JP Morgan Wealth Management Service
by Hutch Ashoo and Chris Snyder · Updated February 4, 2023 · 8 min read ✦
JP Morgan Chase is the largest bank in the US and the sixth-largest in the world by total assets. It is a classic Wall Street firm with business divisions in banking, investment banking, credit cards, and wealth management.
You’ve probably found this page because you want to know more about JP Morgan wealth management services, which cater to high net worth and ultra-high net worth clients.
By the end of the article, you’ll have a fair grasp of what JP Morgan wealth management offers to high net worth investors looking for a customized wealth management service.
We Are Different Because We Are Laser Focused On Helping You Achieve Financial Serenity Through Our Proven Comprehensive Goals-Based Planning & Investing Strategies.
And, before choosing a wealth management firm, such as JP Morgan wealth management, you may want to see what’s at stake, how to protect and grow your wealth, and how to minimize taxes by reading this in-depth guide – created for those with investable assets exceeding $5 million.
Let’s first be clear about the overall company:
In addition to wealth management, JP Morgan also has retail and commercial banking divisions. Since merging with Chase and incorporating their financial advisory business, JP Morgan Chase now has 4000 advisors and 3500 physical branches. These make it possible to offer private banking facilities to their wealth management clients.
Scale and size have their own benefits.
But guess what?
So does a smaller firm that can offer fully customized and personalized service. On that end of the spectrum, you have niche boutique firms like Pillar Wealth Management that only work with individuals and families who have anywhere between $5 million and $500 million in liquid assets. We have no branches, because we aren’t also a bank.
Testimonial From Satisfied Clients
Choosing between a large firm or a niche firm is a personal choice. It all depends on what you want out of your relationship with a wealth manager. To help you see what it’s like to access wealth management services from a large firm like JP Morgan, we have written this guide.
JP Morgan Securities: Background
JP Morgan Securities is a subsidiary of JPMorgan Chase & Co., which is the largest bank in the United States and the result of a series of mergers dating back to the Bank of Manhattan Company, established by Aaron Burr in 1799.
Services Offered by JP Morgan Securities
JP Morgan provides financial services that support institutional investors, advisors and advisory firms, and individuals and family offices.
Investors have access to self-directed investing and personal advisors that provide advice remotely, or they can work with a dedicated Private Client Advisor.
Chase Private Client
Your Private Client Advisor works with you to establish a plan that will act as a framework for achieving your financial goals. The advisor can offer a range of brokerage and insurance products to build your personalized investment portfolio. Your advisor will be available when you have questions or need additional advice.
Together, you can discuss changes to your financial situation that require a review of your investments. Working with a dedicated advisor gives you access to JP Morgan’s market research and industry insights to provide an effective, risk-managed investment strategy.
JPMorgan Access Funds are multi-asset class, multi-manager portfolios that integrate traditional equity and fixed-income investments with alternative solutions across global markets. Through the Funds, investors benefit from J.P. Morgan’s portfolio construction and risk management, along with the benefits of the firm’s global strength and influence.
JPMorgan Access Funds give investors access to strategic insights and tactical solutions based on the firm’s highest convictions. Investors benefit from experienced investment teams and rigorous portfolio construction with risk management. Portfolios integrate a wide array of investment styles and strategies, including structured strategies and alternative assets.
The JP Morgan Core Advisory portfolio has a maximum advisory fee of 1.45% with a minimum initial investment of $10,000 and a minimum of $50,000 for the advisory program. The fixed-income advisory program has a fee of 0.7% and a minimum starting at $250,000, providing access to alternative funds and other securities beyond mutual funds and ETFs.
How Much AUM Does JP Morgan Wealth Management Have?
JP Morgan is a big Wall Street firm.
But what does ‘big’ really mean?
You generally measure the size of an investment firm by their assets under management (AUM).
JP Morgan is believed to have $3.2 trillion in assets under management as of 2020. The JP Morgan wealth management division is estimated to have $112 billion in assets under management.
But here’s the question:
Does the assets under management number serve as a valid ranking metric for how good a wealth management firm, like JP Morgan wealth management, is?
AUM matters to Wall Street analysts and shareholders. But it doesn’t actually say much about the quality of the service experience for individual ultra high net worth clients.
Firms that have positioned and oriented their business towards volume will have certain priorities. The publicly listed firms, like JP Morgan wealth management, have to be concerned about the shareholders. The pressure to boost their overall business will affect how they serve you and what they offer you.
This is one reason big firms often encourage clients to invest money in their own company funds.
