J.P. Morgan Personal Advisors Review [2024]: Can It Help You Reach Your Financial Goals?

Key takeaways

What is J.P. Morgan Personal Advisors?

J.P. Morgan Personal Advisors is an investment platform launched by J.P. Morgan Wealth Management (an arm of JP Morgan Chase & Co.) in late 2022. The service offers a hybrid approach to wealth management. It provides access to a human financial professional while offering investment portfolio management.

People who sign up can access human advisors via phone, email, or video chat, but unlike traditional financial planners, an automated platform manages investments daily. This helps keep advisory fees relatively low.

Clients speak with an advisor in an initial meeting and discuss their timeline, goals, and risk tolerance. The advisor Matches the client to an expert-built portfolio, and the online platform manages and rebalances as needed. Clients can request meetings and check-ins with the team of advisors whenever they like but don’t have a specific advisor assigned to them.

Personal Advisors is one of the advisor products within J.P. Morgan Wealth Management (JPMWM). JPMWM has about 5,000 advisors nationwide and handles about $700 billion in assets under supervision.

How does J.P. Morgan Personal Advisors work?

To start with J.P. Morgan Personal Advisors, you need to fill out a contact form for J.P. Morgan Personal Advisors or contact a representative at 833-930-4504. Once J.P. Morgan Personal Advisors receives your information, a team member will schedule an initial phone or video call to begin the portfolio-building process.

During your first meeting, you’ll discuss your financial priorities and goals, risk tolerance, and current financial situation to help the advisor understand the type of portfolio and investments that will work best for you.

J.P. Morgan says it may take two to three meetings to discuss and Match you to a portfolio based on the information you provide. Once you’ve reviewed your proposed financial plan and are ready to proceed, the advisor will submit your application and work with you to fund the account.

After creating your account, you can check your portfolio and other financial accounts on Chase.com or in the Chase Mobile App to see your entire financial picture and net worth in one place.

J.P. Morgan Personal Advisors’ minimum balance

To qualify for an account, you’ll need at least $25,000 in investable assets, which is relatively low compared to other services of this type.

J.P. Morgan states that all of their advisors are fiduciaries, meaning they must offer advice in your best interest, not just sell you a product. Although you’ll work with a specific advisor to get your account set up and funded, if you have questions for your financial advisor or need to make changes to your portfolio, you may meet with a different advisor.

If you have an opening balance of $250,000 or more, you can choose to be assigned a dedicated financial advisor to answer questions and help you make adjustments to your financial plan.

Goals and financial plans with J.P. Morgan Personal Advisors

As part of working with J.P. Morgan Personal Advisors, you will be asked about your personal goals and objectives. While helping you manage your money is part of what a financial advisor does, having specific goals to work toward, like retirement or buying a home, can help you ensure you’re making progress and using an effective strategy.

The advisor will ask you various questions that could influence how your financial plan is built, including:

• Personal needs and goals
• Total wealth
• Tax jurisdiction
• Cash flow
• Projected spending
• Risk tolerance

Based on your answers, J.P. Morgan Personal Advisors will help you create a financial plan during your initial meeting.

The advisor will develop a financial plan for you that will show projections on how long it may take to reach your goals based on your current financial picture and various scenarios. The platform will also periodically rebalance your portfolio to maintain your financial plan.

J.P. Morgan Personal Advisors’ portfolio options

Once your goals are established, the advisor will match you to a pre-built portfolio of mutual funds and ETFs that best fit your objectives and timeline.

Portfolios typically comprise various ETFs and mutual funds from J.P. Morgan but can also include assets from other third-party banks and brokerages. There are portfolio options focused on environmental, social, and governance (ESG) factors.

You can’t add individual stocks or bonds to your J.P. Morgan Personal Advisors portfolio, only those pre-selected and approved by the fund developers.

While a certain level of customization is allowed in the J.P. Morgan Personal Advisors platform, you can't change your portfolio directly. Instead, you must request changes from your advisor when your goals or financial plans change. J.P. Morgan recommends meeting at least annually with an advisor to discuss your progress and to make any needed changes.

J.P. Morgan Personal Advisors’ fees

The J.P. Morgan Personal Advisors program charges a fee for its services. The fee amount is based on your account balance with J.P. Morgan Personal Advisors, also called your assets under management (AUM).

Its advisory fee structure is:

Assets under management	Annual advisory fee
Balances of $25,000 to $249,999	0.6%
Balances of $250,000 to $1 million	0.5%
Balances over $1 million	0.4%

Rebalancing and taxes with J.P. Morgan Personal Advisors

As your portfolio changes, Personal Advisors will buy or sell assets to bring the portfolio back into alignment with the original investment objective. This is called portfolio rebalancing, and the J.P. Morgan Personal Advisors platform will automatically perform it to stick to your investment strategy.

Additionally, account transactions over the year are likely subject to income and capital gains taxes. An effective way to reduce your potential taxes is tax-loss harvesting or offsetting capital gains with capital losses, which may help reduce your tax bill.

Keep in mind that J.P. Morgan Personal Advisors doesn’t automatically provide tax-loss harvesting.

Education via J.P. Morgan Personal Advisors

J.P. Morgan Wealth Management has a variety of educational articles, videos, and slide shows about investing and the current state of the market. The Know newsletter and knowledge base help keep investors updated on market happenings, research, and analysis. 

