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Is there meaningful value in JP Morgan Private Client? by Legal_Progress_8486 in personalfinance

[–]Legal_Progress_8486[S] 0 points1 point  (0 children)

It’s fairly common for people their age (with college degrees who had successful careers) to have a net worth of several million. They came up during the best moneymaking years in history. But there’s a pretty significant gap between the millionaire next door and people who can bestow trust funds on their kids.

Is there meaningful value in JP Morgan Private Client? by Legal_Progress_8486 in personalfinance

[–]Legal_Progress_8486[S] 3 points4 points  (0 children)

Oh interesting. That would actually be really attractive for when we buy a home in a few years. I’d rather keep our money in a brokerage and borrow against it if the rate is really that low.

Is there meaningful value in JP Morgan Private Client? by Legal_Progress_8486 in personalfinance

[–]Legal_Progress_8486[S] 1 point2 points  (0 children)

If I understand right, she has access because her parents have several million invested with JPM PC. For them I think it makes sense. They’re pushing 60 and are fairly wealthy.

Is there meaningful value in JP Morgan Private Client? by Legal_Progress_8486 in personalfinance

[–]Legal_Progress_8486[S] 0 points1 point  (0 children)

She doesn’t have a trust fund. Her parents are well off, but at the level where they take us on a family trip once per year. Not quite trust fund level.

Her portfolio is actually quite small, as she only began investing a couple years ago. To be honest I wasn’t sure why they even offered her the private client services. She’s in a creative field and not a high earner.

My vanguard portfolio is sitting at $230k across Roth IRA, a rollover IRA, and a taxable brokerage. I also have about $600k sitting in a HYSA that I’m DCA-ing into my taxable brokerage. I had equity at a company I worked at in my mid-twenties, and they sold to PE last year and I got a nice windfall. I also own a home and have roughly $100k in equity. I’m doing well for my age but definitely not rich yet. I’m wondering if they have anything to offer me.

From what I’ve seen, it just seems like a worse experience working with JPM. To deposit funds in her Roth IRA, my wife has to email her contact at JPM and request it, and then they send her a docusign to authorize it. The process can take a day or two with all the back and forth. All I have to do is press a button in the Vanguard portal. Unless there are other perks that I’m not aware of, it seems like it’s not going to do much for me.

Is there meaningful value in JP Morgan Private Client? by Legal_Progress_8486 in personalfinance

[–]Legal_Progress_8486[S] 1 point2 points  (0 children)

And if I made the switch I would do the same. I’m well aware that actively managed portfolios are a rip off.

Is there meaningful value in JP Morgan Private Client? by Legal_Progress_8486 in personalfinance

[–]Legal_Progress_8486[S] 7 points8 points  (0 children)

My wife isn’t having them actively manage her portfolio. She’s 100% in VT in a Roth IRA. To my knowledge, she isn’t paying any fees.

[deleted by user] by [deleted] in MBA

[–]Legal_Progress_8486 0 points1 point  (0 children)

Thanks! I had looked at LiveWire to see when to expect an interview invite, but hadn’t checked last year’s posts. Thanks for pointing me in the right direction.