Quick Look: Chase Private Client vs. JPMorgan Private Client
Let’s take a quick tour to set the stage for some of the weirdness between these two banking options. First, the same parent company, JPMorgan Chase, owns both Chase Bank and JPMorgan. They offer similar services that often overlap. You can open a Chase Private Client checking and savings account through Chase or JP Morgan, for example.
It’s very confusing, but there is a reason for all this madness. In 2023, JP Morgan Chase effectively took over First Republic Bank after its major failure, one of the few times in recent years that the FDIC actually stepped in to protect the deposits of insured people.
Since then, it has been trying to integrate First Republic Bank’s services into the broader JP Morgan Chase empire — minus the parts that caused it to fail (such as cheap mortgages). What worked Good First Republic catered to the wealthy through private banking, and had earned a reputation for providing the absolute best customer service. This led to a rebranding from the failed First Republic Bank to a phoenix rising from the ashes, a JP Morgan Private Client.
You’ll likely see these services change over the years, especially as JP Morgan’s own client tries to figure out their place in the world. But, as of this writing, here are some of the key differences between the two.
|
Chase the special agent |
/filters:quality(75)/images/2024/12/30/j.p._morgan_private_client_logo.png){kind=logo}
JP Morgan Special Client |
|
| Best for | New high net worth individuals looking to grow | Identify individuals with the highest net worth |
| Open to new clients | Yes | Only for current and prospective JP Morgan Chase clients |
| Available banking services |
|
|
| Minimum balance | There is no minimum to open, but you will need $150,000 in combined deposits and investments to waive the monthly checking fee (unless you have a linked Chase Platinum Business Checking account) | $750,000 or more in combined deposits and investments |
| Important fees |
|
|
| Main features |
|
|
It is important to note that this is not an exhaustive list of all fees, services, and features. Private banking does not always publicly announce specific details about its offerings since it caters to a wealthier clientele than the general public. Simply put, superior service is often a higher priority for these clients than the lowest loan rates and ways to avoid paying fees.
When You Should Choose Chase Private Client
Both Chase Private Client and JP Morgan Private Client offer similar services within the JP Morgan Chase ecosystem (say that 10 times fast). However, Chase’s private client services are more applicable to the general public, and in some cases, that may be better. Let’s take a look at some reasons why you might choose Chase Private Client over JP Morgan Private Client.
You’re new to the JP Morgan Chase ecosystem
A company representative confirmed that JP Morgan’s private client services are only open to existing and prospective clients of JP Morgan Chase (i.e. JP Morgan or Chase Bank), not the general public. Unless you deposit at least $750,000 in funds with either bank first, you won’t be able to proceed to enroll in JP Morgan Private Client Services like you can with Chase.
You are not eligible for JP Morgan Special Client status
When JP Morgan Chase decides to open JP Morgan Private Client to the general public, you will generally be directed to Chase Private Client services if you have less than $750,000 across your bank and brokerage accounts with JP Morgan Chase. You won’t need that much to qualify as a Chase Private Client.
However, unless you’re also a Chase Platinum Business Checking client, you’ll still need at least $150,000 in combined deposits to avoid the hefty $35 monthly fee for your Chase Private Client Checking account.
You want an established private banking company with defined interests
Right now, the biggest benefit of using the Chase Private Client is that you have a better idea of what you’re getting. It’s a well-known service that the bank has been offering since 2007, so there’s a long history of actual customers reporting their experiences.
Chase is more open and upfront on its website about what you’ll get as a Chase Private Client member, including:
- 0.25% discount on car loan rates
- Lower fees for your checking account and select services
- Reach the CD ladder
- Higher limits on transfers and withdrawals
- Access to a JP Morgan Private Client Advisor for investment services
- Tickets to attend sports matches, cultural events and financial seminars are designated only
In addition, you will have a Chase Private Client Banker who will serve as your go-to for managing the various program benefits. If you’re also a small business owner, Chase will connect you with a Chase Business Relationship Manager who can help you find the right services and support needed to grow your business. Finally, Chase maintains a 24/7 support line for private clients.
When Should You Choose a JP Morgan Private Client?
JP Morgan generally caters to a more affluent audience. After all, it is one of the best banks for businesses and governments. However, it also offers banking services to individuals who have enough money.
