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J.P. Morgan Wealth Management Review

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J.P. Morgan Wealth Management

J.P. Morgan Securities, LLC is the wealth management arm of J.P. Morgan Chase, a major international financial services company. The firm is headquartered in New York City, and it has additional offices across the U.S., Europe, the Middle East, Africa, Latin America and Asia. It has more than $112 billion in assets under management (AUM) and more than 4,400 financial advisors on staff. 

The firm helps individuals build portfolios and manage their wealth. It accepts individual investors, both with and without a high net worth. It also serves institutional clients such as pension and profit-sharing plans, charitable organizations, insurance companies, other corporations and labor unions.

J.P. Morgan Securities Background

J.P. Morgan Securities is wholly owned subsidiary of J.P. Morgan, one of the most well-known names in American finance. Because J.P. Morgan Securities is an arm of a global financial services company, its advisors have access to a variety of financial services products and research.

If you go back far enough, the earliest successor company to what is now known as J.P. Morgan Chase, the Bank of the Manhattan Company, was founded in 1799 by infamous Founding Father Aaron Burr. A series of mergers and acquisitions since the 1990s have created the large company that currently operates worldwide. It is publicly traded on the New York Stock Exchange.

What Types of Clients Does J.P. Morgan Securities Accept?

J.P. Morgan Securities primarily serves individuals and high-net-worth individuals. However, it also works with a wide range of institutional clients. Its current client base includes pension and profit-sharing plans, charitable organizations, insurance companies, labor unions and corporations.

J.P. Morgan Securities Minimum Account Sizes

There is no hard-and-fast minimum account size required across the board at J.P. Morgan Securities. Instead, the minimum required investment depends on what program you choose to use:

  • Mutual Fund Advisory Portfolio (MFAP): $50,000
  • Chase Strategic Portfolio (CSP): $50,000
  • J.P. Morgan Core Advisory Portfolio (JPMCAP): $10,000
  • Advisory Program
    • Equity accounts: $50,000
    • Fixed-income accounts: $100,000
  • Fixed-Income Advisory Program (FIAP)
    • Tax-aware DFI strategies: $250,000 
    • Taxable DFI strategies: $500,000 
    • C-BoS taxable and tax-aware investment strategies: generally $1 million, though there is a version available requiring only $500,000

Services Offered by J.P. Morgan Securities

Services and products offered by J.P. Morgan Securities include:

  • Wealth management
  • Portfolio advising
  • Mutual funds
  • Exchange-traded funds
  • Sustainability investing
  • Inheritance planning
  • Charitable giving

J.P. Morgan Securities Investment Philosophy

Each advisor at J.P. Morgan Securities will bring his or her own style to the table. Generally, though, there are a few investment styles that are used across the firm. These include equity investing, an income-oriented style and a balanced portfolio that mixes equity investing with more income-focused investments. Advisors who use the balanced portfolio strive to have neither of the two styles represent more than 80% of a client’s asset allocation.

Within the three styles, there are a variety of strategies including all-cap, core, large-cap and mutual fund strategies.

Advisory Services Through Chase Private Client

Should you go through J.P. Morgan Chase Bank, you may come across the Chase Private Client program. This program offers an all-inclusive set of services that addresses not only your investment and financial planning needs, but also other areas of your financial life, such as credit cards, banking and mortgages. A certified J.P. Morgan advisor will walk you through everything. You will, however, need at least $250,000 in investable assets to gain eligibility for Chase Private Client.

In addition to a dedicated advisor, the investing benefits of Chase Private Client include a customized financial analysis, a free account with You Invest by J.P. Morgan and free online stock and exchange-traded fund (ETF) trades. You’ll also gain eligibility for special Chase credit cards, exclusive lending opportunities, free wire transfers and ATM withdrawals abroad with no foreign exchange rate adjustment fees.

Fees Under J.P. Morgan Securities

For those using J.P. Morgan Securities for its portfolio management program, there is a wrap-fee covering everything related to the program, including management services, execution of transactions, clearing and settlement of trades, custody of client’s assets and periodic written performance reviews. For the MFAP, CSP, JPMCAP and Advisor Program, the following fee schedule applies:

Investment Management Fees
Assets Under Management Fee Rate
$0 - $250,000 1.45%
$250,000 - $500,000 1.30%
$500,000 - $1 million 1.15%
$1 million - $2 million 1.00%
$2 million - $5 million 0.75%
$5 million - $10 million 0.65%
$10 million - $15 million 0.55%
$15 million - $25 million 0.50%
$25 million - $50 million 0.40%
More than $50 million 0.30%

In addition to the account fees listed in the table above, most clients will also need to pay some sort of manager fee. Some of these charges are more extensive than others, as the rates you're given depend upon the type of manager and asset class you're subscribed to. Here's a layout of the fees ranges to expect for each program:

  • JPMCAP Model Manager Fees: 0.34% - 0.43%
  • CSP Model Manager Fees: 0.12% - 0.30%
  • Advisory Program Manager Fees
    • Portfolio Manager Program (PMP) Manager Fees: 0.12% - 0.75%
    • Select Advisory Strategies (SAS) Manager Fees
      • SAS equity portfolios: 0.45%
      • SAS U.S. Energy & Industrial Renaissance equity portfolios: 0.375% - 0.55%

The table below compares the fees at J.P. Morgan Securities to the national median. Keep in mind these are only estimates and actual fees may vary.

