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      09-25-2012, 02:56 AM   #1
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Chase Private Client

What's your thoughts on this? I know it's been around for a while in the east coast but now its here on the west coast. For those of you who are part of it, what do you like or dislike about it?
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      09-25-2012, 04:02 AM   #2
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min is $500k right?
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      09-25-2012, 09:36 AM   #3
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While I am not part of Chase's Private Client Group, I am part of another bank's Private Client/Private Wealth Management, and in my opinion, if you can qualify for their services, I'd do it.

There are many benefits to being part of a bank's Private Client/Private Wealth Management division, including highly personalized service, lower loan rates and fees, extra credit card benefits, etc.
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      09-25-2012, 09:38 AM   #4
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I use them here in chicago what you wanna know?

in general, their service is much much better than your standard chase bank, few perks here and there too
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      09-25-2012, 10:21 AM   #5
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Quote:
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min is $500k right?
250k
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      09-25-2012, 10:22 AM   #6
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Originally Posted by BigDog
I use them here in chicago what you wanna know?

in general, their service is much much better than your standard chase bank, few perks here and there too
I just wanted to get some feedback from people who have been part of the program and how they like it.
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      09-27-2012, 09:14 PM   #7
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Quote:
Originally Posted by SoCali E90 View Post
I just wanted to get some feedback from people who have been part of the program and how they like it.
What's most important to you when it comes to banking?
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      09-27-2012, 10:49 PM   #8
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What specifically are you wanting from their PGC...Trust services, investment advise, etc? I would compare services vs. fees...Ask what their fees are if your portfolio loses value. What is your risk tolerance/time horizon?
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      09-27-2012, 10:50 PM   #9
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Part of TD's and its great, go for it if you can.
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      09-27-2012, 10:57 PM   #10
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Quote:
Originally Posted by SoCali E90 View Post
What's your thoughts on this? I know it's been around for a while in the east coast but now its here on the west coast. For those of you who are part of it, what do you like or dislike about it?
I'm a chase private client banker, Honestly for what you are offered it is well worth it. The minimum amount they like to see is $250k relationship. But you dont need all $250k in the account to get into the private client program. If the outside relationship has a good possibility to be moved over in the near future (1-3 months) they will put you in the program to utilize the benefits.

I do that often with my clients, an initial 100-200k investment or asset transfer to a money market. Then they come to appreciate the program and do a mass wealth transfer and there whole relationship comes over

Pm me if you would like some more details about the program!

***Also for anyone looking to purchase a home, get in the program. I cannot tell you how many times we have been able to get ridiculous exceptions for home loans we have direct contact with the private client underwriters and if the money is there they will pull the strings to get the loan done, and all sorts of credits on top of that. ***
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      09-28-2012, 01:00 AM   #11
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Quote:
Originally Posted by syd
Quote:
Originally Posted by SoCali E90 View Post
What's your thoughts on this? I know it's been around for a while in the east coast but now its here on the west coast. For those of you who are part of it, what do you like or dislike about it?
I'm a chase private client banker, Honestly for what you are offered it is well worth it. The minimum amount they like to see is $250k relationship. But you dont need all $250k in the account to get into the private client program. If the outside relationship has a good possibility to be moved over in the near future (1-3 months) they will put you in the program to utilize the benefits.

I do that often with my clients, an initial 100-200k investment or asset transfer to a money market. Then they come to appreciate the program and do a mass wealth transfer and there whole relationship comes over

Pm me if you would like some more details about the program!

