To all Chase customers, please be aware that due changes enacted by the Department of Labor, new fiduciary rules will have your IRAs and other retirement accounts moved out of your advisors hands an into the “self-directed” platform. At current, because of the change over, they are offering their clients $5.00/trades. This will END and the price per trade will go back up to its regular of $25.00.
Here’s the big joke played on the customer consumer:
- Trades on the self directed platform, an online and phone in option, usually cost 25.00/trade. That is $50.00 in/out. $50 buck!
- So for your $50.00 you basically get no advise or any real value. I suppose you could move money yourself as you advisor gives you input but again, no one does anything for you.
- You could move this money to Schwab or eTrade or TD and get $5 – $10/ trade pricing.
The end analysis, you do get a killer value out of JP Morgan Chase as investment advisors unless you are have a couple million in the bank. All the top analysis etc… just won’t make it to you. You get the low tier wanna-bees with high school educations trained to sell on the low end.
If you have real money sitting ideal and you don’t know how to manage it, take it to Vanguard and ask them to help you. Chase’s better days are about over. Too big to fail is a double edged sword.
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