$200k BOA / citi and $150k chase dont really get anything substantial do they?

citi has a $1m tier

curious re private bank for BOA, chase supposedly went up to $10m

interesting wells fargo doesnt seem to even bother with any of this

Wells has a program called Portfolio but I don't think it has any credit card benefits. https://www.wellsfargo.com/checking/portfolio/

well that is weird, did they suddenly raise their minimum by 5-10X? or did i just miss something when i looked before.

still though, only citi publishes a $1m tier. curious if BOA private bank starts there or higher.

credit unions can match a lot except credit card miles and self directed investing , while beating bank saving rates

BofA advertises the tiers for $1M and $10M here: https://www.privatebank.bankofameric...d-rewards.html

Are you confusing private bank with CPC?

Getting out of actively managed to Self Directed
 

Hi all, first time poster here and apologize if this question has been covered.

I’m currently a CPC and got sold on actively managed retirement accounts by their JP Morgan side of the house by a slick sales guy at a branch. He was really quick at rolling over my 401k’s from my previous employer over to JPM as IRAs. Returns have been good, but the market overall has also been good. Mgmt Fees are 1.25% which is a lot.

At this point, I’m trying to avoid the high fees and subscribe to the adage of just picking a few ETFs of funds that track the market and I’ll do just as good.

If desired, I can still stay a CPC by having the high balance with the retirement account by being self directed according to their website.

Here goes my question though for those who can provide some guidance (I haven’t called the bank yet for reluctance to deal with my sales guy/ adviser when he hears I may want to pull money away from him):

Are there tax implications to converting to self-directed because in theory it seems like I have to sell assets within the manager retirement account to cash and then re-buy within self directed? Normally you can rollover or transfer, but I believe some of these funds that my managed accounts are invested in aren’t actually purchasable if you’re not in the actively managed program… and hence do I have to pay taxes on those specific gains? I feel like maybe this is how they get you and lock you in if there are tax implications because they invest it in proprietary JPM funds that you can’t get otherwise unless you are in the program. Seems wrong.. but hopefully someone here can provide some advice?

P.S. if I’m in the wrong forum for this question, or anyone has any questions I can help with as a CPC or on the actively managed experience let me know


thanks!

Welcome to Flyertalk. I have no experience with CPC, but there should be no tax consequences when selling investments held in an IRA. All taxes are deferred until you withdraw money from the IRA.

Read more here: https://www.irs.gov/retirement-plans/traditional-iras

OMG, DUH, that’s right! Thank you!

I second mia's welcome to FlyerTalk. He beat me to the punch. I'll just add my two cents to what he said.

There are only tax consequences with a sheltered account when you (or your beneficiaries) take a distribution, or fail to take a required minimum distribution. Just selling holdings without taking a distribution of the proceeds is not a taxable event.

If your current IRA with Chase does not permit self direction, you would have to sell your current holdings. Then, after the sales have cleared and the proceeds show up in your IRA's "cash" fund, you would request that Chase do a direct ("custodian to custodian") transfer to your new self-directed Rollover IRA, so that you never touch the proceeds. (For all I know, the custodian might be the same for both accounts, but that shouldn't matter.) Once the funds are in your new, Rollover IRA, you can invest them as you wish. But I would definitely ask Chase if your current IRA can simply be converted to a self-directed IRA without having to go through the rigamarole of a direct transfer -- as long as that can be accomplished without any distribution of assets.

Of course, from the time that you initiate the sale of your current holdings and the proceeds get transferred to your new IRA, the market might have moved up, down, or sideways.

Good luck!

guv1976 and mia, Make sense, THANK YOU.

Minor nit, but aren't you still affected by wash sales?

https://www.investopedia.com/article...-sale-rule.asp

I would think if you are moving from a managed IRA of any kind so a self directed non qualifying fund that you would owe taxes as it is a withdrawal. I am not expert though

I think the idea is simply to change the IRA investments from managed funds to ETF's.

Has anyone fell below the daily $150k limit and been charged the $35 fee?