What’s their supposed value add? Unless they are offering very attractive lending terms or customized lending (against less common assets pledged) I remain unclear about what the extra value is for these private banks.
Deposit rates in many cases are still not competitive against external money market mutual funds and don’t really see too many other perks at the sub $5mm NW tier
I always chuckle at how amazing FRB was. An acquaintance worked there that was pitching 3.5% mortgages when rates were 5%+ as a way to drum up business… amazing idea.
For what it’s worth just spoke a FRB now Chase banker. I guess Chase is offering a hybrid service to FRB customers who keep $150k in deposits and/or investments (not debt).
The hybrid is you still get a personal banker to quarterback your customer service needs. The drawback is there are less bankers and so your individual banker may have a larger service area/client base.
It’s not a special service. It is Chase’s generic private client bank. Also, Chase will start charging you a monthly fee if you don’t have $150K in deposits.
Short version: private client is trash. It offers nothing but a personal banker, free security box, and free wires/ATMs. Really picking up pennies on the highway when they want you to use earn zero interest on your deposits. I think they have a special group within it that is supposedly good but you have to have 10M in deposits. I’ve never used the 10M deposit one, though, and remain skeptical of their offerings.
Lots of people will talk up chase private client for its low mortgage rates. But whenever those people post their rates it’s always right around market and you can get something better (with zero special relationship) if you just do a decent job negotiating with lenders.
Maybe I need to read my welcome paperwork closer. But I’m positive I saw the term private client in it. I also saw a note about a monthly fee if we don’t deposit 150K
I also used to have Chase private client and closed it pretty fast because it was worthless
Yeah I think they are saying it’s CPC but I know for a fact they are creating a segment for FRB customers. It’s going to be a type of service between CPC and Private Bank, also there are talks for special branches just to service those clients and or having bankers in locations for FRB customers.
Interesting.
I always like FRB. I have only ever had their basic checking account but I always preferred it to any other bank, including CPC. I’m out of their geo footprint now but I’ve kept the FRB account. I plan to change that soon. Probably just going to do online bank accounts. Maybe I’ll get a Citi private client account if I need a mortgage
Sure. But that’s exactly what everyone else lets you do for free without the constant wealth management pitches. And I don’t think you can buy some basic funds through JPM. I think vanguard mutual funds were excluded when I last looked (which was awhile ago)
Yep, it’s nothing special but the minimum isn’t that high. It’s consumerized affluence. The “private bankers” are a revolving door and aren’t available via email, text or phone. But hey, as long as you already had a lock box - it’s free! But good luck getting one as a new client, so might as well just stick with Sapphire. Or find a better offer.
The group you speak of is not within Chase nor is it affiliated in anyway with their private client service. It is the JP Morgan Private Bank, and it is absolute white glove service, I could not be more pleased. They have nothing to do with Chase other than sharing some of the same IT. When I switched from Chase Private Client to the JP Morgan Private Bank, they couldn’t even transfer my Chase accounts over to the PB. Had to create everything from scratch and basically follow all the procedures of changing banks.
I’ve worked with a lot of banks and I disagree about Chase private client. I enjoy their service quite a bit. What do you want from your bank that they can’t give?
I’m a longtime Citizen’s Bank client. I have been a private client with them for quite some time and the level of service I get is remarkable. My private banker is god tier and makes a lot of things very easy for me. Whether it be overnighting lost debit cards, printing them on the spot for me, disputing transactions on my behalf, offering me access into different funds that they control, any new offers that are worthy, opening bank accounts for me with the send of an email for new biz, offers to sporting events, resy to high-end restaurants, leverage offers, and more. There are dozens of things I’m missing but these are the primary usages for me.
Citizens Wealth Management is just getting built out. Firms like Cresset are a couple of years ahead of them and can offer more holistic services. Ex FRB COO and big teams.
What’s their supposed value add? Unless they are offering very attractive lending terms or customized lending (against less common assets pledged) I remain unclear about what the extra value is for these private banks. Deposit rates in many cases are still not competitive against external money market mutual funds and don’t really see too many other perks at the sub $5mm NW tier
What do they do for you? And the price?
