I moved a business account to Chase and am considering personal accounts as well. Their savings rates are atrocious, so my plan was to open a "full service" brokerage account through JP Morgan so the sweep fund is a money market, rather than a Chase bank deposit yielding 0.01%. That way I can just use that brokerage to hold my cash, yielding 5%+ as if it was a savings account.
I got a call from a JP Morgan private client advisor who said that you need 100k minimum to get an "advisor" who can then open a full service brokerage account. He assured me it is fully self directed with no fees and no AUM arrangement. It's just like a normal self directed account, the only differences are (1) the 100k minimum to open, (2) you get assigned an advisor (who I assume is just a sales person), and (3) the "sweep" is into a money market fund, not the Chase bank deposit program.
Seems like a no brainer, but curious what others' experiences have been? Can you move 100k in cash over to open the account, and then let that dip down below that threshold? I don't intend to move any securities over, just enough cash to qualify initially and then enough to maintain Sapphire checking. Curious if anyone has tried that?
I got a call from a JP Morgan private client advisor who said that you need 100k minimum to get an "advisor" who can then open a full service brokerage account. He assured me it is fully self directed with no fees and no AUM arrangement. It's just like a normal self directed account, the only differences are (1) the 100k minimum to open, (2) you get assigned an advisor (who I assume is just a sales person), and (3) the "sweep" is into a money market fund, not the Chase bank deposit program.
Seems like a no brainer, but curious what others' experiences have been? Can you move 100k in cash over to open the account, and then let that dip down below that threshold? I don't intend to move any securities over, just enough cash to qualify initially and then enough to maintain Sapphire checking. Curious if anyone has tried that?
Statistics: Posted by MCST — Thu Jan 18, 2024 4:02 pm — Replies 1 — Views 187