New investors may find the how-to-start investing video guides particularly helpful since they outline a step-by-step process to joining the market.

J.P. Morgan Personal Advisors’ security

J.P. Morgan takes online security seriously and invests in several different strategies to keep your account safe, including:

• Secured data centers
• Network firewalls
• Multi-factor authentication
• Required password changes
• Alerts on accounts
• Intrusion detection

Additionally, J.P. Morgan is a member of the Securities Investor Protection Corporation (SIPC) and offers up to $500,000 in insurance protection for the securities and cash against a brokerage failure.

How much can you earn with J.P. Morgan Personal Advisors?

Earning money through investing is not a guarantee, and it's essential to understand the risks and potential losses before you start investing.

One of the benefits of the J.P. Morgan Personal Advisors services is that you can ask a real person questions and work with them to develop solutions to help you reach your goals.

Additionally, ETFs and mutual funds, the securities primarily available in J.P. Morgan Personal Advisors, are generally considered safer than holding individual stocks and bonds. Both options have built-in diversification and can contain multiple stocks and bonds in one mutual fund or ETF.

When considering how much you can make in the stock market, it's also important to consider the fees each fund charges that may reduce your overall profits. Although J.P. Morgan Personal Advisors charge relatively low annual advisory fees, reviewing each potential investment prospectus and paying attention to the fee schedule so you aren’t surprised is wise.

How to get started with J.P. Morgan Personal Advisors

Getting started with J.P. Morgan Personal Advisors is relatively easy but can take some time. According to J.P. Morgan, most accounts are set up after two or three meetings with an advisor, potentially across a few weeks, depending on scheduling.

1. To open an account with J.P. Morgan Personal Advisors, you’ll need to fill out an online form. You’ll need to provide your name, email address, and phone number.

3. A J.P. Morgan Personal Advisors team member will call you to set up an initial meeting.

4. In that meeting, you’ll discuss your current financial situation, your goals for the future, such as buying a house, funding retirement, or saving for a child’s college education, and the timeline to accomplish those goals. You’ll also discuss your risk tolerance and any particular circumstances or details that may be applicable.

5. The financial advisor will create a portfolio based on your conversation, and you will meet again to discuss changes or accept the proposal.

6. Once accepted, the financial advisor will submit your application, help you fund the account, and establish the portfolio.

7. When your account is established, you can monitor your investments through the online platform or mobile app.

8. If you have questions, want to make adjustments, or need help with tax planning, schedule a meeting with an advisor through the online platform.

Alternatives to J.P. Morgan Personal Advisors

J.P. Morgan Personal Advisors can be an excellent option for people who like having a financial advisor but don’t want to pay the expensive fees.

However, if J.P. Morgan Personal Advisors doesn’t feel like the right option for you, consider one of the following options for investing money.

	J.P. Morgan Personal Advisors	Schwab Intelligent Portfolios Premium	Vanguard Personal Advisor
Fees	0.4% to 0.6% annual advisory fee plus fund expenses	One-time planning fee of $300 and $30 each month, billed quarterly plus fund expenses	0.3% to 0.4% annual advisory fee plus fund expenses
Minimum Balance	$25,000	$25,000	$50,000
Investment options	Mutual funds and ETFs	ETFs and cash	Mutual funds and ETFs
ESG investing options	Yes	No	Yes
Tax-loss Harvesting	Not automatic, you must request a review from your advisor	Automatic on balances over $50,000 (with enrollment)	Yes

Schwab Intelligent Portfolios Premium

Schwab Intelligent Portfolios Premium accounts only require a $25,000 minimum investment and have a monthly fee structure. When you start with Schwab, you’ll pay a one-time fee of $300 for your initial consultation. From there, you’ll pay a monthly fee (billed quarterly) of $30 to continue receiving access to investment advisors. Schwab’s portfolios are invested in ETFs, and part of your portfolio may be placed in an FDIC-insured deposit at Schwab Bank.

Learn more in our Charles Schwab review.

Vanguard Personal Advisor

Although similar in function to J.P. Morgan Personal Advisors, the Vanguard Personal Advisor charges annual advisory fees between 0.30% and 0.40% but has a higher minimum balance — $50,000. It provides access to fiduciary investment advisors and utilizes ETFs and mutual funds for investing diversification. Vanguard Personal Advisor offers portfolio management for eligible 401(k) accounts, Traditional IRAs, Roth IRAs, Rollover IRAs, and other taxable accounts.

J.P. Morgan Personal Advisors FAQ

J.P. Morgan Personal Advisors review: bottom line

We like that J.P. Morgan Personal Advisors provides access to fiduciary investment advisors for a relatively low cost and offers investments in ETFs and mutual funds. It can be a good option for people uncomfortable with investing independently. However, those who like to set up and manage their portfolios directly may feel limited by having to go through a financial advisor.

However, J.P. Morgan Personal Advisors has some drawbacks, including the inability to directly manage your portfolio and the lack of automatic tax-loss harvesting. If these are dealbreakers, we suggest considering Schwab Intelligent Portfolios Premium or exploring more options in our list of the best robo-advisors.

FinanceBuzz is not an investment advisor. This content is for informational purposes only, you should not construe any such information as legal, tax, investment, financial, or other advice.