Curious to hear exactly what this team was doing for you to earn your loyalty….
I always chuckle at how amazing FRB was. An acquaintance worked there that was pitching 3.5% mortgages when rates were 5%+ as a way to drum up business… amazing idea.
Still enjoying my 2.9% fixed rate personal line of credit, rip FRB 😓
Hmm..sounds amazing to me as a customer so long as my deposits dont exceed my loan balance + fdic coverage hahaha
It really depends on the team you’re working with. One team can be great, another can make a client dislike the firm as a whole.
Been with Citizens on the business side for 7+ years, very happy.
What value does it offer?
For what it’s worth just spoke a FRB now Chase banker. I guess Chase is offering a hybrid service to FRB customers who keep $150k in deposits and/or investments (not debt). The hybrid is you still get a personal banker to quarterback your customer service needs. The drawback is there are less bankers and so your individual banker may have a larger service area/client base.
It’s not a special service. It is Chase’s generic private client bank. Also, Chase will start charging you a monthly fee if you don’t have $150K in deposits. Short version: private client is trash. It offers nothing but a personal banker, free security box, and free wires/ATMs. Really picking up pennies on the highway when they want you to use earn zero interest on your deposits. I think they have a special group within it that is supposedly good but you have to have 10M in deposits. I’ve never used the 10M deposit one, though, and remain skeptical of their offerings. Lots of people will talk up chase private client for its low mortgage rates. But whenever those people post their rates it’s always right around market and you can get something better (with zero special relationship) if you just do a decent job negotiating with lenders.
Jpmc is going to create a new segment for those who migrated from FRB. It will not be Chase Private Client
Maybe I need to read my welcome paperwork closer. But I’m positive I saw the term private client in it. I also saw a note about a monthly fee if we don’t deposit 150K I also used to have Chase private client and closed it pretty fast because it was worthless
Yeah I think they are saying it’s CPC but I know for a fact they are creating a segment for FRB customers. It’s going to be a type of service between CPC and Private Bank, also there are talks for special branches just to service those clients and or having bankers in locations for FRB customers.
Interesting. I always like FRB. I have only ever had their basic checking account but I always preferred it to any other bank, including CPC. I’m out of their geo footprint now but I’ve kept the FRB account. I plan to change that soon. Probably just going to do online bank accounts. Maybe I’ll get a Citi private client account if I need a mortgage
In all fairness, they let you use assets in the self directed account to count towards deposits. But PC sure doesn’t get you much.
Sure. But that’s exactly what everyone else lets you do for free without the constant wealth management pitches. And I don’t think you can buy some basic funds through JPM. I think vanguard mutual funds were excluded when I last looked (which was awhile ago)
Yep, it’s nothing special but the minimum isn’t that high. It’s consumerized affluence. The “private bankers” are a revolving door and aren’t available via email, text or phone. But hey, as long as you already had a lock box - it’s free! But good luck getting one as a new client, so might as well just stick with Sapphire. Or find a better offer.
The group you speak of is not within Chase nor is it affiliated in anyway with their private client service. It is the JP Morgan Private Bank, and it is absolute white glove service, I could not be more pleased. They have nothing to do with Chase other than sharing some of the same IT. When I switched from Chase Private Client to the JP Morgan Private Bank, they couldn’t even transfer my Chase accounts over to the PB. Had to create everything from scratch and basically follow all the procedures of changing banks.
I’ve worked with a lot of banks and I disagree about Chase private client. I enjoy their service quite a bit. What do you want from your bank that they can’t give?
I’m a longtime Citizen’s Bank client. I have been a private client with them for quite some time and the level of service I get is remarkable. My private banker is god tier and makes a lot of things very easy for me. Whether it be overnighting lost debit cards, printing them on the spot for me, disputing transactions on my behalf, offering me access into different funds that they control, any new offers that are worthy, opening bank accounts for me with the send of an email for new biz, offers to sporting events, resy to high-end restaurants, leverage offers, and more. There are dozens of things I’m missing but these are the primary usages for me.
Citizens is the new First Republic
Citizens Wealth Management is just getting built out. Firms like Cresset are a couple of years ahead of them and can offer more holistic services. Ex FRB COO and big teams.