If a company like JP Morgan wealth management has an asset management business and a wealth management branch, then more investments by the wealth management clients in the asset management division’s products (mutual funds, for example) will be good for the parent company.
One branch gets paid to manage the wealth, and the other branch gets to paid to invest it.
What’s likely is that clients would benefit more from having other available investment options in funds from other investment companies. When you work with an independent wealth manager, that person has the whole gamut of investment options available, and isn’t weighed down by upper management directives to try to steer clients toward certain ones.
You can read more about such conflicts of interest in the 7 Secrets to High Net Worth Investment Management, Estate, Tax, and Financial Planning: For Families with Liquid Investable Portfolios Between $5 Million to $500 Million.
How Much Money Do You Need to Invest with JP Morgan Wealth Management?
Every wealth management firm generally specifies a fairly high minimum account size for their clients.
Because wealth management is a service catering to affluent families and individuals.
JP Morgan wealth management is a large firm, so it has wealth management products for various audiences, and each comes with its own minimum investment requirement.
Services like a basic mutual fund advisory require only $50,000. There is also a more elite wealth management unit at JP Morgan wealth management for clients with $25 million or more in investible assets. So, the range is quite broad.
Knowing the minimum account size of a wealth management firm is important from the client’s perspective. It gives you an idea of the niche in which the wealth manager operates.
Let’s assume person A has $200,000 and person B has $20 million. They both plan to pass on the wealth to their next generation. $200,000 won’t change a young person’s life in the same way as $20 million will.
Do you see the vast difference in service person B will require compared to person A?
Think about it:
Succession planning will look completely different. Inheritance and estate taxes will be big issues for person B. The children of person B have to be prepared mentally to take on the responsibility of managing $20 million. Wealth of that scale carries with it a much greater burden to steward effectively.
The life, business, and investment possibilities available to person B and their children will have almost nothing in common with person A.
Thus, JP Morgan wealth management insights and recommendations – and the skill and experience required to carry them out for these two people – will be completely different.
You can read more about why the exclusivity of your wealth manager matters in this guide on choosing the best financial advisor for individuals with $5 million to $500 million in liquid assets.
Knowing your wealth manager specializes in serving people like you gives you confidence in their experience and skill in handling the issues faced by similar clients. Call Hutch Ashoo or Chris Snyder to discuss their experience and Pillar Wealth Management’s client profile.
What is Chase Wealth Management?
Chase Bank merged with JP Morgan in 2000, and the name of the company became JP Morgan Chase. You often see both names, JP Morgan Wealth Management and Chase Wealth Management.
What is Chase Wealth Management? Chase Wealth Management is the financial advisory arm of the consumer banking operation. It includes a lot of previous Chase Bank customers, including high net worth and ultra-high net worth clients.
Chase Wealth Management serves its clients by making appropriate product recommendations and helping with well-thought-out investment decisions that are in sync with the client’s financial goals. This service comes with its own set of investment costs.
We talk in detail about investment costs – including hidden ones you may not even know you’re being charged – in this complimentary guide on improving portfolio performance for investors with $5 million to $500 million in liquid investible assets. We encourage you to get informed.
One quick example:
The difference between paying short-term capital gains tax and long-term capital gains tax can run into a few million dollars for large portfolios. Schedule a free consultation with Pillar Wealth Management to see if you’re overpaying in taxes because of inattentive wealth management.
Is JP Morgan Wealth Management a Good Investment Company?
Every wealth management firm, like JP Morgan wealth management, has a website that looks sharp and may have glowing testimonials showcasing how amazing its wealth managers are.
But here’s the thing:
Ultimately, it boils down to the performance. How successful has the firm been in helping clients achieve their financial goals? Even with large firms like JP Morgan wealth management, how well do their performance metrics hold up, especially in financial crises and market volatility?
A good question to ask:
How did their portfolios perform in the 2008 crash, or the covid crash, or the dotcom crash?
The answer to this question or the question of whether any wealth management firm, including JP Morgan wealth management, is a good investment company lies in its investment philosophy.
You have to ask questions about how the wealth management firm invests, where it invests, what its strategy is, and how it connects investment decisions to client goals.
That’s the key.
Some wealth managers, and maybe some at JP Morgan wealth management, are so focused on their return targets or revenue targets that they adopt strategies that increase investment costs for clients. They’re looking only at returns, and not always what the client actually needs, wants, or expects.
For example, the wealth managers may turn over stocks too frequently in the search for benchmark-beating returns only to make the clients pay higher brokerage fees, expenses, short-term capital gains taxes, and be subject to investment risks.
