Chase vs. Wells Fargo High-Net-Worth Accounts: What’s the Difference?
For high-net-worth individuals (HNWIs), selecting the right bank is a key financial decision.
- When managing large sums, even small differences in rates, fees, and benefits can significantly impact long-term financial outcomes.
- Therefore, many large banks offer specialized divisions for clients with at least $1 million in liquid assets.
These divisions provide services beyond traditional banking, including concierge support, custom mortgage solutions, and exclusive credit card rewards.
- Among the most recognized are JPMorgan Chase and Wells Fargo, each offering tailored programs for affluent clients.
Key Takeaways
Both banks provide premium services for HNWIs, but the right choice depends on individual priorities.
- Clients who need flexible mortgage options and deal frequently in real estate might favor Wells Fargo.
- Clients focused on active investing and seeking robust brokerage access may find Chase more suitable.
Chase Private Client Banking
Chase Private Client (CPC) is designed to deliver personalized banking and investment services with tiered benefits based on a client’s total holdings.
- CPC members enjoy discounted mortgage rates, which apply throughout the loan term for fixed-rate mortgages and during the initial period for ARMs.
- These rate reductions also extend to home equity lines of credit (HELOCs).
- Clients benefit from a $750 closing cost discount and expedited loan processing, backed by a senior underwriting team.
Wealth management for CPC clients is provided by JPMorgan, offering services like financial advising, securities-based lending, and college savings strategies.
- Clients work with a dedicated Private Client Advisor, with access to JPMorgan’s global strategy teams for broader insight.
Exclusive Perks
- CPC clients can apply for premium cards like the Chase Sapphire Reserve, offering a $300 annual travel credit.
- Alternatively, the Chase Sapphire Preferred rewards double points on global travel and dining.
- Investment planning is handled by a single advisor, helping clients streamline their financial strategies.
Wells Fargo Private Bank
Wells Fargo’s Private Bank caters to clients with at least $1 million in investable assets, offering real estate-focused services and customized financial strategies.
- Clients can qualify for special interest rates based on deposit levels, similar to Chase.
- One standout feature is the option to recast mortgage payments after a lump-sum principal payment.
- This results in lower monthly interest payments, increasing long-term savings.
The bank also allows cash-only home purchases with financing options available up to 90 days post-purchase.
- Qualified buyers may secure jumbo loans with just 10.01% down, making it ideal for fast-paced real estate deals.
Broader Wealth Services
- Clients gain access to investment management, estate planning, trust services, and specialized asset handling.
- These assets may include businesses, mineral rights, or income-producing properties.
- Wells Fargo also offers the Private Bank By Invitation Visa Signature card, with rewards like:
- 3x points on travel,
- 2x on dining,
- and 1x on other purchases — all with no annual fee.
Client Interaction
- Unlike Chase, Wells Fargo does not assign a dedicated advisor upfront.
- Clients must first submit a contact form, after which a bank representative follows up for consultations.
Net Worth Classifications
Understanding net worth classifications helps determine eligibility for different services:
- Sub-High-Net-Worth Individual: $100,000–$999,999 in liquid assets.
- High-Net-Worth Individual (HNWI): At least $1 million in liquid assets.
- Very-High-Net-Worth Individual (VHNW): At least $5 million in liquid assets.
- Ultra-High-Net-Worth Individual (UHNW): At least $30 million in liquid assets.
The Bottom Line
While both banks offer comprehensive solutions for HNWIs, the service models and client experience differ.
- Chase requires a minimum daily balance of $150,000 to access its Private Client program, with only $100 needed to open an account.
- Wells Fargo, however, mandates at least $1 million in investable assets for entry into its Private Bank.
Each institution delivers robust services, but the best fit depends on individual goals, whether it’s hands-on wealth advising or real estate transaction flexibility.
