Here are details on our investment products and services, as well as those we offer from third party providers. We provide this information to help you understand our investment products and services so that you can choose what works best for you.
Different types of investment accounts
Different types of brokerage accounts
Different Types of Investment Management Accounts
Brokerage Accounts
Brokerage accounts and related services primarily involve assisting you with the purchase and sale of securities based on your instructions. These accounts have a transaction-based cost structure where you retain the final investment decision on all transactions in the account.
When acting as a broker-dealer:
Discretionary Investment Management Accounts
Discretionary Investment Management Accounts are discretionary accounts in which you authorize JPMCB to act as your discretionary investment manager, and give JPMCB the power to invest on your behalf by buying and selling securities in your account and making all investment decisions for your account without consulting you. You also authorize JPMCB to take any actions necessary to open and maintain your account and to complete and pay for executions or other transactions for your account and, if we deem it appropriate, to appoint a JPMCB affiliate or a third-party manager to act as a sub-advisor on your account.
For these investment management programs and services, you generally pay a fee based on the value of your account’s assets. Additionally, trade execution and other applicable fees may also apply. All fees will be outlined in our agreements with you, including the fee schedule for investment management accounts.
In providing investment management services, JPMCB has a fiduciary duty to you as set forth in 12 CFR Part 9 governing Fiduciary Duties of National Banks. JPMCB is subject to regulation and supervision by the Office of the Comptroller of the Currency and is a member of the Federal Reserve System. As a fiduciary, we are required to act in what we reasonably believe to be your best interests based on your investment objectives. We must not place our own interests ahead of your interests, and must treat all of our investment management clients fairly and equitably without unfairly favoring one client to the disadvantage of another.
As part of our fiduciary duty to you, among other things, we are required to make full and fair disclosure of all material facts relating to our advisory relationship with you, including conflicts between our interests and your interests, and must obtain your informed consent before engaging in transactions with you for your own account, the account of an affiliate, or the account of another client (to the extent otherwise permitted under applicable federal law). We act as an investment manager only when we have entered into a written agreement with you that describes our advisory relationship and obligations to you.
Both Brokerage and Investment Management Accounts
In both brokerage and investment management accounts that include professionally managed investment products such as mutual funds or exchange-traded funds (“ETFs”), you will be charged additional operating expenses that are reflected in the product’s share price—for example, investment management fees assessed by the manager of the funds. There may also be other fees and expenses, which will be described in agreements and disclosures provided to you. You can find additional informationabo ut brokerage fees and expenses in Section 3, Brokerage Products.
While we always take care in developing and making recommendations to you as a broker-dealer or investment manager, securities involve risk, and you may lose money. There is no guarantee that you will meet your investment goals, or that our recommended investment strategy will perform as anticipated. Please review all of the documents you are provided for the details of a product or service, the risks associated with the product and other important information.
We offer full service brokerage accounts. You can also open a self-directed brokerage account through our You Invest Trade platform. You can also have both types of accounts. The main differences between them are how you work with us, who you work with, the types of investment options and services available to you, and the costs.
With full service brokerage accounts, you work with your J.P. Morgan team, which can provide goals-based advice, guidance, and help with specific investment needs. With self-directed brokerage accounts, which we call J.P. Morgan Self-Directed Investing accounts, you will make your own investment decisions and will primarily engage with us online.
As a result of these differences, the fees that you pay will likely vary. Some account types, strategies, products and services may only be offered in one of the service models. For example, certain mutual fund share classes, investment strategies or account types may only be available through J.P. Morgan Self-Directed Investing, while others may only be available through your J.P. Morgan team in a full service brokerage account. You can open multiple accounts and choose to work with us in different ways depending on your objectives in each account.
Full Service Brokerage Account
J.P. Morgan Self-Directed Investing
We may charge your account certain fees or other amounts in the normal course of providing certain services or products to you. These charges may include such things as fees for certain administrative services.
Please note that the fees outlined in this Guide are specific to U.S. products and services. If you are a client of the International Private Bank, refer to the Full Service Brokerage with Custody Accounts Fee Schedule—International Clients in our Appendix, or contact your J.P. Morgan team for information on fees and expenses relating to the products and services available to you. Please also be aware that some account types, and certain products and services, may not be available to all clients.
Full Service Brokerage Account
J.P. Morgan Self-Directed Investing
Discretionary J.P. Morgan Automated Investing Accounts
Custody
Description:
Fees and Costs:
Retirement Accounts
Description:
We offer Individual Retirement Accounts to our clients, including:
Fees and Costs:
529 Plan (Full Service Only)
Description:
Fees and Costs:
Margin (Full Service Only)
Description:
Fees and Costs:
Interest will be charged as provided below on any credit extended to you by JPMS for the purpose of purchasing, carrying or trading in any security. The annual rate of interest you are charged3 may fluctuate with changes in the stated base rates. The changes in rates resulting from this fluctuation will be made without prior notice to you. The amount of interest charged to an account can be viewed on its monthly statement.
A fiduciary standard for broker-dealers may be set forth under the rules of certain states or as a condition to maintaining certain certifications. See “State-Specific Information ,” where applicable.
JPMS has retained an affiliate, J.P. Morgan Investment Management Inc. (“JPMIM”) to have investment discretion over the construction of the model portfolios (including fund selection and replacements) for You Invest Portfolios. JPMS retains trading authority to implement the model portfolios and place orders consistent with each client’s Selected Portfolio.
The annual rate of interest charged to clients on credit from JPMS varies upon the amount of the debit balance and is based on the “Brokers’ Call Loan Rate” plus a percentage. The broker call rate is computed on an average daily basis and determined by JPMS for this purpose in accordance with prevailing money market conditions. In making such determination, JPMS considers, among other things, the rates quoted for brokers’ loans by one or more New York banks that are members of the New York Clearing House Association.