Other managers may invest in a low-cost index fund and make an average return while minimizing costs. Ultimately, it is about the net return that a client earns after deducting taxes and expenses. We have discussed the topic of active vs. passive investing in this short guide on critical shifts needed to maximize portfolio performance for investors with $5 million to $500 million in liquid assets. If you choose to work with a big bank like JP Morgan wealth management, be sure to ask the questions pertaining to your goals and financial needs that are important to you.
A large part of successful investing is also updating and adapting to changes. The world around us is constantly changing, and so are our lives and our financial goals.
Therefore, consistent regular reviews and portfolio rebalances are essential. Pillar Wealth Management stress-tests all client portfolios every 90 days for 1,000 random events. Get in touch with Hutch Ashoo to know more.
How To Find JP Morgan Wealth Management or Other Top Firms
You have read quite a bit about wealth management and gained insights into how the industry functions. You now want to know how you can find the best wealth manager to work with. There is a process that you can follow. It requires patience and effort from your end, but the end result will be worth it.
If you want to look into JP Morgan wealth management services, you could first go to their website and explore their various service options.
See which ones match up with your situation, your net worth, your family, your business and work, and your short and long term goals and desires.
Look at the costs. JP Morgan wealth management fees are similar to other large firms in that they depend on the level of service you go with. Working with a personal advisor will cost more than using their robo-advisor service or doing it on your own.
But if you wanted to do it on your own, you probably wouldn’t be reading this. You’re reading this because you don’t want to do it on your own. You want help to get the best possible life and financial outcomes.
To find other options in addition to JP Morgan wealth management, begin by searching online. Visit the websites of wealth management firms and explore what services each one offers. Look for services that are a priority for your situation.
This is why you should first do some personal reflection before looking for wealth managers. Ask yourself why you want to work with a wealth management firm, such as JP Morgan wealth management, and what areas you need help with.
If you don’t know what you want, you won’t know when you’ve found it.
After shortlisting a few firms, make sure you speak to each wealth manager individually. The one-on-one meet does not have to be in-person. It can also take place over the phone or on a video call.
But don’t skip it:
These personal interactions are a must. It will give you an idea about the personality of the wealth manager. You can evaluate whether the wealth manager is someone you can get along with and trust. After all, that person will handle your hard-earned money.
It may also be a good idea to speak with family, relatives, and friends. They may also be high net worth or ultra-high net worth individuals like you, and may already be working with a wealth manager, such as someone at a large bank like JP Morgan wealth management, or know someone. Your business colleagues are also good people to talk to. Our personal network is sometimes one of the most under-utilized resources that we have at our disposal. Plus, the people close to you will give you honest feedback about a wealth management firm.
You can also look for JP Morgan wealth management reviews, and reviews of other firms. These can sometimes be hard to find because the law prohibits financial advisors from using testimonials, so any reviews have to be found on independent sites.
Should You Consider Pillar Wealth Management?
Here’s a shocker:
Maybe you shouldn’t.
We aren’t for everyone. We’re not here to try to get every person with a large net worth to become our clients. In fact, we only accept 17 new clients per year.
What makes the firm so unique? Firstly, Pillar Wealth Management is a boutique firm that focuses on quality and customization. It does not focus on volumes or assets under management.
Our size allows us to provide personalized white-glove services and give a family feel to our clients.
You will be known. You will hear from us more than just once a year, which is typical for large firms like JP Morgan wealth management.
If you want to be just a faceless number in a wet-behind-the-ears wealth manager’s account, we’re not for you. If you want to have wealth managers who are around for you every couple of years as they move up and down the ranks of large firms, we’re not for you.
We work with our clients for decades.
Secondly, Pillar Wealth Management places special emphasis on investment costs, and it is unique compared with typical firms, such as JP Morgan wealth management, and investment professionals.
Here’s another shocker:
We aim to save each client $100,000 for every $10 million in assets they bring in. We achieve this goal by lowering volatility, optimizing taxes, implementing an investment strategy, assessing the market volatility, reducing expenses, and improving portfolio performance.
You pay us a fee, just like you’ll pay another other wealth manager a fee. But if we can save you $100,000 for every $10 million invested compared to what the other managers will deliver, our fee becomes a whole lot smaller, in terms of net value.
The guiding philosophy for the firm is financial serenity for the client.
Hutch Ashoo and Christopher Snyder are the expert founders of independent, fee-only, and fiduciary wealth management firm Pillar Wealth Management.
If you would like to speak with them or simply ask any questions about how custom and trusted wealth management advice is offered to high net worth individuals with $5 million to $500 million in investible assets, then feel free to start a conversation.
