Chase Private Client Review (is it worth it?)

Most banks offer VIP programs to their wealthier customers, which are geared towards keeping customers loyal to a specific bank by keeping your money with that bank and using services exclusively from them, in exchange for benefits exclusive to the program and better rates on services offered by the bank. 

Almost every bank offers some kind of program, but each bank will focus on different types of customers, so picking the bank that caters to you is key in getting a program that’s worth it. Banks such as Bank of America, Citigold, Union Bank, and Wells Fargo all offer programs worth checking out.

How Does Chase Private Client Work? 

Chase Private Client has a single advertised tier that requires you to keep a minimum $150,000 daily balance, have a linked Chase platinum chequing account, or pay a $35 monthly fee. Unfortunately, the benefits and services generally don’t make it worthwhile if you can’t keep the minimum balance.

Once you’re signed up for Chase Private Client you get priority service from a dedicated team of bankers and financial advisors, including investment and lending advice.

In addition, Chase waves most fees, including online trading when done through JP Morgan, family member access, and access to business advisors. 

While the program doesn’t have tiers, it would be likely that the advisors provided to you will be more experienced and more dedicated the more money you have to invest or keep in your Chase services, which is why anybody that has to pay the fee may not see significant benefits.

Chase Private Client Pros & Cons

Chase Private Client Pros
  • Almost all fees waived
  • Dedicated bankers and advisors
  • Better rates on loans
  • Lines of credit against your investments
Chase Private Client Cons
  • Benefits limited with lower amounts to invest
  • Minimum daily balance required
  • Chase products may not be suitable for you
  • Age limits for inclusion in the program

What are the Main Reasons People Sign Up with Chase Private Client?

Chase Private Client is great to combine many Chase products and services, remove fees, get better rates, and access advisors when you can keep a minimum balance at all times. 

Access to Dedicated Advisors

Anybody looking for investment advice will receive access to a dedicated investment advisor to walk you through the best options to invest with the money you have available, and depending on your goals. So if you’re not confident in investing, then it’s an excellent service.

Preferred Loan Rates

Anybody looking to buy a house or car, including for family members, will get preferred rates on almost all types of loans. You can even get lines of credit backed by your investments so that you don’t need to liquidate your investment portfolio when you need to get a loan.

Business Services

As a Chase Private Client, you will also receive small business benefits, including access to a business advisor that can show you the best products and services to benefit your business and get you preferred rates and discounts. 

Most Fees Waived

Anybody that can keep a minimum daily balance of $150,000 will automatically get almost all of their fees waived for transactions, investing, and anything else they use with Chase. So it’s another way not to pay fees when you have money that can sit around.

Increased Limits

Anybody who requires higher general banking limits gets those with Chase Private Client, including higher deposit limits, higher Zelle transaction limits, and even higher daily spending limits.

Chase Private Client vs. Competitors

Wells Fargo PrivateChase Private ClientBank of America PrivateCitigoldUnion Bank Private
Monthly Cost$0$0 – $35$0$0$0
Minimum Investment$1,000,000$150,000$3,000,000$1,000,000$250,000
Fees Waived On Checking Accounts
Dedicated Advisor Team
Day-to-Day Banking and Saving
Loans Backed By Investments
Commission Free Online Trading

How Do I Become a Chase Private Client? 

Chase will actively offer you inclusion in the program when your accounts indicate to them you have enough money because their goal is to sell you more products and services through Chase.

However, to join directly, you need to discuss your requirements in person by booking an appointment with one of Chase’s bankers.

Your inclusion in Chase Private Client may already be pre-approved, so it is almost instant, and while you can sign up and pay a monthly fee to join the program, there is no guarantee it will be possible. 

The Chase Private Client is a program designed to direct you towards products and services, so you may not be approved if Chase doesn’t believe you have enough money. There is no review process, and you would need to start investing or saving more money in Chase to be reassessed for the program.

If you don’t quality, most of the services are available as independent options through Chase or other banks like Wells Fargo, you may just not get as good rates on loans or access to the same advisors you would through the program, but it’s still possible to talk to Chase advisors to help with investing.

Is Chase Private Client Worth It?

The biggest advantages of Chase Private Client are the access to advisors to assist with your financial planning through investments and better rates for borrowing money, including the ability to get a line of credit against your investment portfolio.

The Chase Private Client program is free to join as long as you keep a minimum average balance in your chequing or investing accounts of at least $150,000.

Chase Private Client provides many benefits that are worth it for a free program, but it is not worth it if you struggle with the minimum balance.

  • Access to Chase financial advisors
  • Fees waived
  • Favorable loan rates
  • Commission-free stock, ETF, and other trading

While you get many other benefits, they can be accessed independently or through other standard chase accounts.

Almost all services, discounts, and advisors are available outside the Chase Private Client program and may even be free with similar minimum requirements.

With this program, you simply get everything put together in one package and then get a dedicated team rather than dealing with different people every time you need service.