You Invest Portfolios review
A robo-advising platform built by the largest bank in the US.You Invest Portfolios is a robo-advising platform created by JPMorgan Chase. It’s ideal for hands-off investors looking for a robo-advisor to design, balance and manage their portfolios. But you need at least $500 to start and there’s a steep management fee.
Minimum deposit to open
Cassidy Horton is a writer for Finder, specializing in banking and investments. She has a Bachelor of Science in Public Relations and a Master of Business Administration from Georgia Southern University. Cassidy enjoys educating people about financial services, exploring the Pacific Northwest and watching endless reruns of The Office.
Expert reviewYou Invest Portfolios takes the guesswork out of investing. Simply answer a few questions about your risk tolerance and goals, then let this robo-advisor manage everything for you. Plus, get the added security of knowing you’re investing with the largest bank in the US.
But watch out for a $500 opening deposit and a 0.35% management fee. Although it’s cheaper than getting advice from a human, there are other robo-advising platforms that will manage your account for free.
How does You Invest Portfolios work?
As with most robo-advising platforms, You Invest Portfolios is ideal for hands-off investors.
When you start the account application process, you’ll answer a series of questions about your risk tolerance, time horizon and financial goals. You Invest Portfolios will then recommend a broadly diversified portfolio of JPMorgan ETFs that align with your risk profile and investment preferences.
Once you fund your account, You Invest Portfolios will monitor your portfolio and automatically make adjustments if your portfolio gets unbalanced or external factors come about that could impact your investments.
You Invest Portfolios feesYou Invest Portfolios charges a 0.35% management fee on your account balance each year. Other fees you may include expenses charged by the ETFs in your account.
What are the benefits of You Invest Portfolios?You Invest Portfolios is available online and the mobile app and includes several perks:
- Risk-based questions. As with most robo-advisors, You Invest asks you a series of risk-based questions to determine which portfolio is right for you.
- Automatic rebalancing. With You Invest, Chase tracks your portfolio daily and rebalances when needed.
- Professionally designed. Each You Invest Portfolios was designed by JPMorgan’s team of financial experts.
- Several account options. Save for your future using a joint or individual investment account. Or, save for retirement using a traditional or Roth IRA.
What to watch out for
If you plan on opening a You Invest Portfolios account, watch out for these potential drawbacks:
- 0.35% management fee. This is less than you’d pay for a human adviser, but other robo-advisors offer fees as low as 0%.
- $500 investment minimum. This minimum opening deposit is higher than other robo-advising platforms, which charge as little as $0 to get started.
- Limited securities. This robo-advisor uses JPMorgan ETFs only, so you won’t find any other securities in your portfolio.
- $250 daily minimum balance. Chase won’t manage your account if your balance is lower than $250.
If you want a robo-advisor with lower fees or minimum opening deposit requirements, you’ll want to keep looking. As always, compare your options when considering a robo-advisor.
Compare with other stock trading platforms
You Invest Portfolios reviews and complaintsYou Invest Portfolios is a fairly new robo-advising platform, so there aren’t many reviews. With that said, JPMorgan Chase is the largest bank in the US, so it prides itself on security.
If you look at the company as a whole, JPMorgan Chase has quite a few customer complaints. It isn’t accredited by the Better Business Bureau and has a 1 out of 5 stars based on 216 customer reviews.
How do I get started?
Follow these six steps to get started with You Invest Portfolios:
- Go to the official Chase website, navigate to the You Invest Portfolios webpage and click Open an account.
- Enter basic information about your age, minimum amount, risk tolerance and investing timeline and click Determine your risk profile.
- Answer multiple-choice questions about your investing goals and click Next.
- Review your risk profile and click Open an account.
- Enter your personal information including your name, citizenship, date of birth, Social Security number and click Next.
- Follow the prompts to verify your identity, submit your application and fund your account.
If you meet these requirements, you’re eligible for a You Invest Portfolios account:
- At least 18 years old
- US citizen or resident
- Social Security number
- US residential address
- Government-issued ID
- $500 minimum deposit
Have the following information ready when you open an account:
- Full name
- Date of birth
- US home address
- Social Security number
- Government-issued ID number
- Employer name and address
- Investment goals
You Invest Portfolios customer service
There are a few ways to get in touch with JPMorgan’s customer support team:
- Call 800-343-3548 at any time
- Start a live chat on JP Morgan’s website using the Virtual Assistant feature
- Send a secure email from your account portal