J.P. Morgan Wealth Management Review 2024

J.P. Morgan Wealth Management Services is another opportunity to reach your financial goals while keeping all finances under one roof.

If you prefer a holistic view of your finances and want everything in one place, you can do your banking, investing, and wealth management in one place with J.P. Morgan Wealth Management.

Here’s how they stack up.

Overview of J.P. Morgan Wealth Management

J.P. Morgan Wealth Management is part of J.P. Morgan Chase & Co., which handles wealth management, including investing, estate or retirement planning, saving for college, or building a legacy.

J.P. Morgan Wealth Management services offer various options, including self-directed investing, personal advisors, and private client advisors.

Wealth Planning

Wealth planning services include the following:

• Estate and wealth planning – Create a multigenerational that creates a legacy for future generations while focusing on your priorities
• Liquidity planning – Get support for liquidating a business or personal assets, minimizing taxes, and prioritizing investment goals
• Philanthropy – Get support creating the charitable giving plan that makes a difference in the causes that concern you
• Executive services – Get support on company-provided plans, such as equity-based compensation and non-qualified retirement plans

Lending

Sometimes to reach your financial goals, you must first borrow funds. J.P. Morgan Wealth Management offers opportunities to borrow to build your investment portfolio, increase liquidity, or acquire new properties.

J.P. Morgan Wealth Management professionals can help you create strategies to grow your real estate portfolio, whether for primary residences or investment properties. Professionals can also help you pursue your business dreams by lending to open or grow a business or help with liquidity strategies.

Investing

Investing is the bread and butter of J.P. Morgan Wealth Management. The most important factor is choosing how to invest, and J.P. Morgan offers the needed support.

Investors have a large selection of investment products to consider with J.P. Morgan Wealth Management, including:

• Retirement plans
• Annuities
• ETFs and mutual funds
• Stocks
• Sustainable investments
• College savings plans

Self-Directed

Self-directed investing is for experienced investors who need a platform for investing but want to make their own decisions.

J.P. Morgan offers powerful tools for self-investors, including screeners and watchlists, and the platform is available online or through the Chase mobile app.

Investors get unlimited commission-free trades on ETFs, stocks, and options and can choose other investments at low commissions, including mutual funds and fixed-income assets.

Investors can choose from several investment accounts for self-directed investing, including:

• Taxable accounts – No minimum balances are required, and you can do with the funds as you wish. This includes withdrawing funds at any time without worrying about penalties.
• Traditional IRA – Contribute funds to be tax-deferred. You can deduct your contributions in the year you make them and defer taxes on contributions and earnings until you withdraw them during retirement. However, if you withdraw funds early, you’ll pay a penalty.
• Roth IRA – Contribute funds after tax to a Roth IRA, and your contributions and earnings grow tax-free. You only pay taxes and a penalty if you withdraw funds before turning 59 ½.

Personal Advisors

J.P. Morgan personal advisors are a team of fiduciary advisors working together to help you meet your financial goals. The personal advisor service is remote, meaning you consult with an advisor via video chat or phone.

Personal advisors can help you work to meet short and long-term goals, including buying a house, saving for retirement, paying for college, or any other financial goals you have.

Personal advisors at J.P. Morgan don’t work on commission, so they choose investments that they feel will meet your financial goals, not those that line their pockets.

The J.P. Morgan personal advisor service offers the following:

• Personalized goals – Tell your advisors what you’re planning, both short and long-term, and they’ll help you create the strategy to meet them.
• Expert portfolios – The team of advisors will match you with expert-built portfolios, checking in periodically to ensure you’re on track or your goals haven’t changed.
• Personal service – You work with a team of advisors, but it’s one-on-one service when you consult with an advisor. Each advisor on the team is up to date on your financial goals, investment performance, and overall needs.
• Investment advice on demand – There isn’t a limit to the number of times you can speak to an advisor, and there are no additional charges.

In addition, you can manage all your J.P. Morgan accounts, including loans, investments, and banking accounts, in one place. Plus, if you have at least $250k invested, you get a dedicated advisor versus a team of advisors.

J.P. Morgan Personal Advisors

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For a more personalized, holistic approach for your investment strategy, consider J.P. Morgan Personal Advisors. You’ll have access to a financial advisor from home via video or phone who will match you to expert-built portfolios and provide ongoing advice.

Get Started

Automated Investment Options

J.P. Morgan Wealth Management services include a robo-advisor service for investors who want a set-it-and-forget-it plan.

It’s easy to get started, simply answer a few questions about your risk tolerance, financial goals, and timeframe, and the algorithm matches you with an expert-built portfolio.

You can fund your account via bank transfer, rolling over securities, or a retirement rollover.

Investors don’t have to worry about reallocating their portfolios, the system does it automatically when the market changes, but you can track your progress in real-time online or on the mobile app.

J.P. Morgan has four portfolios to choose from, including:

• Conservative – This is for investors with a low-risk tolerance or short timeline. It’s comprised of 73% fixed-income securities, 2% cash, and 25% equities.
• Moderate – This is for investors with a slightly higher risk tolerance who aren’t focused on income but want growth. It’s balanced with 48% fixed income, 2% cash, and 50% equity securities.
• Growth – Investors with a higher risk tolerance may focus on growth and less on income. You should have a relatively long timeline because this portfolio includes 23% fixed-income securities, 2% cash, and 75% equities.
• Aggressive – The aggressive portfolio may suit your needs if you have a long time horizon and a high-risk tolerance. It includes 8% fixed income, 2% cash, and 90% equities for maximum growth, but with much volatility.

Private Client Advisor

Investors who prefer one-on-one advisory services with the same advisor may benefit from the J.P. Morgan Wealth Management client advisor services.