***Also for anyone looking to purchase a home, get in the program. I cannot tell you how many times we have been able to get ridiculous exceptions for home loans we have direct contact with the private client underwriters and if the money is there they will pull the strings to get the loan done, and all sorts of credits on top of that. ***
I'm actually a licensed PB for chase. I wanted to get a clear view of what people who are currently taking advantage the program thought of it. We launch out CPC in the office this coming monday. I wanted to get feedback from those who are already enjoying the benefits so this way I can present it the best way to our future/ potential clients.
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      09-28-2012, 01:28 AM   #12
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Quote:
Originally Posted by SoCali E90 View Post
I'm actually a licensed PB for chase. I wanted to get a clear view of what people who are currently taking advantage the program thought of it. We launch out CPC in the office this coming monday. I wanted to get feedback from those who are already enjoying the benefits so this way I can present it the best way to our future/ potential clients.
Ill go over it all with you and the benefits. Also once you're a CPC branch your incentive will skyrocket; the program is great and customers love it. Shoot me a PM; I'll let you know what my clients truly like, the program has so many areas that benefit all sort of customer's (ppl who travel, wire, kids in college, etc..) its quite an easy sell compared to other institutional banks.
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      09-28-2012, 01:35 AM   #13
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Quote:
Originally Posted by syd
Quote:
Originally Posted by SoCali E90 View Post
I'm actually a licensed PB for chase. I wanted to get a clear view of what people who are currently taking advantage the program thought of it. We launch out CPC in the office this coming monday. I wanted to get feedback from those who are already enjoying the benefits so this way I can present it the best way to our future/ potential clients.
Ill go over it all with you and the benefits. Also once you're a CPC branch your incentive will skyrocket; the program is great and customers love it. Shoot me a PM; I'll let you know what my clients truly like, the program has so many areas that benefit all sort of customer's (ppl who travel, wire, kids in college, etc..) its quite an easy sell compared to other institutional banks.
PM me
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      09-28-2012, 11:14 AM   #14
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Originally Posted by SoCali E90 View Post
PM me
Your BM doesnt go over the products with PBs?
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      09-28-2012, 11:50 AM   #15
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Can you get a mortgage without proof of income if you are a private client?
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      09-28-2012, 12:36 PM   #16
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Quote:
Originally Posted by SoCali E90
What's your thoughts on this? I know it's been around for a while in the east coast but now its here on the west coast. For those of you who are part of it, what do you like or dislike about it?
Oh, I am so glad someone asked this question. I've been dying to give my opinion on this.

There are some benefits associated with CPC that make it worthwhile. You probably got the information packet, so no need to go over those. You should know, however, that the real point is for them to start marketing their managed investment accounts to you, and I personally find the associated fees far too high for the level of service offered. I think they do a semi-active management, which means that they look at your account once every six months or a quarter and rebalance it for you. If that sounds like something you can handle on your own, and you're asking why you'd bother paying someone to do that, then you're like me and wouldn't see much point to having them manage your account.

That being said, I would never recommend Chase Bank to anyone except my worst enemy in the hopes that he might get so frustrated with them he keeled over from a brain aneurysm, and in fact last month specifically terminated my CPC account and moved everything except around $50K to my brokerage. Warning: Long story follows.

I have been banking with Chase for around 15 years, starting as a starving student with Washington Mutual until its takeover by Chase. Back in 2005, had a lot of cash sitting around and was approached by their investment advising team. I set an appointment with an advisor, some kid who looked barely my age and loved telling me about how his job allowed him a lot of downtime and "perks." As if to make the point, he interrupted our meeting so he could meet with someone dropping off hockey tickets. Seriously?

Also around that time, I transferred a HELOC to them for my then house (which is now a rental property). There was a lot of equity, so they gave me quite a large credit line. After the market crashed, they cut the line to the same as my balance. Fine, I could understand that, even though it meant my utilization on that line went to 100%. The thing I didn't get is that despite extra payments, they would cut my line every single time to the balance. Again, that's a nasty hit on your credit. Now that the market has come back in my area (Northern California), and since I had more than enough cash to cover the balance of the credit line, and being a CPC client with supposed "preferential treatment," I asked them to either a) raise the credit line, or b) at least stop dropping the limit to my balance. What I got instead was the most rude and condescending lecture from a supposed CPC loan specialist, wherein she actually stated "Chase does not want your HELOC business and would love for you to pay it off." That was the final straw. I made other arrangements and moved my money the next week.

So, my ultimate thought on CPC is if you have no problem with Chase generally, it's a fine program with good benefits, but do your homework before committing to their investment advising team. For me, I'm planning to open an account at my local credit union and plunk my FDIC limit there. Once that happens, I'll happily walk into Chase, pull the cash I have left out, and tell them to kiss my a55 on the way out the door.
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      09-28-2012, 01:37 PM   #17
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Quote:
Originally Posted by endofanera7 View Post
Your BM doesnt go over the products with PBs?
He does, I want to get the feedback of current clients that have been part of CPC.