JPMorgan Chase Legalities and Disclaimers
Now for the boring but necessary stuff:
JPMorgan Chase and its affiliates do not provide tax, legal, or accounting advice. This material has been prepared for informational purposes only and is not intended to provide, and should not be relied on for, tax, legal, or share accounting advice. You should consult your personal tax, legal, and accounting advisors for advice before engaging in any transaction.
Investing in securities involves risks, and there is always the potential of losing money when you invest in securities. Past performance is not a guarantee of future results.
Asset allocation/diversification does not guarantee a profit or protect against a loss.
JP Morgan Wealth Management is a business of JPMorgan Chase & Co., which offers investment products and services through J.P. Morgan Securities LLC (JPMS), a registered broker-dealer and investment advisor, member of FINRA (Opens Overlay) and SIPC (Opens Overlay).
Annuities are made available through Chase Insurance Agency, Inc. (CIA), a licensed insurance agency, doing business as Chase Insurance Agency Services, Inc. in Florida. Certain custody and other services are provided by JPMorgan Chase Bank, N.A. (JPMCB). JPMS, CIA, and JPMCB are affiliated companies under the common control of JPMorgan Chase & Co. Products not available in all states.
JP Morgan Wealth Management Service Updates
In late 2020, JP Morgan altered the branding of its wealth management business.
It is now called JP Morgan Wealth Management. The JP Morgan Securities division, which is part of the wealth management business, is now called JP Morgan Advisors.
Kristin Lemkau became the CEO of US Wealth Management at JPMorgan Chase around that time, and Chris Harvey is the CEO of J.P. Morgan Securities.
Their goal with these changes was to more clearly communicate how their different services connect with clients who have various levels of wealth.
JP Morgan Chase’s Private Bank remains a separate branch from wealth management and securities.
Take Your Next Step
Choosing the best wealth management to manage and maintain your assets and help you live your best life is one of the most important decisions of your life.
Take time to consider your options and what you need and want. And consider credible, experienced, and reliable wealth management firms, such as Pillar Wealth Management.
Hutch Ashoo and Chris Snyder are a fantastic team with over 30 years of experience serving clients with ultra high net worth, and they are one of the most elite teams who specialize in managing wealth for affluent families with a minimum of $5 million to $500 million in liquid investible assets.
There are many high-net-worth individuals who are willing to be helped by Pillar Wealth Management, but this firm chooses only a few of them each year so they can devote the best service to each client.
Hutch Ashoo and Chris Snyder use a soft approach to solve wealth management matters, which makes it easy and comfortable to consult with them.
Frequently Asked Question
J.P. Morgan Wealth Management offers a variety of wealth management services, including investment and retirement planning, asset management, and estate and tax planning.
JP Morgan has account minimums depending on the program you enroll in. You will pay a percentage of assets under management, depending on the program, for example, 1% for investment counseling.
At JP Morgan Private Bank, opening an account requires $10 million in assets. You will get personalized advice on asset management, investment and financial planning, and tax and estate planning.
There is no minimum for J.P. Morgan Wealth Management's Portfolio Advisor Program. You need $50,000 for Equity Accounts, and Investment Counseling Service requires $100,000.
The minimum account balance for JP Morgan Wealth Management depends on the program in which you’re enrolled (e.g., it’s $50,000 for a Chase Strategic Portfolio).
Wealth management services offered with a personal advisor have minimum account balances not required for a self-directed investment account.
Wealth management fees vary depending on the program selected; for example, a core advisory portfolio has a maximum advisor fee of 1.45%.
Online reviews of JP Morgan are generally positive, with the firm resolving customer complaints satisfactorily.
Having a dedicated advisor allows you to develop a long-term relationship that will support you in reaching your financial goals through the ups and downs of changing markets and changes in your life.
As an investment company, JP Morgan earns its income from the fees paid by its investor clients, typically based on the value of the client’s investment portfolio.
To be 100% transparent, we published this page to help filter through the mass influx of prospects, who come to us through our website and referrals, to gain only a handful of the right types of new clients who wish to engage us.
We enjoy working with high net worth and ultra-high net worth investors and families who want what we call financial serenity – the feeling that comes when you know your finances and the lifestyle you desire have been secured for life, and that you don’t have to do any of the work to manage and maintain it because you hired a trusted advisor to take care of everything.
You see, our goal is to only accept 17 new clients this year. Clients who have from $5 million to $500 million in liquid investable assets to entrust us with on a 100% fee basis. No commissions and no products for sale.
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