Millionaires' new challenge: they're not rich enough for private banking
JP Morgan Chase is increasing the minimum asset level for such services as big banks focus on their richest clients – and the rest of us are underserved
Hasnain says:
"It’s also why the banks want to focus on their richest clients. Investing time and money in working with those of us who may only have a few thousand dollars to put to work is a waste of their resources – in their eyes.
The problem is that as they keep conducting triage, and denying access to investment guidance to one group after another, more and more of us will end up without the ability to turn to the banks to help us manage our investments. Let’s face it, JP Morgan and other private banks can boost their investment minimums dramatically, but the incomes of most Americans are barely budging. We’re less and less likely to have the minimum level of assets that most investment counselors want to see before accepting us as a client."
Posted on 2016-09-11T22:24:10+0000