J.P. Morgan Personal Advisors Review 2024: Pros, Cons and How It Compares
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Our Take
3.7
Reviewed in: Nov. 2024
Period considered: Aug. 2024 - Oct. 2024
The bottom line:
on J.P. Morgan's website
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Pros & Cons
Pros
$25,000 investment minimum is low compared to similar services.
Low investment expense ratios.
Those with $250,000 in assets or more get access to a dedicated individual advisor.
Cons
Limited brokerage and portfolio management options.
Limited access to certified financial planners.
Compare to Other Advisors
Fees 0.5% - 0.6% management fee | Fees $1,000 and up per year (free initial consultation) | Fees 0.30% management fee | Fees Up to 1% per year |
Account minimum $25,000 | Account minimum $0 | Account minimum $50,000 | Account minimum $250,000 |
Promotion None no promotion available at this time | Promotion Limited time $550 kick-start offer!* Get $300 into your brokerage account if you invest & maintain $5k within your first 90 days, plus the $250 enrollment fee will be waived for new annual members. Expires Dec 31, 2024 | Promotion None no promotion available at this time | Promotion $250 off one year of financial or tax planning |
Learn more on J.P. Morgan's website | Learn more on Facet's website | Learn more on Vanguard's website | Learn more on Harness Wealth's website |
AD Paid non-client promotion | AD Paid non-client promotion | AD Paid non-client promotion | AD Paid non-client promotion |
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Full Review
In this review of J.P. Morgan Personal Advisors
Where J.P. Morgan Personal Advisors shines
Low account minimum and fees: Customers can open a J.P. Morgan Personal Advisors account with no startup fees and a $25,000 minimum initial investment. Annual management fees are 0.6% or less depending on account balance.
In-person meetings at Chase branches: J.P. Morgan Personal Advisors provides clients with a variety of ways to get in touch with their advisor — including in-person appointments at a local branch of Chase bank.
Where J.P. Morgan Personal Advisors falls short
Lack of broker flexibility: Clients must move money into a J.P. Morgan Personal Advisors account.
Not all advisors have top-tier credentials: J.P. Morgan Personal Advisors has some CFPs and CFAs on staff, but most advisors are Certified Wealth Management Professionals (CWMPs), a less-prestigious designation.
Who should choose J.P. Morgan Personal Advisors?
People who want to meet an advisor in-person: If communicating by phone, email or video chat isn't your style, J.P. Morgan Personal Advisors offers face-to-face meetings with advisors at Chase branches. Many of the other online financial planning services we review don't have physical locations.
ESG investors: J.P. Morgan Personal Advisors includes several ESG portfolio options. Many other financial planning services we review either only offer one ESG portfolio, or don't offer any at all.
J.P. Morgan Personal Advisors at a glance
Account minimum | $25,000. |
Account management, planning or subscription fee | Starts at 0.60% but tiered (drops at higher balances):
|
Setup or onboarding fee | None. |
Advisor access and credentials |
|
Financial planning services | Each client receives a holistic financial plan. |
Investment expense ratios | Average expense ratio is 0.08%. |
Portfolio construction | Clients choose from more than 20 different models according to risk tolerance and time horizon. Portfolio options include ESG fund options. |
Brokerage options | Clients must move money to invest through a Chase account. |
Accounts supported | Roth, traditional, rollover, SEP, SIMPLE IRAs and trusts. Guidance of custodial accounts, but no direct management. |
Tax strategy | J.P. Morgan Personal Advisors now includes automated tax-loss harvesting for all taxable accounts. Tax-exempt municipal bond investment options available. |
Customer support options (includes how easy it is to find key details on the website) | Customer support by phone is available Monday through Friday, 8 a.m. ET to 9 p.m. ET, and Saturday, 8 a.m. to 5 p.m. ET. Customers also have the ability to schedule appointments with an advisor at any time. Dedicated customer service line for accounts with balances over $750,000. |
What to know about J.P. Morgan Personal Advisors' account minimum and fees
J.P. Morgan Personal Advisors requires a relatively low account minimum of $25,000.
J.P. Morgan Personal Advisors also offers low account management fees that start at 0.6% for clients with $25,000 to $249,999 and drop to 0.5% for accounts with $250,000 or more.
While these management fees are lower than most advisory services reviewed by NerdWallet, they still trail behind select services, including Vanguard Personal Advisor and Schwab Intelligent Portfolios Premium.
Some online financial planning platforms may charge for setting up an account or onboarding to their investment platform. J.P. Morgan Personal Advisors does not charge any of these fees.
Investment expense ratios are another area where J.P. Morgan Personal Advisors shines. Investment expense ratios cover the advisory, administrative and custodial costs associated with managing a fund. J.P. Morgan Personal Advisors portfolios have a low average investment expense ratio of 0.08%.
J.P. Morgan personal Advisors' advisor access
J.P. Morgan Personal Advisors offers clients with balances below $250,000 access to a team of advisors who can help draft a financial plan. Clients can also schedule a call or in-person appointment with an individual advisor at any time. Clients with $250,000 or more in assets receive a dedicated financial advisor.
Most advisors are Certified Wealth Management Professionals (CWMPs). This designation represents specialized training in wealth management services, although it is not as prestigious as the Certified Financial Planner (CFP) designation.
J.P. Morgan Personal Advisors' financial planning services
All Personal Advisors clients get a customized financial plan after their initial advisor meetings that is based on their circumstances, goals and priorities. The plans use J.P. Morgan's Wealth Plan platform, which allows clients to track their progress in real time online or through the Chase mobile app.
Other key J.P. Morgan Personal Advisors features
Portfolio construction
Customers may select from around 20 pre-built J.P. Morgan models based on risk tolerance and preferences. The models are globally diversified across equities and fixed income and can include ESG funds, diversified ETFs and mutual funds from J.P. Morgan and other fund managers. Once you choose a portfolio, J.P. Morgan will automatically rebalance it over time as the market changes.
Accounts supported
J.P. Morgan may manage individual retirement accounts, joint accounts, accounts with beneficiaries, and trusts on behalf of clients through J.P. Morgan Personal Advisory and Chase. Advisors can provide investment guidance for custodial accounts and 401(k)s, but will not manage them directly.
Customer support
Customer support is available by phone from 8 a.m. to 9 p.m. Eastern time Monday to Friday, 9 a.m. to 5 p.m. Eastern Saturday, or anytime via digital assistant on the Chase app or website. The J.P. Morgan Personal Advisors website is fairly easy to navigate.
Tax strategy
J.P. Morgan Personal Advisors uses tax-exempt municipal bonds to lower the overall tax liability of a financial portfolio and also offers automated tax loss harvesting to advisory clients.
Good to know about J.P. Morgan Personal Advisors
Must move money to Chase
To build a financial plan, J.P. Morgan Personal Advisors customers must move money to Chase via the online portal or app. This contrasts with other advisory services, such as Wealthramp, which can manage existing accounts at other brokerages.
Is J.P. Morgan Personal Advisors right for you?
J.P. Morgan Personal Advisors does require customers to move funds onto its platform. Still, its competitive fees and lower minimums may be helpful to investors looking for advisory services with a lower barrier to entry. Each client receives a customized holistic financial plan and automatic tax loss harvesting.
on J.P. Morgan's website
