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Updated September 23, 2026. Quick answer: It depends which strategy you pick: Portfolio Advisor (PA) / Portfolio Manager (PM) / Strategic Investment Services (STRATIS) / Unified Managed Account (UMA) / Investment Counseling Service (ICS) / J.P. Morgan Core Advisory Portfolio Program (JPMCAP) runs from $10,000 to $1,000,000, depending on the specific strategy or model portfolio. At the $10,000 low end, J.P. Morgan Private Bank’s own fee schedule works out to $200 a year; strategies at the high end require substantially more.
The minimum, in the firm’s own words
“(a) PA and PM $10,000 (b) STRATIS In general, $100,000 for equity strategies; $50,000 for investment strategies in Multi-Manager Strategies; and $250,000 for fixed income strategies, subject to minimum account requirements imposed by the applicable Portfolio Manager. … (d) UMA There is generally no across-the-board minimum account size to participate in UMA. However, depending on investment selections and allocations, minimums will be applied. (e) ICS $100,000 subject to any minimum amount requirement imposed by the applicable Portfolio Manager. … (f) JPMCAP $10,000 or $250,000 for models containing Liquid Alternative Funds. US Endowments & Foundations investment strategy has a minimum investment of $1,000,000.”
On waivability: “JPMS may, in its discretion, waive or reduce the minimum account opening size for certain clients or accounts.”
Minimum investment and what it would cost
| Program | Minimum investment | Annual fee at that minimum | Waivable? |
|---|---|---|---|
| Portfolio Advisor (PA) / Portfolio Manager (PM) / Strategic Investment Services (STRATIS) / Unified Managed Account (UMA) / Investment Counseling Service (ICS) / J.P. Morgan Core Advisory Portfolio Program (JPMCAP) (lowest-minimum strategy) | $10,000 | $200 | Yes, at the firm’s discretion |
| Portfolio Advisor (PA) / Portfolio Manager (PM) / Strategic Investment Services (STRATIS) / Unified Managed Account (UMA) / Investment Counseling Service (ICS) / J.P. Morgan Core Advisory Portfolio Program (JPMCAP) (highest-minimum strategy) | $1,000,000 | Varies by strategy | Yes, at the firm’s discretion |
| Source: Form ADV Part 2A Appendix 1, Wrap Fee Program Brochure, J.P. Morgan Securities LLC (Portfolio Advisor / Portfolio Manager / Strategic Investment Services / Customized Bond Portfolios / Unified Managed Account / Investment Counseling Service / J.P. Morgan Core Advisory Portfolio Programs), June 30, 2026 | |||
The $10,000 low end (Portfolio Advisor/Portfolio Manager programs) at J.P. Morgan’s disclosed 2.00% ceiling: $10,000 x 2.00% = $200.
J.P. Morgan Private Bank’s own fee schedule at other balances
| Account balance | Annual fee |
|---|---|
| $250,000 | $5,000 |
| $500,000 | $10,000 |
| $1,000,000 | $20,000 |
| $2,000,000 | $40,000 |
What else to know
J.P. Morgan Private Bank’s minimum varies sharply by program: its Portfolio Advisor and Portfolio Manager programs start at $10,000, while other programs in the same bundled fee schedule require as much as $1,000,000 for specialized strategies; its Unified Managed Account program has no fixed across-the-board minimum at all.
What a larger account would cost
The minimum is only the entry point. On a $500,000 account, J.P. Morgan Private Bank’s own published fee schedule runs up to $10,000 a year (the published maximum); see the full dollar breakdown from J.P. Morgan Private Bank’s own fee disclosure across several account sizes.
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- Form ADV Part 2A Appendix 1, Wrap Fee Program Brochure, J.P. Morgan Securities LLC (Portfolio Advisor / Portfolio Manager / Strategic Investment Services / Customized Bond Portfolios / Unified Managed Account / Investment Counseling Service / J.P. Morgan Core Advisory Portfolio Programs) (June 30, 2026): https://www.jpmorgan.com/content/dam/jpm/securities/documents/adv/jpma-wrap-fee-program-brochure.pdf
- SEC Investment Adviser Public Disclosure, J.P. Morgan Securities LLC (CRD #79): https://adviserinfo.sec.gov/firm/summary/79
- J.P. Morgan Securities LLC, SEC Form ADV filing: https://reports.adviserinfo.sec.gov/reports/ADV/79/PDF/79.pdf
Methodology. This page was built September 23, 2026, quoting directly from J.P. Morgan Private Bank’s own current Form ADV Part 2A / wrap-fee brochure, with the source linked above. The annual-fee-at-the-minimum figure applies that same brochure’s own published fee schedule to the disclosed minimum dollar amount; any distinction we could not independently confirm this session is named as an honest gap rather than presented as verified. Nothing here is personalized financial, tax, legal, or investment advice, and it is not a substitute for reading the firm’s own Form ADV Part 2A. See our Editorial Policy, Corrections, Affiliate Disclosure, and Disclaimer.
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