The more I know what current clients think the better I can present them for future clients.
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      09-28-2012, 02:19 PM   #18
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Quote:
Originally Posted by Rygel XXV View Post
Oh, I am so glad someone asked this question. I've been dying to give my opinion on this.

There are some benefits associated with CPC that make it worthwhile. You probably got the information packet, so no need to go over those. You should know, however, that the real point is for them to start marketing their managed investment accounts to you, and I personally find the associated fees far too high for the level of service offered. I think they do a semi-active management, which means that they look at your account once every six months or a quarter and rebalance it for you. If that sounds like something you can handle on your own, and you're asking why you'd bother paying someone to do that, then you're like me and wouldn't see much point to having them manage your account.

That being said, I would never recommend Chase Bank to anyone except my worst enemy in the hopes that he might get so frustrated with them he keeled over from a brain aneurysm, and in fact last month specifically terminated my CPC account and moved everything except around $50K to my brokerage. Warning: Long story follows.

I have been banking with Chase for around 15 years, starting as a starving student with Washington Mutual until its takeover by Chase. Back in 2005, had a lot of cash sitting around and was approached by their investment advising team. I set an appointment with an advisor, some kid who looked barely my age and loved telling me about how his job allowed him a lot of downtime and "perks." As if to make the point, he interrupted our meeting so he could meet with someone dropping off hockey tickets. Seriously?

Also around that time, I transferred a HELOC to them for my then house (which is now a rental property). There was a lot of equity, so they gave me quite a large credit line. After the market crashed, they cut the line to the same as my balance. Fine, I could understand that, even though it meant my utilization on that line went to 100%. The thing I didn't get is that despite extra payments, they would cut my line every single time to the balance. Again, that's a nasty hit on your credit. Now that the market has come back in my area (Northern California), and since I had more than enough cash to cover the balance of the credit line, and being a CPC client with supposed "preferential treatment," I asked them to either a) raise the credit line, or b) at least stop dropping the limit to my balance. What I got instead was the most rude and condescending lecture from a supposed CPC loan specialist, wherein she actually stated "Chase does not want your HELOC business and would love for you to pay it off." That was the final straw. I made other arrangements and moved my money the next week.

So, my ultimate thought on CPC is if you have no problem with Chase generally, it's a fine program with good benefits, but do your homework before committing to their investment advising team. For me, I'm planning to open an account at my local credit union and plunk my FDIC limit there. Once that happens, I'll happily walk into Chase, pull the cash I have left out, and tell them to kiss my a55 on the way out the door.
Sorry to hear that, I guess you unfortunately got stuck with the pricks. If your HELOC is still with chase, message me. Id be more than happy to forward you my contact info and work on getting your requests accommodated if you would like. I am located in the east bay, in San Ramon.

Have a good day!
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      09-28-2012, 02:20 PM   #19
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Quote:
Originally Posted by Rygel XXV
Quote:
Originally Posted by SoCali E90
What's your thoughts on this? I know it's been around for a while in the east coast but now its here on the west coast. For those of you who are part of it, what do you like or dislike about it?
Oh, I am so glad someone asked this question. I've been dying to give my opinion on this.

There are some benefits associated with CPC that make it worthwhile. You probably got the information packet, so no need to go over those. You should know, however, that the real point is for them to start marketing their managed investment accounts to you, and I personally find the associated fees far too high for the level of service offered. I think they do a semi-active management, which means that they look at your account once every six months or a quarter and rebalance it for you. If that sounds like something you can handle on your own, and you're asking why you'd bother paying someone to do that, then you're like me and wouldn't see much point to having them manage your account.

That being said, I would never recommend Chase Bank to anyone except my worst enemy in the hopes that he might get so frustrated with them he keeled over from a brain aneurysm, and in fact last month specifically terminated my CPC account and moved everything except around $50K to my brokerage. Warning: Long story follows.

