Which is the best broker for high net worth investors?

After testing over 17 of the best brokers in the industry, I found that Charles Schwab is the best broker for self-directed high net worth investors. Its newly rolled out Private Client Services (high net worth) and Private Wealth Services (ultra high net worth) offer a winning combination of support, perks, and comprehensive reporting.

What is considered a high net worth investor?

Within the online stock brokerage industry, a high net worth individual (HNWI) is generally defined as someone who has liquid financial assets exceeding a certain threshold, typically ranging from $1 million to $5 million (in some cases, up to $10 million). However, the exact amount may vary depending on the brokerage, country, or market segment.

Where do high net worth individuals invest?

High net worth individuals usually have diversified portfolios of a variety of investments. They are typically less concerned about growth and more concerned with maintaining their purchasing power, minimizing taxes, and preserving their assets.

Is it safe to keep more than $500,000 in a brokerage account?

It’s likely safe, but it’s not optimal. The maximum coverage offered by the Securities Investors Protection Corporation is $500,000 per individual, of which a maximum of $250,000 can be cash. Some brokerages can automatically sweep cash balances into several FDIC insured accounts at partner banks.

Best Brokerage Firms for High Net Worth Individuals of 2024

Written by Sam Levine, CFA, CMT
Fact-checked by Steven Hatzakis
Edited by Carolyn Kimball
Reviewed by Blain Reinkensmeyer

October 17, 2024

Though there’s no clear-cut definition, “high net worth” investors in the financial services world are usually defined as households with over $1 million of liquid, investable assets. Brokerage firms compete hard for their business by offering better borrowing rates, attractive incentives, lower fees, reward programs, and more personalized service.

The best brokerage firms for high net worth households have extensive reporting, a wide range of account types, and a rich palette of investment options to manage the often-complicated financial risks that come with being wealthy. I evaluated the service models for high net worth investors, interviewed senior brokerage executives, and reviewed each broker's educational content to ensure important financial planning topics are covered adequately.

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