Looking at going to CHASE

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Mar 27, 2010 10:03 pm

Thanks bluewire and sbmss. You are absolutely right. I have lost all energy to argue in favor of bank guys. Your posts may have given me a second wind.

Mar 27, 2010 10:24 pm

One complaint I do have is that being that its a bank, the compliance oversight is extreme. As an example, after a client had a recently corp bond called we went shopping for another vehicle to replace that income. We settled on an estate note paying 4.5%. Seemed like a basic transaction until I got a request from trade review to explain why I purchased a bond that matures in 2025 for an 83 year old client...

I thought the question was a joke but they were serious. After about three email exchanges each I finally notified my manager who assisted in getting it cleared. That was an extreme case and those are rare, but they are definitely heavy on the paper work, documentation and disclosures. You will not be paid if s*%t is not in order.

In terms of my product mix, all new accounts or incoming ACATs are going straight to managed accounts in most cases. JPMorgan Investor funds, especially their balanced fund is a personal favorite. I have about 10 clients with laddered fixed income portfolios. Very few solely equity based portfolios (maybe two totalling 1.5MM). I'm focusing on converting as much as my existing book into our managed platform as I am constantly pleased with the overall performance and investment philosphy. And of  course there are some of my smaller accounts (younger demographic's IRA's/Roths/529's) that are mostly under the account value threshold for managed money so they're currently in various mutual funds or etfs based on objectives.

Like I said, its a full service operation with its good characteristics and bad ones like all the rest. Anyone who says otherwise is not being completely truthful or accurate. Like anywhere you go though, you are ultimately responsible for your success or failure, not the institution.

Mar 27, 2010 10:35 pm

Regarding annuities, off the top of my head I think we have at least 5 VA providers (AXA, Nationwide, JH, ING, PacLife), and 6 Fixed annuity providers (Western National, TransAmerica, Symetra, Principal, Security Benefit ((? the laddered annuity co???)) and either NYLife or Metlife).

Again I haven't written a new biz annuity in quite a while so I can't recall all the providers but those are the main players.

Compared to most firms I guess Chase haircuts annuity biz like a mofo - 4% upfront or 2% with a 1% trail. But to most on this board that should never matter since they don't do ANY annuity biz EVER...

Mar 28, 2010 2:53 pm

My only problem with the managed accounts is CSP is extremely JPMC focused and almost a "sticky" investment product. If you have any thought of moving in the future MFAP is a better move, imo. Love JPM Inv Bal also.

Mar 28, 2010 8:09 pm

It does absolutely depend on the area and that is because the national sales director only became licensed after he accepted the job a year ago and as middle mgt turns over the job of manager and advisor is being changed.  Almost half the advisors have been with the firm less than 18 months and they only hire those with 2-3 years of experience.  7 IMs left on the same day this year.  At the national level there have been 3 national directors in 5 years.

Mar 29, 2010 10:36 pm

With all the chaos and the circus-like turnover it seems that leaving and taking clients with you would be much easier than you claim. Especially when the guy who follows you will not be paid much to service the clients of the previous FA, as he will be graded on new assets and increased investment balances. New FA's are only paid 50% on the managed trails of the previous FA for the first 6 months anyways. Its about more, more, more.