Given the organization’s high profile, it’s no surprise that JP Morgan Private Client is a better fit if you’re looking for something out of the ordinary in an industry already far removed from Hoi Polloi. Here are some more reasons to choose it.
You are moving from First Republic Bank
When JP Morgan Chase acquired First Republic Bank in 2023, it didn’t just open up a new primary bank account for everyone and transfer their entire balance. First Republic Bank has made a name for itself by providing premium service to high-net-worth customers, with fresh cookies and free umbrellas offered at branches.
To keep these clients happy and avoid losing them to a mass exodus, JPMorgan created an entirely new division. It was a combination of JP Morgan’s offerings for the wealthy combined with Chase Private Client’s already proven services and a little old fashioned spice (yes, even umbrellas and cookies).
Dubbed JP Morgan Private Client, the new services were intended to serve as a gateway for incoming First Republic Bank clients to access the new services and existing Chase Bank offerings. In keeping with the bank’s mission, it reported in May 2024 that 85% of former First Republic Bank customers who transferred remained at JP Morgan Chase.
You want the best service possible
One of the biggest ways that JP Morgan Private Client tries to differentiate itself from Chase Private Client is by offering a high-quality service that even the best banks can’t match. In fact, it offers a concierge-level service with a dedicated relationship manager who will “anticipate your needs” and act as an intermediary for any other JP Morgan Chase services you qualify for, including those through Chase Private Client.
advice
While Chase Private Client offers a similar approach with its Private Client Banker feature, JP Morgan Private Client notes that you’ll receive support at a higher level.
You are not afraid of being a guinea pig
There’s no getting around it: JP Morgan Private Client is new, and new ones often go through trials and growing pains. JPMorgan Chase had just announced this in May 2024, and by October 2024, it had opened just two financial centers to serve private clients: one in New York and one in San Francisco. These centers are designed to emulate old First Republic Bank branches, right down to the luxurious finishes inside.
JPMorgan Chase plans to open an additional 30 centers before the end of 2026, but until they happen, they are just plans and not physical locations. In fact, even in announcing the JPMorgan special client, company executives indicated that their loyalty was primarily toward Chase’s existing wealthy clients, with the primary goal being to capture “a larger share of their overall portfolio.”
The new JP Morgan Private Client Services serve as an educational tool to that end while all other plans flex around that goal.
What is the best option for high value banking?
If I was more interested in luxurious touches and individualized service — and had the money to back it — I would likely choose JP Morgan Private Client over Chase Private Client because of its superior concierge service.
I would also keep in mind that service offerings, quality and prices may change when placed under. (Plus, now that the bank has inflated them so much, I’m curious about those cookies.)
On the other hand, if I couldn’t qualify for the JP Morgan Private Client program, the Chase Private Client would be an acceptable backup. Many of the services you’d get through the JP Morgan side are handled through Chase Private Client offerings anyway. You will get a better grip if you choose JP Morgan.
Frequently asked questions
Is JP Morgan the same as Chase Bank?
Yes and no. JPMorgan and Chase Bank are two separate banks, but they are affiliated with the same company which is called, confusingly, JPMorgan Chase. While JPMorgan focuses more on corporations and wealthier people, Chase focuses more on ordinary people.
How much money do you need for a JP Morgan private client?
You’ll need at least $750,000 in deposits through your JP Morgan Chase bank and investment accounts to access JP Morgan’s private client services.
Is JP Morgan’s private client better than Chase’s private client?
In general, yes. JP Morgan Private Client aims to better serve people with more money. However, because JP Morgan Private Client is a new division formed after Chase acquired another bank that serves wealthy clients, some clients have reported increased difficulties, such as long waits for customer support and problems with card payments.
Bottom line
If you are able to meet the minimum balance requirements at JP Morgan Private Client, I would recommend it over Chase Private Client. However, both options are strong contenders. The core services should be roughly the same but with better holistic guidance on the JP Morgan side of things to bring it together.
JP Morgan Private Client has three strikes against it with its limited availability, high minimum balance requirements, and a new business model that will likely change in the future (hopefully for the better). JPMorgan says it will fix at least two of these things in the future, so we’ll see if it keeps its word.
If you’d like to explore other options, our list of the best banks for high-net-worth individuals has some recommendations.
https://cdn.financebuzz.com/images/2024/12/30/bank_teller_hands_cash_to_a_person.png
2024-12-30 21:59:48