I have been banking with Chase for around 15 years, starting as a starving student with Washington Mutual until its takeover by Chase. Back in 2005, had a lot of cash sitting around and was approached by their investment advising team. I set an appointment with an advisor, some kid who looked barely my age and loved telling me about how his job allowed him a lot of downtime and "perks." As if to make the point, he interrupted our meeting so he could meet with someone dropping off hockey tickets. Seriously?

Also around that time, I transferred a HELOC to them for my then house (which is now a rental property). There was a lot of equity, so they gave me quite a large credit line. After the market crashed, they cut the line to the same as my balance. Fine, I could understand that, even though it meant my utilization on that line went to 100%. The thing I didn't get is that despite extra payments, they would cut my line every single time to the balance. Again, that's a nasty hit on your credit. Now that the market has come back in my area (Northern California), and since I had more than enough cash to cover the balance of the credit line, and being a CPC client with supposed "preferential treatment," I asked them to either a) raise the credit line, or b) at least stop dropping the limit to my balance. What I got instead was the most rude and condescending lecture from a supposed CPC loan specialist, wherein she actually stated "Chase does not want your HELOC business and would love for you to pay it off." That was the final straw. I made other arrangements and moved my money the next week.

So, my ultimate thought on CPC is if you have no problem with Chase generally, it's a fine program with good benefits, but do your homework before committing to their investment advising team. For me, I'm planning to open an account at my local credit union and plunk my FDIC limit there. Once that happens, I'll happily walk into Chase, pull the cash I have left out, and tell them to kiss my a55 on the way out the door.
I'm sorry you had to deal with someone with that type of attitude. But I assure you thats not the type of treatment we provide to our customers. I would have spoken to upper management or the cpc district manager about your experience.
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      10-01-2012, 09:42 AM   #20
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250k minimum? This is a joke right? Chase private client is a joke. Youre telling me you have to pay for basic services of a bank or brokage house and receive decent or acceptable standards of service? All of these massive banking companies private client stuff is crap. You get the same service from any smaller group like Pacific Western and any brokerage house like Merrill Lynch or Schwab. I have been with them since my account had $4,000 in it. They have helped me considerably along the way.

I could give you tons of examples but feel its not necessary. Dont waste your time on someone who requires how much money your account has. Good service is available for everyone. This is just large corporations trying to cash in and provide "Ritz Carlton" like banking service, or so you think that's what you are getting.

Also those "blackcards" are a joke. Amex, Chase, Citi, etc. $500-$5,000 yearly membership fee. A joke. Why would I pay you a yearly fee + high interest LOL! Plus no rewards program? I canceled my Amex Blackcard because there are no points earned. Went back to a Platinum card. We put every business purchase on it and last year cashed in the points for 4 round trip airline tickets to Germany, first class. Did my euro delivery and used the point also for 2 nights in france, bought my parents a 7 day cruise to Alaska, and didn't pay one dime in interest since its paid off every month. Exclusivity always comes at a price, but use common sense.
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      10-01-2012, 12:01 PM   #21
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I think a few people pointed this out, however, I am not sure if the extra so call benefits are worth handing your investments over to a Bank to manage for you. I guess if you do care or do have time to manage your own money or find a personal investment manager it may be worth doing to get the extras.

From my personal experience it is never a good idea to put your investment with a bank besides checking and savings. Even if they say you will get personalized attention most of these people who will watch your account do not really have any authority to make recommendations or help you figure out what is best for you. They are selling some sort of "investment product" which was defined by people you will never talk to.

They will stick you in these investment they are putting everyone into, and then give you all the standard excused of past performance is no indication of future and when thing are going bad they will not call and telling you to bail out now. When you call and ask what happen they said oh it is the market.

I have a personal investment guy I used and have used for 12 years and he has out performed any of these so call preferred client programs. His office is across the street from the New York Exchange and he know the guys on the trading floor so he can tell you what is happen and what specifics are driving an investment. Depending on your risk level he will provide you what you need or want. He started out at a small investment firm and then started his own investment company. I can call him any time and we discuss changes to may account as need, some time we buying and sell lots and other times we let it ride we react to what the particular investment is doing not the crazy market.

