JPMorgan decision on minimum level of assets for premium service hits lawyers hard
Lawyers are hard hit by JPMorgan’s decision to require clients of its top banking service to have $10 million in investible assets.
Lawyers are the clients most affected by the bank’s decision to double the minimum required, the Wall Street Journal (sub. req.) reports. Those who meet the $10 million requirement get more hands-on attention, special rates on loans and a faster application process.
Lawyers who don’t have that kind of money will lose the perks of private-bank status, and will have to settle for the bank’s “private client direct” service, the article explains. And associates will be “sent further down the prestige ladder” to the bank’s “private client” service.
The Wall Street Journal described the benefits of private-bank status in a prior article (sub. req.): “As the name implies, private banks cater to an exclusive clientele, and many of them provide services closer to a concierge than a bank. Their main function is help clients manage their investments, including retirement planning and the buying of stocks, but private bankers often also assist with everything from snagging exclusive sporting event tickets to the purchase of art. Private banks also typically let clients buy into certain alternative investments, like hedge funds, that are off-limits to ordinary bank customers.”
