J.P. Morgan Wealth Management Review: Plans Tailored to Your Financial Goals
GOBankingRates Score
-
Range of services
4.0
-
Accessibility
3.5
-
Investment products
4.5
-
Digital options
5.0
Pros
- Wide range of products and services
- Large geographic footprint through parent company
- Award-winning digital platform
Cons
- Website has little info on fees and minimums
- Limited options for customers without substantial wealth
J.P. Morgan Wealth Management Overview
J.P. Morgan Wealth Management is the U.S. wealth management business of JPMorgan Chase & Co., a financial services firm with assets of $3.8 trillion and operations worldwide. J.P. Morgan Wealth Management has about 5,000 advisors and $615 billion of assets under supervision. Clients can invest digitally, remotely, or in person by meeting with an advisor in one of more than 4,700 Chase branches throughout the U.S. or in one of the firm’s 30 offices.
J.P. Morgan Wealth Management also has advisor offices in 21 locations. Most are located in the Northeast and West Coast, though some offices are also scattered in the Southeast, Midwest, and Southwest.
Key Features
A number of products and services are offered under the J.P. Morgan Wealth Management umbrella. Here’s a quick look.
Wealth Planning
- Estate planning
- Liquidity events (focused on transitioning business and personal wealth)
- Philanthropy
- Executive services
Full-Service Investing
J.P. Morgan Wealth Management offers personalized investment strategies based on its research and proprietary data. You’ll have access to financial advisors and a personal banking assistant to manage your account as well as real-time support for special requests. Services include the following:
- Investment and portfolio management
- Investment strategies for specific asset allocation needs
- Access to alternative investments
Investment Products
- 529 plans
- IRAs
- Annuities
- ETFs
- Sustainable investing options
- Brokerage accounts
- Mutual funds
- Stocks
- Annuity multi-asset choices (MACs)
Self-Directed Investing
Although J.P. Morgan Wealth Management touts a full-service experience that includes access to professional advisors, you can also trade online on your own with a J.P. Morgan Self-Directed Investing account that lets you trade stocks, funds, ETFs and options. As of late February you could get up to $700 worth of commission-free online trades when you open and fund a Self-Directed Investing account.
The company offers the following bonuses for opening a Self-Directed Investing account (as of Feb. 27, 2023; offers are subject to change):
- $50 when you transfer or roll over $10,000-$24,999
- $150 when you transfer or roll over $25,000-$99,999
- $325 when you transfer or roll over $100,000-$249,999
- $700 when you transfer or roll over $250,000 or more
Lending
J.P. Morgan Wealth Management offers custom credit strategies for long- and short-term liquidity, new acquisitions and investment opportunities. These include real estate lending for residential and commercial properties as well as other credit solutions.
J.P. Morgan Personal Advisors
In November 2022, J.P. Morgan Wealth Management launched a remote investing advice service called J.P. Morgan Personal Advisors. Through this service, clients can speak with an advisor as frequently as they want by video or phone. They’ll also receive a personalized financial plan and recommendations, and they’ll have access to expert-built investment portfolios. The service is integrated within the Chase digital system, so clients can transfer money and manage all of their banking, investing and borrowing online or on the Chase Mobile app.
J.P. Morgan Personal Advisors charges an annual fee of 0.6% of account assets for accounts with less than $250,000. The fee percentage is lower for larger accounts.
Mobile App
J.P. Morgan Wealth Management customers who also have a Chase or J.P. Morgan account can sign up for its Wealth Plan digital tool using the Chase Mobile app or the Chase website. J.P. Morgan Wealth Plan is part of a collaborative suite of digital tools that you and a J.P. Morgan advisor can use to track your financial progress and adjust your strategies around saving, spending and external accounts.
J.P. Morgan Wealth Management ranked #1 in Customer Satisfaction with Wealth Management Digital Channels in the J.D. Power 2022 U.S. Wealth Management Digital Experience Study.
In January 2023, J.P. Morgan Wealth Management launched QuickDeposit for Investments, which lets clients deposit checks into their investment accounts anytime from their phone using the “Home” or “Pay & Transfer” tabs in the Chase Mobile app.