Estimated Fee Comparison*
Your Assets J.P. Morgan Securities Investment Management Fees National Median Advisory Fees**
$500K $6,500 $5,000
$1MM $11,500 $8,500 - $10,000
$5MM $37,500 $25,000 - $32,500
$10MM $65,000 $50,000
*Fee estimates only consider the maximum base fees for the services each firm provides. You may also pay manager fees and other fees, which can vary in amount. **All figures are based on median fee levels according to Bob Veres' 2017 Planning Profession Fee Survey. The above estimates solely take into account AUM-only fees. Total costs will likely be higher due to additional expenses.

What to Watch Out For

If you’ve searched for financial advisor services through J.P. Morgan Chase, there’s a chance you saw a slightly different company name than J.P. Morgan Securities. J.P. Morgan operates under a number of alternate names, such as:

  • Chase Private Client
  • J.P. Morgan Asset Management
  • J.P. Morgan Wealth Management
  • J.P. Morgan Private Wealth Management
  • J.P. Morgan Private Investments, Inc.
  • J.P. Morgan Investment Management, Inc.

There are other fees you may end up paying in addition to the wrap fee. These include: commissions, commission equivalents and other charges for transactions not effected by J.P. Morgan. Make sure to look out for these charges and know when they may be coming.

Also note that J.P. Morgan Securities is part of a major financial institution. While this certainly has plusses, including access to the resources of the entire company and the global reach of a big bank, there also might be reasons it isn’t right for some investors. Each advisor likely has a big roster of clients, so you might not be getting the individual attention you’d get at a smaller, independent financial advisor firm.

Disclosures

J.P. Morgan Securities has a number of disclosures on its record. Its past disciplinary and regulatory issues involve:

  • Being convicted of or pleading guilty or no contest to a felony
  • Being convicted or pleading guilty or no contest to a misdemeanor
  • Being found by the SEC to have made a false statement or omission
  • Found in violation of SEC or CFTC regulations or statutes
  • Had the SEC or CFTC entered an order against the company for an investment-related activity. 
  • Various disclosures related to regulatory agencies, including making false statements or omissions
  • Various disclosures related to self-regulatory organizations, including making false statements or omissions. 

One of the company’s major disclosures is from 2015, when the firm paid $267 million and had to admit wrongdoing related to charges that it had failed to disclose conflicts of interest to clients. This was related to an alleged preference to steer clients towards investing in the firm’s in-house funds.

Opening an Account With J.P. Morgan Securities

The easiest way to connect with a J.P. Morgan Securities advisor is to fill out the company’s online form and wait for a response. The form asks for general personal information, plus an estimate of your investable assets. There is also space where you can write a note about what you are looking for in a financial advisor.

Where Is J.P. Morgan Securities Located?

The firm’s main office is in New York City. It’s located on Park Avenue, between East 47th Street and East 48th Street in Midtown East. That’s one of the firm’s 45 offices located throughout the country. In addition, the firm has branches in Europe, the Middle East, Africa, Latin America and Asia.

Financial Planning Tips

  • Finding the right financial advisor is key to making sure you’re ready for retirement. SmartAsset can help with our free financial advisor matching service. All you have to do is fill out a short questionnaire, and we will match you with up to three financial advisors in your area. We have fully vetted all of the advisors on our platform and ensured they are free of disclosures. Each will then be given your contact info so they can reach out to set up a time to talk about your financial planning goals and needs. 
  • Another way to make sure you’re on track to meet your retirement goals is to figure out how much you’ll need to save for retirement. You can then compare your current retirement savings against this estimate to see how close you are to being retirement ready.

How Many Years $1 Million Lasts in Retirement

SmartAsset's interactive map highlights places where $1 million will last the longest in retirement. Zoom between states and the national map to see the top spots in each region. Also, scroll over any city to learn about cost of living in retirement there.

Least
Most
Rank City Housing Expenses Food Expenses Healthcare Expenses Utilities Expenses Transportation Expenses

Methodology SmartAsset calculated the average cost of living for retirees in the largest U.S. cities. Using that calculation, we determined how many years $1 million would last in retirement in each major city.

First, we looked at data from the Bureau of Labor Statistics (BLS) on the average annual expenditures of seniors throughout the country. We then applied cost of living data from the Council for Community and Economic Research to adjust those national average spending levels based on the costs of each expense category (housing, food, healthcare, utilities, transportation and other) in each city.

We assumed the $1 million would grow at a real return (interest minus inflation) of 2%, reflecting the typical return on a conservative investment portfolio. Finally, we divided $1 million by the sum of each of those annual numbers to determine how long $1 million would last in each of the cities in our study.

Sources: Bureau of Labor Statistics (BLS), Council for Community and Economic Research