Is “J.P. Morgan Private Client Advisor” eligible for the JP Morgan Reserve? Seems like they explicitly publish a self-directed option with no AUM fees.

Yes.

I am having some conversion with JPMC to upgrade from Chase Private Client to JPMorgan Private Client. I inquired about the JPMorgan Reserve card, and the banker said, after some research, that the card has been discontinued for more than 8 years... Are they just BSing me? They said it used to be called the Palladium card, so I know they are not referring to the Palladium card being converted to JPM reserve card some years ago as "discontinued".

The JPMPC program seems like a dud. It has no real advantage over CPC and everything you want to do will have to be through an "investment advisor", instead of self serving. They said that I can keep the self-directed brokerage account, but by "working with them" they were hoping that I can realize the value that they provide and eventually do more active investment with them. I don't know why anyone would want to sign up for that...

The banker is mistaken. Discussion here: https://www.flyertalk.com/forum/chas...-infinite.html

Yeah, I think they just didn't want to be bothered. I'm quite disappointed with the level of service that JPMPC purportedly brings.

Private Banking/Private Client is fee based, the bottom line. That being said, every Wealth Partner Group is different and its about the relationship.

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.

What does it mean that you upgraded to JPMPC but not were able to upgrade to JPM Checking...? Were you able to keep your self-managed brokerage account?

I agree that they need to figure their things out before rolling out the program.

I received the below email….

Congratulations! Based on your eligible account balances of over $750,000, you are now in J.P.

Morgan Private Client. As a J.P. Morgan Private Client, you have access to concierge-level service and can upgrade to J.P. Morgan personal checking and savings accounts.

Contact your dedicated banker to learn how to take advantage of these benefits.

​​​​​​…….

However, I was not able to login to the JPM personal checking. There was an app to download (brown JPM), but it kept giving an error and referring back to the Chase app. Banker said she would call technical support and figure out why. Said there were 100 clients and this is the first time it has happened. But was transparent they are still in the pilot phase.

Yes - I did not change self managed to a managed account, and the email arrived about 30 days after meeting the required average balance.

Interesting. I've met the balancer requirement for years. The banker that contacted me kept saying that they need to schedule more meeting with me before "flipping the switch". I'm not interested anymore and I'm going to tell them such.

Judging from all of our experiences, I think it's safe to say the rollout of this program is god awful. I had a similarly confusing experience today.

I visited the new JPMorgan financial center (former First Republic Bank headquarters) in San Francisco. Everyone I met kept stressing to me that the branch and program is a "pilot" and that everything is "new." In short, no one seemed to know what they were doing.

I met a banker who looked up my Chase account and told me I qualified for JPMorgan Private Client. She was surprised I had self-directed, no-AUM fee investment accounts assigned to a JPMorgan advisor already. She told me it wasn't necessary for me to transfer more funds to JPMorgan (although, no surprise, she insisted she would be happy to help there) or have my investment accounts managed by an advisor for a fee, when I confirmed I really did have investment accounts with no AUM and already had an advisor (and retail bank Chase banker). She said she would talk to my two bankers because she didn't want to "step on any toes," which makes me wonder if she has to take over the accounts. I let her know I'm happy with both and my only "financial goal" was to get the JPMorgan Reserve credit card. She said it seemed do-able and pledged to get back to me next week.

Honestly, I don't think the JPM Reserve Card is worth the hassle. It's not like the difference between it and the CSR is comparable to that of Centurion vs Platinum. I emailed the banker and the advisor that I don't want to keeping meeting anymore and they didn't press. They just asked why. I get the feeling that from our previous meetings they didn't think they'd get much value from me either. It looks to me that whoever designed the program clearly wanted to steer people toward manged account but they didn't have anything exciting to dole out. The people with ~1mm has very different aptitude toward managed accounts compared to the people with > 10mm, for whom maybe the whole financial advisor thing might actually make sense as their time is too valuable to be doing things like logging onto an website and clicking a few links...

One time I went there and they said it was too late in the day. The person at the desk took my number and said they would call the next day never did.

Another time got there much earlier and was told only one person around and no one available to meet with me. The person at the desk took my number and said they would call the next day never did.

Sharing an update here: It took one month for the banker I met at the new San Francisco financial center to get back to me. On a call last Friday, she said she went "back and forth with the back office" and wasn't able to help with the JP Morgan Reserve card. Similarly, because I was happy with my current team, we both agreed it made sense for me not to work with her.

I'm confident no one knows about the card or the differentiation or unique value proposition of the JP Morgan Private Client program.

I'm debating whether I want to reach out to a JP Morgan Wealth Partners team in San Francisco. As fishfood mentioned, I'm not sure the card is worth it, although the hidden trade line and United Club membership would have been great.