No: J.P. Morgan Securities is paid through commissions, markups, revenue sharing and payments from product issuers, as well as advisory fees. J.P. Morgan Securities LLC, the JPMorgan Chase company behind Chase and J.P. Morgan wealth advisors, is registered with the SEC as both a broker-dealer and an investment adviser. Its main advisory programs at Chase charge 1.45% a year on accounts under $250,000, falling to 1.00% from $1 million. J.P. Morgan Personal Advisors charges 0.50% to 0.60%.
That makes J.P. Morgan Securities a dual registrant, not a fee-only firm. Here’s what its own filings say.
How J.P. Morgan is paid
J.P. Morgan Securities (CRD 79) offers brokerage and advisory accounts, and its Form CRS, dated June 2025, covers both. (Investment advice managed by the bank, JPMorgan Chase Bank, N.A., is a separate business with its own documents.)
Full-service brokerage. “You’ll pay a transaction fee on every purchase or sale of a security.” It can be a commission or “included in (a ‘mark-up/mark-down’) the price you pay.” You review every trade and “you’ll be responsible for monitoring your investments.”
Self-directed brokerage. “You’ll pay no commission for buying and selling U.S.-listed equities and ETFs when you trade online.” Options carry an extra fee.
Advisory accounts. Wrap programs charge a fee based on your assets that covers trade execution, clearing, settlement and custody. The Form CRS says “the more assets you have with us, the larger the fee may be.”
On its Form ADV Part 1, filed October 29, 2026, the advisory side reports being paid by a percentage of assets and one other way, described as a fee “computed based on cents-per-share-deposited-into-the-account.” It doesn’t check commissions there; the commissions described in the Form CRS are on the brokerage side, which this part of the form doesn’t cover. It reports other businesses as a broker-dealer, futures commission merchant, insurance broker or agent, and security-based swap dealer.
The CFP Board’s standards allow “fee-only” only when neither the advisor nor a related party receives sales-related compensation. Commissions, markups and revenue sharing are sales-related pay, so J.P. Morgan Securities doesn’t meet that test as a firm.
What else the filings disclose
Its own products. The firm may recommend “proprietary products issued or managed by J.P. Morgan, resulting in more compensation to our firm.” In Chase Strategic Portfolio and J.P. Morgan Core Advisory Portfolio, the June 26, 2026 brochure says “a substantial portion of the assets in the programs are invested, or expected to be invested, in J.P. Morgan Funds.” In Chase Strategic Portfolio, a J.P. Morgan affiliate is “the only SMA or Model Manager.”
Payments from others. The firm may receive compensation from third-party issuers “in return for recommending products they issue,” and revenue sharing on affiliated or third-party products.
Trading and underwriting. It may trade with you as principal in some account types, though “in some account types, including investment advisory accounts, we generally do not allow principal trading.” It may also act as underwriter or placement agent and be paid by the issuer.
How advisors are paid. Some advisors “receive a monthly minimum salary, along with product-related revenue in the form of commissions and advisory fees,” and may earn bonuses for revenue or asset targets. Others get a salary and bonus “not directly tied to the frequency of client trading or the amount of client assets” in advisory programs. On discounts, the Chase brochure says advisors “will earn reduced compensation” when they discount the fee more than a set percentage below the schedule.
Disciplinary history. The Form CRS answers “Yes” and points to Investor.gov. The details are on BrokerCheck.
What J.P. Morgan costs
J.P. Morgan publishes real fee schedules for its Chase-channel programs and for Personal Advisors. In both, the rate for your balance applies to the whole account, not just the slice in each tier.
Chase advisors (J.P. Morgan Private Client Advisors and Financial Advisors). The June 26, 2026 brochure covers Chase Strategic Portfolio, J.P. Morgan Core Advisory Portfolio, Mutual Fund Advisory Portfolio and the Advisory Program:
| Account assets | Yearly rate |
|---|---|
| Under $250,000 | 1.45% |
| $250,000 to $499,999 | 1.30% |
| $500,000 to $999,999 | 1.15% |
| $1 million to $1,999,999 | 1.00% |
| $2 million to $4,999,999 | 0.75% |
| $5 million to $9,999,999 | 0.65% |
| $10 million and up | 0.55% stepping down to 0.30% |
Minimums are $10,000 for J.P. Morgan Core Advisory Portfolio and $50,000 for Chase Strategic Portfolio. An outside manager’s fee is added where one is used.
J.P. Morgan Personal Advisors. The June 11, 2026 brochure lists 0.60% a year under $250,000 and 0.50% at $250,000 or more, with a $25,000 minimum. The fee covers financial planning and discretionary management.
J.P. Morgan Wealth Advisors. A third brochure, dated June 30, 2026, sets a maximum of 2.00% for J.P. Morgan’s part of the fee in programs offered through Wealth Advisors. It says some of the same strategies are “available through another J.P. Morgan sales channel with a lower maximum annual rate.”
Worked out on the published schedules, before fund expenses:
- $500,000: $5,750 a year at Chase (1.15%), $2,500 in Personal Advisors (0.50%)
- $1 million: $10,000 at Chase (1.00%), $5,000 in Personal Advisors (0.50%)
For comparison, fee-only firms that publish a percentage fee charge a median 1% of assets. Fee-only planners who charge a flat fee for ongoing planning charge a median $4,500 a year (middle half $2,400 to $7,200), whatever your balance, and a one-time plan has a median of $2,000. A flat-fee planner may not manage your investments for that price, while these J.P. Morgan fees cover management, trading and custody. Because these programs hold mostly J.P. Morgan Funds, ask what the funds charge too. Our guide to wrap fees vs à la carte fees explains what a wrap fee includes.
Who J.P. Morgan may suit
J.P. Morgan may suit someone who banks with Chase and wants an advisor in a branch they already use, with investing, cash and lending in one relationship. Personal Advisors, at 0.50% to 0.60% with a $25,000 minimum and planning included, suits someone who wants a managed portfolio and a plan at a published price. Someone who trades on their own has commission-free online stock and ETF trades.
Someone who wants advice from a firm paid only by them, or a portfolio not built mainly from one company’s funds, may want to compare a fee-only advisor first. Our guides to independent advisor vs bank advisor, private banker vs fee-only advisor and independent RIA vs wirehouse cover the differences. For other large firms, see Morgan Stanley and Fidelity.
How to check it yourself
- Read the Form CRS. It’s linked from the firm’s SEC record. See what a Form CRS tells you.
- Find your program’s brochure at chase.com/managed-account-disclosures and read the “Wrap Account Fees” or “Fees and Compensation” section.
- Ask which channel and program you’re in, since the same strategy can carry a different maximum in each.
- Ask for your total cost in dollars, including the advisory fee, any manager fee and the expense ratios of the funds you’d hold.
- Look up your advisor on BrokerCheck.
Our guide to telling whether an advisor is fee-only walks through each check, and questions to ask a financial advisor gives you the rest.
Compare similar firms
Other wirehouses and investment banks we’ve checked against the fee-only definition: Merrill, Morgan Stanley, UBS, Wells Fargo Advisors, Goldman Sachs. See all 50 firms.