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]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. We have credit cards issued to household staff, 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 $10-25mm investment minimums 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]

[b]Another nubcake thinking it costs them nothing. [/b]

You self manage your investments?
What are the name of your investments?
How much do they charge to manage the staff credit cards?
You self managed your $10-25mm investment minimum funds? How do you know they have done very well?
You contact your banker for what?

Do you give to the underprivileged or worthy charities ? If you do, you can be giving more.

[/quote]

"Nubcake." Lol, I've never heard that. Sure does fit here. And there are an amazing amount of nubcakes posting here. Lots, and lots of ignorance. [/quote]

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