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Updated September 23, 2026. Quick answer: J.P. Morgan Private Bank is registered with the SEC as both a broker-dealer and an investment adviser. Per its own current fee brochure, a $500,000 account would run up to $10,000 a year (the published maximum) under its published fee schedule; the minimum to open an account is $10,000 to $1,000,000 for 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), depending on strategy. Is it a fiduciary? Yes, when it is acting as your investment adviser; when the same representative acts as your broker-dealer instead, the applicable standard is best-interest, not fiduciary, and its own Form CRS states representatives can earn commissions in that capacity.
J.P. Morgan Private Bank at a glance
| Fact | What J.P. Morgan Private Bank’s own pages say |
|---|---|
| Legal entity | J.P. Morgan Securities LLC |
| Registration | J.P. Morgan Securities LLC is registered with the SEC as both a broker-dealer and an investment adviser, though bank-managed trust and fiduciary services offered under the J.P. Morgan Private Bank brand are provided through the separately regulated JPMorgan Chase Bank, N.A., not through this SEC-registered entity. |
| Fee on a $500,000 account | Up to $10,000 a year (the published maximum), per its own current brochure |
| Minimum to open an account | $10,000 to $1,000,000 for 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), depending on strategy |
| Cost to leave (exit fee) | No how-to-leave page published for this firm yet |
What J.P. Morgan Private Bank’s own fee schedule charges
“The maximum annual rate for JPMS’ component of the Fee is 2.00% for all Programs except for: CBP, which has a maximum annual rate for JPMS’ component of the Fee of 0.70%, Certain strategies in STRATIS managed by affiliates of JPMS, which may have a lower maximum annual rate for JPMS’ component of the Fee of 2.00%. (For example, JPMPI Liquidity Management Strategy is offered in STRATIS as part of the Multi-Manager Strategies for which the maximum annual rate for JPMS’ component is 0.40%.)”
Ceiling type: dollar_at = balance x 0.02 (the 2.00% maximum annual rate for JPMS’ component of the Fee, which applies to the flagship separately-managed-account/UMA programs, i.e. Portfolio Manager Program) at each balance: 250000->5000, 500000->10000, 1000000->20000, 2000000->40000. This excludes any separate Portfolio Manager/Model Portfolio Provider component fee (e.g. up to 0.75% for STRATIS managers), analogous to excluding underlying fund expense ratios. IMPORTANT PROVENANCE NOTE: ‘J.P. Morgan Private Bank’ has no distinct SEC registration of its own – verified via api.adviserinfo.sec.gov/search/firm (‘J.P. Morgan Private Bank’ resolves only to CRD 79 J.P. Morgan Securities LLC and CRD 110186 J.P. Morgan Private Investments Inc., a sub-adviser used inside JPMS’s wrap programs, not a standalone fee-charging RIA). Private Bank’s securities-based advisory/wrap activity is conducted under CRD 79. JPMS runs at least two parallel wrap-fee brochures for different channels: this one (hosted at jpmorgan.com/adv, serving clients through ‘Wealth Advisors’/’Wealth Partners’) versus a separate Chase-branded retail brochure (hosted at chase.com/managed-account-disclosures, covering Chase Strategic Portfolio / Mutual Fund Advisory Portfolio / Advisory Program / Fixed Income Advisory Program). The jpmorgan.com/adv brochure cited here is the higher-touch, non-Chase-retail channel and is the closest identifiable primary-source fee ceiling for Private Bank-referred JPMS advisory accounts; no document found states a fee schedule under the label ‘J.P. Morgan Private Bank’ verbatim.
| Account balance | Annual fee |
|---|---|
| $250,000 | $5,000 |
| $500,000 | $10,000 |
| $1,000,000 | $20,000 |
| $2,000,000 | $40,000 |
See the full breakdown, including how the figure is calculated, on J.P. Morgan Private Bank’s own fee page.
Is J.P. Morgan Private Bank a fiduciary?
J.P. Morgan Securities LLC is registered with the SEC as both a broker-dealer and an investment adviser, though bank-managed trust and fiduciary services offered under the J.P. Morgan Private Bank brand are provided through the separately regulated JPMorgan Chase Bank, N.A., not through this SEC-registered entity.
“When you receive investment advice from us, we are subject to an ongoing duty of loyalty and care and must not place our interests ahead of yours.”
In certain cases, our financial professionals receive a monthly minimum salary, along with product-related revenue in the form of commissions and advisory fees.
Full detail, including the exact registration type and source: J.P. Morgan Private Bank’s fiduciary status, explained.
The minimum to open an account
“(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.”
$10,000 to $1,000,000 for 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), depending on strategy. See the full minimum-investment breakdown, including what that minimum would cost per year, on J.P. Morgan Private Bank’s minimum investment page.
What it costs to leave
J.P. Morgan Private Bank does not yet have a dedicated exit-fee page on this site. The general mechanics of switching financial advisors and a dated termination letter apply regardless of firm.
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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
- J.P. Morgan Securities LLC: Client Relationship Summary (June 2025): https://reports.adviserinfo.sec.gov/crs/crs_79.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, drawing directly on J.P. Morgan Private Bank’s own current fee brochure and Form CRS, both linked above, plus this site’s own already-published fiduciary, minimum-investment, and (where one exists) how-to-leave pages for the same firm, each independently sourced when it was built. 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 J.P. Morgan Private Bank’s own Form ADV Part 2A and Form CRS. We have not used J.P. Morgan Private Bank as a client. J.P. Morgan Private Bank did not pay for, review, or influence this content. See our Editorial Policy, Corrections, Affiliate Disclosure, and Disclaimer.
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