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tomorrow morning ill give chase a ring and see if i can set up a private checking account. ill see if they will give me some kind of bonus money or something. then i will ask what benefits i can get.
ill try to steal some additional benefit beyond my own individual value for my personal business.
i keep a personal account with td bank but i feel like im worth too little to them so i figure i may as well do it with chase.
i called up and they said i should speak specifically with my dad's banker. i called the person in the group that seems to be our day to day contact for the business accounts. i wasnt sure if i really wanted to speak to the banker but i will. maybe tomorrow morning.
it sounds like i have the ability to get the benefits of a private bank client (if i want) even though i probably dont qualify for it.
Last edited by CaptainNJ; 08-08-2018 at 09:30 AM..
i called up and they said i should speak specifically with my dad's banker. i called the person in the group that seems to be our day to day contact for the business accounts. i wasnt sure if i really wanted to speak to the banker but i will. maybe tomorrow morning.
it sounds like i have the ability to get the benefits of a private bank client (if i want) even though i probably dont qualify for it.
i am adding to this here since i guess it came up (or it was on my mind so i forced it into this thread). i figure some people may be interested in JPMPB benefits so im putting it. if nobody is then i guess i was wrong.
i called the banker and got her assistant. she right away wants all my fidelity money. she asked if i have a lot of automatic bills being paid from the account and that that is often a sticking point for people. i told her that i am not my mother, i can change automatic bill pay settings in a few seconds.
she wasnt really much of a salesperson. the primary thing she said they offer was service. a team of people that know my account that i can call to help me out. also, they will evaluate my investments and let me know if i am appropriately invested for my goals (i told her im not interested in paying a % of my assets for investment management).
so i asked about lending options. she mention a line of credit product that gives me access to money wired into my account almost immediately with a low interest rate. i said at fidelity im paying 9%, she said it would be like 1/8th or 1/4 of that. i know that my dad pays a fraction above libor. they will lend me based on a % of my assets held with them, 70ish% for an s&p index fund. so to get that benefit, id need to move my assets to them.
i then asked about other things they may do to make my life better. i mentioned how i know my dad goes to sports games but i dont like that. so i said i like to do things with my family (young kids) and wife. she mentioned some ice skating/winter event in manhattan in the winter and says they have other stuff that we would be invited to.
also, i mentioned to her that i need my chase ink limit raised from 20k to 50k. she said she would work on that.
that's about it for now.
Last edited by CaptainNJ; 08-09-2018 at 08:21 AM..
Was that a Flagship account? What's the equivalent at Fidelity?
Yes it was. She theoretically was entitled to one 30 minute consult a year and some limited number of more routine contacts. It seldom went well and frequently became regular attempts to get her to let them manage her account for fee (when she could actually speak with a person).
I've had accounts at Fidelity since the 70s and my IRA has been there since the 90s. I think they have a "Premium Services" label for accounts in xs of $250K at Fidelity and Private Client for $1M+. I've had the same local rep for 4-5 years. I can call or email him any time and always get a prompt response (even he needs to look elsewhere for an answer). We meet face to face at least once a year, but have met more often. 2-3 times a year they offer meetings at their office on some aspect of investing and we've gone to a few on Fidelity Charitable, assorted tax issues and tax management, financial issues related an estate, etc.
so i asked about lending options. she mention a line of credit product that gives me access to money wired into my account almost immediately with a low interest rate. i said at fidelity im paying 9%, she said it would be like 1/8th or 1/4 of that. i know that my dad pays a fraction above libor. they will lend me based on a % of my assets held with them, 70ish% for an s&p index fund. so to get that benefit, id need to move my assets to them.
That's pretty interesting. So if you moved over $1MM in something like VOO, they would extend to you a $700k credit line at around 2%?
That's pretty interesting. So if you moved over $1MM in something like VOO, they would extend to you a $700k credit line at around 2%?
yeah. i was already aware of that because we have a line for the company, i believe that rate is 1.2% above LIBOR. i know my dad's is lower (like .75 or something above libor). he mentioned it recently because he spoke to his banker and she said he could get an insane amount of money if he wanted to.
she did mention that i could get similar pricing because of our family's relationship. so i will be very happy to get rates that are lower than i deserve.
Last edited by CaptainNJ; 08-09-2018 at 08:38 AM..
yeah. i was already aware of that because we have a line for the company, i believe that rate is 1.2% above LIBOR. i know my dad's is lower (like .75 or something above libor). he mentioned it recently because he spoke to his banker and she said he could get an insane amount of money if he wanted to.
she did mention that i could get similar pricing because of our family's relationship. so i will be very happy to get rates that are lower than i deserve.
That's what I like best... It's definitely something I would take advantage of but they have that 10 million requirement to be in JPMPB.... I definitely don't have that...
I'll second MathJak - ER is 0 because Fidelity does not have to pay a 3rd party index provider any fees. (I always wondered why asset managers did that anyway - keeping track of an index seems like an "automatable" process; maybe involving an occasional meeting among humans if there is subjectivity in the index composition, like S&P 500.)
Also, Fidelity can lend out your shares to short sellers and make some money off of that.
Delicious, delicious irony that Vanguard is now touting their 0.3% "personal advisers" or whatever while Fidelity is chasing AUM from Vanguard.
I wonder if Fidelity's customer service will deteriorate if they get a whole bunch of low-asset retail investors. I hope not.
After a review, it doesn't seem to help me much with CPC.... I have most of those perks with Schwab already... I can't find any special perk to make me leave Schwab... I am open to it but haven't found anything better... I am not rich enough to join CPB, but I can't even see anything special about them either...
What is CPC?
What is CPB?
These abbreviations do not tell much.
I have been extensively comparing all these financial company perks and come up with the ideal company...
I am going to get the BOA Preferred Rewards Platinum Honors... Slightly more usable perks for me... I am keeping my Schwab acct because they have a wide range of products that I can still use....
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