Depending on the investment advisory program chosen, you may need $10,000 to $250,000 invested to qualify.

With a private client advisor, you meet with an advisor however you’re most comfortable, whether in-person at a branch, via phone, or via video chat.

Your advisor gets to know you, your family, and your financial goals, advising you on all aspects of your financial life, not just your investments.

You can periodically adjust your strategies based on your financial goals, getting help with your brokerage or full-service J.P. Morgan account.

Fees and Minimums

Each of J.P. Morgan’s accounts has different fees and minimum balance requirements.

In general, the J.P. Morgan advisory fees are 1.45% on up to $249,999. After that, the fees gradually decrease the more you invest.

The J.P. Morgan Personal Advisor fees are as follows:

• 0.6% on $25,000 – $249,999
• 0.5% on 250,000 – $1 million
• 0.4% on $1 million+

The Personal Advisor service also has a minimum recommended balance of $25,000.

Mobile App

You must also have a J.P. Morgan bank account to use the J.P. Morgan Wealth Plan app. The Wealth Plan digital tool is a collaborative tool you can work on with your advisor so you are on the same page.

The app offers:

• A full picture of all your finances and financial goals to measure your progress
• Goal-tracking to help you adjust strategies as needed
• Support as needed to help you create achievable strategies

The app asks pointed questions to help you achieve your goals, such as:

• Stating your goals and priorities
• An incremental breakdown of your goal progress with helpful tips
• ‘What if’ scenarios to help you make informed decisions

The best part is Wealth Plan is free for J.P. Morgan customers.

Customer Service

Most questions regarding your J.P. Morgan accounts can go through the general customer service line at 1-800-935-9935. However, you must submit an inquiry online if you need Private Client customer service.

Applying for a J.P. Morgan Wealth Management Account

Applying for a Wealth Management account is simple. You can open the account online or visit a branch in person.

What Sets J.P. Morgan Wealth Management Apart

Why choose J.P. Morgan Wealth Management? Here are the top factors that set them apart from other financial services.

Customer Support

J.P. Morgan makes customer support readily accessible. You can easily contact a support member during regular business hours, and if you need help after hours, a quick email will get you the necessary support.

Rates

J.P. Morgan offers competitive rates compared to its competition. In addition, they don’t have high minimum balance requirements and pay well, enticing new investors to try their services.

Flexibility

J.P. Morgan allows program changes as often as necessary. For example, if you want a more hands-on approach after opening a robo-advisor account, you can switch to a more personal account with one-on-one support.

The J.P. Morgan staff is there for you every step of the way, making transitions simple and ensuring you don’t miss a beat when handling your finances.

Transparency

The J.P. Morgan website may not seem as transparent as you’d like, but clicking on the ‘fine print’ shows any details and terms you want to know before choosing an account.

If you are ever confused or don’t know what a service costs, a quick phone call to J.P. Morgan customer service will clarify things.

User Experience

The J.P. Morgan website is very user-friendly, making it easy for anyone to sign up online and use their online services. Even if you’ve never used digital services to handle your finances, the J.P. Morgan website and mobile app are simple to use and make it easy to understand your financial situation 24/7.

Who Is J.P. Morgan Wealth Management Best For

J.P. Morgan Wealth Management has something for everyone. Some of their accounts have slightly higher minimums, starting at $10,000, but not all.

J.P. Morgan has a program for you whether you’re looking for one-on-one service from a dedicated advisor, a team of advisors, or a hands-off approach with a robo-advisor.

Pros and Cons

Like all wealth management services, there are pros and cons to consider

Pros

• A large number of financial investments to consider
• User-friendly digital platforms
• Programs for any type of investor
• Opportunities to see advisors face-to-face in-person or via video chat

Cons

• Many programs have high minimum balance requirements
• Fees and terms can be hard to locate

FAQs

What Is J.P. Morgan’s Wealth Management Advisor to Client Ratio?

The J.P. Morgan Wealth Management advisor-to-client ratio changes often, but currently, it’s around 115 clients to one advisor. However, many are hands-off robo-advisor clients, so the actual ratio may be much lower.

What Is the Minimum Balance for J.P. Morgan Wealth Management?

Each J.P. Morgan account has different balance requirements, some as low as $500, but a majority are $10,000+.

How Much Do J.P. Morgan Advisors Charge?

Most J.P. Morgan advisory services offer a free complimentary consultation. However, if you decide to join, you’ll pay an annual asset under management fee ranging from 0.7% to 1.45%.

Are J.P. Morgan Wealth Management Services Right for You?

J.P. Morgan Wealth Management services offer opportunities for everyone to get control of their finances and reach their goals.

Many accounts have high minimum balance requirements, but there are opportunities for everyone, including a robo-advisor or personal advisor service, offering affordable advisory services for people with little money to invest.

J.P. Morgan Wealth Management is a business of JPMorgan Chase & Co., which offers investment products and services through J.P. Morgan Securities LLC (“J.P. Morgan”), a registered broker dealer and investment adviser, member FINRA and SIPC. Millennial Money is a publisher of J.P. Morgan, (“Publisher”). The Publisher will receive compensation from J.P. Morgan if you provide contact details to speak with a J.P. Morgan representative. Compensation paid to the Publisher will be up to $500 per completed contact form. Compensation provides an incentive for the Publisher to endorse J.P. Morgan and therefore information, opinions, or referrals are subject to bias. J.P. Morgan and the Publisher are not under common ownership or otherwise related entities, and each are responsible for their own obligations. Investing involves market risk, including possible loss of principal, and there is no guarantee that investment objectives will be achieved.