Fees and Minimums
The J.P. Morgan Wealth Management website does not provide much information on fees or minimum deposits/balances. You can find limited information on the J.P. Morgan Asset Management site, which says that in most cases, you can open a J.P. Morgan account with as little as $1,000. You can also have the annual maintenance fee waived on a J.P. Morgan IRA by maintaining a balance of $10,000 or more.
Customer Service
The J.P. Morgan Wealth Management site does not list any customer service contact numbers. Instead, you can contact Chase Customer Service at 800-935-9935. For general inquiries regarding JPMorgan Chase & Co. or other lines of business, you can also call 212-270-6000.
How to Apply
If you want to open a J.P. Morgan Wealth Management account, you can connect with a J.P. Morgan advisor directly by using this contact form. Otherwise, you can go to the J.P. Morgan general website and apply for any account there.
Who It’s Best For
J.P. Morgan Wealth Management targets clients with considerable financial resources. For example, to qualify for some of the self-directed investing bonuses you need at least $10,000. Those with limited financial resources, or who are new to wealth management, are probably better off going elsewhere.
How J.P. Morgan Wealth Management Earned its Scores
Range of Services
J.P. Morgan Wealth Management offers the standard lineup of services you’ll find at most big banks and investment firms, although it doesn’t extend very far into more niche areas.
Accessibility
You probably need a fair amount of wealth for J.P. Morgan Wealth Management to be a good fit. It’s not tailored for those who are just starting out. If you prefer meeting face-to-face with an advisor, most of its offices are concentrated in the Northeast or California.
Investment Products
Again, you’ll find no shortage of investment products at J.P. Morgan Wealth Advisors to fit all kinds of financial strategies.
Digital Options
J.P. Morgan Wealth Management ranked #1 in Customer Satisfaction with Wealth Management Digital Channels in the J.D. Power 2022 U.S. Wealth Management Digital Experience Study, which speaks to the quality of the company’s Wealth Plan and other digital tools.
J.P. Morgan Wealth Management vs. Competitors
Wealth management is a big field with many different types of players, ranging from small boutique firms to massive corporations such as Goldman Sachs, USB and Morgan Stanley. Since J.P. Morgan Wealth Management is part of a financial corporation that also offers retail banking, its natural rivals are similar companies such as Wells Fargo and Bank of America. Here’s a look at how they stack up.
J.P. Morgan Wealth Management vs. Wells Fargo Advisors
Wells Fargo Advisors is Wells Fargo’s wealth management unit, and it offers many of the same services found at J.P Morgan Wealth Management. Its services include asset management, advisory services, estate planning, retirement planning, portfolio analysis and more. As with J.P. Morgan, customers of Wells Fargo Advisors can choose to open a self-directed investing account or work with a dedicated financial advisor. J.P. Morgan Wealth Management scores higher with its digital tools.
J.P. Morgan Wealth Management vs. Merrill
Merrill is the wealth management division of Bank of America, and it offers a broad range of financial services such as investment management, wealth planning, advisory services, lending and more. But again, J.P. Morgan Wealth Management gets the nod for its forward-thinking digital financial management program.
Final Take
Higher-income customers who want a well-rounded mix of financial and investment services and products will get just about all their boxes checked with J.P. Morgan Wealth Management. The company does not necessarily offer more than its peers, but you won’t find it lacking in any area, either. It might be best suited for those who live where it operates offices, but you can also do plenty online.
FAQ
Here are the answers to some commonly asked questions about J.P. Morgan Wealth Management.- Is J.P. Morgan Wealth Management part of Chase?
- J.P. Morgan Wealth Management is the U.S. wealth management business of JPMorgan Chase & Co., offering products and services tailored for high-worth clients who need help with everything from investing and estate planning to loans and liquidity.
- What is the minimum balance for J.P. Morgan Wealth Management?
- The J.P. Morgan Wealth Management site does not offer much information on minimum balances. The J.P. Morgan Asset Management site says that in most cases, you can open a J.P. Morgan account with as little as $1,000.
- Where is J.P. Morgan Wealth Management located?
- JPMA advisor offices are located in 21 cities, in the Northeast and California. However, other advisors can be found in one of more than 4,700 Chase branches throughout the U.S. or in one of Chase's 30 offices.
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