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JP Morgan To Unveil New Investing App With An Eye-Catching, Disruptive Price: Free
FYI: .J.P. Morgan's new digital brokerage service comes with free trades, portfolio building tool and access to equity research. .The bank's new trading service starts next week and will be available to its 47 million mobile or online users. .All customers get 100 free stock or ETF trades in the first year. Those with Chase Private Client get unlimited trades. .CEO Jamie Dimon hinted at this move in 2016, citing Amazon Prime as his inspiration. Regards, Ted https://www.cnbc.com/2018/08/21/jp-morgan-to-unveil-new-investing-app-with-an-eye-catching-disruptive-price-free.html
Good point @rforno. Give people free chips at the casino; no matter, because the house will come out ahead in the end. Brokerage stocks swooning today is no doubt evidence of this irrationality.
Does anyone have experience with JPMorgan Chase? I see they charge $75 if you want to move out an asset. (Schwab wants $60 each to move an IRA, by the way.) I had a nice wrap account with Wells Fargo with 100 free trades. I still have the 100 free trades, but there is little other reason to stay with them. I started "collecting" mutual funds back when you pretty much bought them direct from the fund itself. Funds have come and gone (remember PBHG Growth? Heartland Value?), but I now have accounts at WF, Fido, TDA, Schwab, Fidelity, Vanguard, plus those pesky individual fund companies. Which is fine. For the time being. But eventually, it won't be fine. Particularly if I got hit by a bus tomorrow. I have been aggregating at Vanguard, but they are not really the place for stock trading, and they are not local. (But Vanguard waives my Transaction Fees on mutual funds ...)
So the advantage I could see with JPM Chase is that lacking me, my wife could consolidate there and expect to walk to the Chase branch and receive money. Period.
I haven't (yet) tried Chase, though I have tried the other three majors, and have been rather underwhelmed. I've used them primarily to meet mins for other services (e.g. getting bonus cash back on BofA credit cards with my Merrill Edge account), so my demands on them are minimal, and yet they still manage to disappoint.
Better luck with Chase. Try them out before moving much of anything there. At least that way if/when you don't like them you'll be able to liquidate and not incur an ACAT (transfer) fee. (FWIW Schwab charges $25 for a partial transfer; the $50 is only for a full transfer.)
Chase already sells all the funds it offers without a transaction fee. While that does include Vanguard (Investor shares only) and Fidelity, for the most part it's a limited offering. Just 30 families, and no institutional shares - just retail NL shares or load-waved A shares. A link to the list of funds and families is below, as is a copy of the families they sell.
I think that consolidating institutions is more important in making it easier for your wife than finding a place she can walk into. It's really not hard doing must stuff over the phone. Though you do get to the point where a death certificate needs to be mailed in.
It'ss not a big deal to send the paperwork via certified mail. Even if beneficiaries walk in with the paperwork, they won't get the money immediately.
Alliance Bernstein Allianz American Century American Funds (Capital Group) BlackRock Delaware Dreyfus Eaton Vance Federated Fidelity First Eagle Franklin Templeton Hartford Invesco Ivy John Hancock J.P. Morgan Legg Mason Lord Abbett MFS Natixis Nuveen Oppenheimer Pacific Life PIMCO Principal Putnam T.Rowe Price Transamerica Vanguard https://www.chase.com/content/dam/chase-ux/documents/personal/investments/jpm-mutual-fund-list-for-sdi.pdf
Comments
http://thereformedbroker.com/2018/08/21/a-portfolio-is-not-a-plan-2/
I had a nice wrap account with Wells Fargo with 100 free trades. I still have the 100 free trades, but there is little other reason to stay with them.
I started "collecting" mutual funds back when you pretty much bought them direct from the fund itself. Funds have come and gone (remember PBHG Growth? Heartland Value?), but I now have accounts at WF, Fido, TDA, Schwab, Fidelity, Vanguard, plus those pesky individual fund companies. Which is fine. For the time being. But eventually, it won't be fine. Particularly if I got hit by a bus tomorrow.
I have been aggregating at Vanguard, but they are not really the place for stock trading, and they are not local. (But Vanguard waives my Transaction Fees on mutual funds ...)
So the advantage I could see with JPM Chase is that lacking me, my wife could consolidate there and expect to walk to the Chase branch and receive money. Period.
Better luck with Chase. Try them out before moving much of anything there. At least that way if/when you don't like them you'll be able to liquidate and not incur an ACAT (transfer) fee. (FWIW Schwab charges $25 for a partial transfer; the $50 is only for a full transfer.)
Chase already sells all the funds it offers without a transaction fee. While that does include Vanguard (Investor shares only) and Fidelity, for the most part it's a limited offering. Just 30 families, and no institutional shares - just retail NL shares or load-waved A shares. A link to the list of funds and families is below, as is a copy of the families they sell.
I think that consolidating institutions is more important in making it easier for your wife than finding a place she can walk into. It's really not hard doing must stuff over the phone. Though you do get to the point where a death certificate needs to be mailed in.
It'ss not a big deal to send the paperwork via certified mail. Even if beneficiaries walk in with the paperwork, they won't get the money immediately.
Gary Pilgrim and Harold Baxter were both crooks. (Remember Christine?)
https://www.sec.gov/news/press/2004-157.htm
As was William J . Nasgovitz
https://www.twincities.com/2008/01/29/heartland-advisors-agrees-to-3-5-million-settlement-of-sec-suit/
Alliance Bernstein
Allianz
American Century
American Funds (Capital Group)
BlackRock
Delaware
Dreyfus
Eaton Vance
Federated
Fidelity
First Eagle
Franklin Templeton
Hartford
Invesco
Ivy
John Hancock
J.P. Morgan
Legg Mason
Lord Abbett
MFS
Natixis
Nuveen
Oppenheimer
Pacific Life
PIMCO
Principal
Putnam
T.Rowe Price
Transamerica
Vanguard
https://www.chase.com/content/dam/chase-ux/documents/personal/investments/jpm-mutual-fund-list-for-sdi.pdf