Because of the amount of money I happen to have in a market and I am not sure how these companies find out, I get calls all the time about moving my investment and how well they will do for me. I have given them my portfolio on paper and asked them to show me what they would do. What most all of them do is pull me out of my individual investments and put all the money in mutual funds and ETF and then tell me they will revisit it all once or twice a year to see if anything needs to change.

Not a single one ever looked at the investment I had and realize I make a lot of money on them. I got Apple and they all sell it and tell me the many mutual funds all have it. Forget I bough apple back in when it was below $100. and when Apple up 100 points in six months those same funds hardly move. I have a few REA paying out 10% to 13% dividends, they put me in dividend fund paying 3% or 4% and tell me that is really good and my risk is far less than have individual investment I have.

I am sorry, making money for me is far more important than the bank making money on my money, just to give me a few extra's

I do not know any thing about Chase PCP, I do have their credit card which pays points which I turn around and take as cash every year. I never buy the over priced stuff they offer in exchange for point. It pays out pretty well if you remember to sign up every few months for the extra bonuses like 5% on gas and hotels and such. I have made Thousands from using my CC with them. They been fine as CC company had zero complaint about them and they seem easy to deal with when mistakes happen.

Last edited by Maestro; 10-01-2012 at 12:12 PM.
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      10-01-2012, 12:57 PM   #22
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Quote:
Originally Posted by Maestro View Post
I think a few people pointed this out, however, I am not sure if the extra so call benefits are worth handing your investments over to a Bank to manage for you. I guess if you do care or do have time to manage your own money or find a personal investment manager it may be worth doing to get the extras.

From my personal experience it is never a good idea to put your investment with a bank besides checking and savings. Even if they say you will get personalized attention most of these people who will watch your account do not really have any authority to make recommendations or help you figure out what is best for you. They are selling some sort of "investment product" which was defined by people you will never talk to.

They will stick you in these investment they are putting everyone into, and then give you all the standard excused of past performance is no indication of future and when thing are going bad they will not call and telling you to bail out now. When you call and ask what happen they said oh it is the market.

I have a personal investment guy I used and have used for 12 years and he has out performed any of these so call preferred client programs. His office is across the street from the New York Exchange and he know the guys on the trading floor so he can tell you what is happen and what specifics are driving an investment. Depending on your risk level he will provide you what you need or want. He started out at a small investment firm and then started his own investment company. I can call him any time and we discuss changes to may account as need, some time we buying and sell lots and other times we let it ride we react to what the particular investment is doing not the crazy market.

Because of the amount of money I happen to have in a market and I am not sure how these companies find out, I get calls all the time about moving my investment and how well they will do for me. I have given them my portfolio on paper and asked them to show me what they would do. What most all of them do is pull me out of my individual investments and put all the money in mutual funds and ETF and then tell me they will revisit it all once or twice a year to see if anything needs to change.

Not a single one ever looked at the investment I had and realize I make a lot of money on them. I got Apple and they all sell it and tell me the many mutual funds all have it. Forget I bough apple back in when it was below $100. and when Apple up 100 points in six months those same funds hardly move. I have a few REA paying out 10% to 13% dividends, they put me in dividend fund paying 3% or 4% and tell me that is really good and my risk is far less than have individual investment I have.

I am sorry, making money for me is far more important than the bank making money on my money, just to give me a few extra's

I do not know any thing about Chase PCP, I do have their credit card which pays points which I turn around and take as cash every year. I never buy the over priced stuff they offer in exchange for point. It pays out pretty well if you remember to sign up every few months for the extra bonuses like 5% on gas and hotels and such. I have made Thousands from using my CC with them. They been fine as CC company had zero complaint about them and they seem easy to deal with when mistakes happen.
+1

Best service I have ever received was when I opened a brokerage account with Schwab years ago. I can walk into their office on a regular basis or call, setup an appointment with my account manager, and receive regular calls when they are doing monthly meetings and talk about strategies that are working for other accounts he is working with. My account had $5,000 dollars back then. I bet the guy thought I was a joke. But from day one, to today, I still receive the same level of service.

The same goes for smaller banks. On a first name basis, the bank manager even takes time to sit down and go over my account with me.
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