changes their preferred rewards and removes credit card boosters, I will probably move my assets to another bank. It's all hypothetical right now though.

No, you can have your funds with Chase YouInvest which is their version of BofA Merrill Edge. I like it because I don't have to talk to anybody and there are no fees, so I can trade into my index funds in peace and without dumb fees.

edit: the Chase CPC people will try to sell you on their advisor stuff that charges AUM fees, it's their job to sell you their higher margin product

5.5 years ago I transferred 4 mutual fund positions each of which I’ve owned for over 20 years only to meet the CPC requirements in order to get approved for a Sapphire Preferred card when I was at LOL/24 and CPC was an end run around 5/24 (not anymore). I haven’t touched those 4 positions since, no additional purchases, no sales, no dividend reinvestments.

Chase/JPM has never charged me anything in fees. I told the adviser from the start that I’m self-directed, he calls me every 6 month or so to say hello and offer his services. Fortunately he’s okay and those calls are never pressurized.

I too have taken advantage of CPC banker to fix problems, but that’s a weak selling point for the CPC program. “Put a lot on money in our bank, we’ll fix all the associated problems more quickly.”

My assessment of CPC perks: (bypass 5/24 was nice but didn’t last long enough), no/reimbursed ATM fees, higher ATM withdrawal limits, no ATM FTF, free safe deposit box, free wire transfer (only used once), CPC banker submitted documents to Chase Legal and he was able to get a Chase Trust checking account opened when several other banks said “no”, ability to get new safe deposit box at a branch where only CPC customers can get a box after Chase closed the branch closest to me where my box had been for the past 5 years (although that’s kinda in the “we’ll fix problems more quickly” category), few years ago CPC banker found a way for me to be approved for a Sapphire banking promo (60,000 UR) that was otherwise not available to CPC customers because CPC was/is a higher level than Sapphire and the promo was to encourage new Sapphire accounts.

This post (#188 above) has another piece of my mind about CPC.

Fixing problems may be a weak selling point, but it is very useful.

I believe no/reimbursed ATM fees, higher ATM withdrawal limits, no ATM FTF, free safe deposit box, free wire transfer (only used once) are all features of Sapphire checking, so one gets many (most) of the benefit with a lower balance. OTOH, as you say, it costs nothing to transfer some mutual funds into Chase to maintain a higher minimum deposit without incurring extra fees or much hassle. I'm musing whether it's even worth the minimal effort.

I am relatively new to CPC, but not impressed so far. I try to do most of my banking online, but happened to pop into a branch one day and asked to add my spouse to the account. I was flat out refused because all appointments were full. Then, when I was there with an appointment to add my spouse to the account, I was asked to wait in line for a teller to make a deposit after finishing the paperwork! Are my expectations too high for CPC?

LAX

Yes. Service aside, I would not consider CPC an efficient way to deploy capital (neither efficient as a banking product nor as a vehicle to facilitate investments).

I've been with CPC for about a 1 year and I haven't been impressed. I was trying to get a mortgage and my private client team never got back to me about it. I had to use the regular chase mortgage service and they recognized me as a private client. I was going through the mortgage process and was informed I wouldn't get the Private Client discount because "They just changed the rules" now I needed $500k in assets to get the discount.

That's interesting. I once emailed my CPC to inquire about rates on auto loans, and he wanted me to call and talk about it on the phone (better than no answer, I guess). I thought one of the benefits of CPC is convenience (apparently I am wrong) and I honestly don't have time to call a banker during working hours, let alone to wait on hold until someone decides to answer. Depending on how BofA's preferred rewards program gets "enhanced", I might just move everything back there.

LAX

Back when I signed up for CPC a few years back, I was always seen promptly by my local CPC banker. I haven't been in person in a long time but your experience doesn't match mine.

I was able to get a mortgage discount of 1/8 pct a few years back with only 100k at Chase. They also were the lowest rate at the time of mortgage inception, approximately 50 basis points lower than the 30-year fixed mortgage rate reported on mortgagenewsdaily.com.

However, when trying to re-fi, Chase was just not very competitive/interested in my business despite still holding CPC. I got a much better deal from an online refi shop that was discussed regularly on the personal finance forum bogleheads.

The trick is to get your Chase mortgage banker to match a rate quote you received from elsewhere and then apply the 0.125% discount on top of that. I recently refi'ed at a rate of 2.00% on a 15 yr fixed which included the 0.125% by showing a rate quote from a different lender. It does have to be an email specifically for you; you cant just say so and so is offering or point to a website.

Hello Flyer Talk,

In the past I received a paper flyer to open a Chase Private Client account and received a $2,000-$3,000 bonus. Does anyone have this offer code handy?

Thank you!