Reply to Where do you bank if you have a high net worth?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]JPMorgan private bank (they also have private client, which is a step up from regular banking but doesn't require $10mm liquid net worth). I've found them very helpful to deal with. [/quote]

Again, what services, specifically, do you use?

I step into my bank maybe once every 3 years, and its usually because a grandparent wrote a check in my kids name. I don't understand what services are worth the faff, as the Brits say.[/quote]

They hold our investment accounts, although we self-manage. When mortgage rates were at 7%, we were able to borrow against our assets through them to get our rate down to under 3% while still taking advantage of lower housing prices due to high rates. They do an annual assessment of investment allocation and financial projection with our personal financial goals in mind, which is not necessary but can be helpful. [b]We have credit cards issued to household staff[/b], and they manage the cards - check receipts, keep an eye on budgets, etc. We got a good deal on life insurance through them, and we have access to a lot of private equity funds and hedge funds that we wouldn't meet the minimum investment amount for on our own. We've invested in a number of investment funds with [b]$10-25mm investment minimums[/b] that have done very well for us. We have a dedicated banker who we contact directly for anything we need, which means that we can get anything we need taken care of immediately.

I don't think that it's necessary or even that big of a deal to be part of the private bank, but it costs us nothing and it can be helpful. I have no experience with Chase private client, only JP Morgan private bank, so I can't speak to the value of that, I just know it exists. [/quote]

I appreciate the detailed response!  But the bolded clearly indicates you are playing in a different world that even those with a couple of million in assets aren't in.[/quote]

PP - just to clarify, we aren't investing $10-25mm on our own. JP Morgan private bank has aggregated funds accessible only to their private bank clients that allow you to invest with their other clients.[b] We're only investing $500k-1mm of our own assets in each fund, but get much higher returns from these funds than we would be able to get in a fund with a lower investment limit (generally).[/b] JP Morgan private bank (like Citi private bank, I believe) requires a minimum of $10mm in liquid, investable assets and $25mm net worth to be invited. [/quote]

Oh! I bet you are working with a guy named "Bernie"? [/quote]

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