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Best Brokerage Firms for High Net Worth Individuals of 2024

Sam Levine, CFA, CMT

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

March 28, 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 and consolidated reporting, a wide range of account types, and a rich palette of investment options to manage the often complicated financial risks wealthy people often face. I evaluated the service models for high net worth investors, interviewed senior brokerage executives, and reviewed the educational content to ensure important financial planning topics such as estate planning, educational funding, Medicare, and gifting are covered adequately. Here are my top picks.

Why you can trust StockBrokers.com

Since 2009, we've helped over 20 million visitors research, compare, and choose an online broker. Our writers have collectively placed thousands of trades over their careers. Here's how we test.

Best Brokers for High Net Worth Individuals

  • Charles Schwab
    - Best for high net worth investors
  • Merrill Edge - Best rewards program
  • Fidelity - Best overall online broker
  • Interactive Brokers
    - Great overall, best for professionals
  • E*TRADE
    - Best web-based platform
Charles Schwab
5/5 Stars 5.0 Overall

Best for high net worth investors

Minimum Deposit$0.00
Stock Trades$0.00
Options (Per Contract)$0.65

Schwab has the most integrated suite of tools, reports, and services for high net worth investors, all supported by a dedicated cadre of exceptionally qualified wealth advisors. Read full review

Pros
  • TD Ameritrade’s excellent thinkorswim trading platforms now available
  • Trading-friendly app and browser enhancements
  • Exceptional high net worth services
Cons
  • No cryptocurrency trading
  • Mutual fund fees are complex
Visit Site

Trade with thinkorswim®, now at Schwab.

Merrill Edge
4.5/5 Stars 4.5 Overall

Best rewards program

Minimum Deposit$0.00
Stock Trades$0.00
Options (Per Contract)$0.65

Merrill Edge has a compelling reward program for high net worth clients and its ties to Bank of America and Merrill Lynch Wealth Management can facilitate everything from a debit card to bringing your private company public. Read full review

Pros
  • Portfolio Story, Dynamic Insights, and the Stock and Fund Stories are groundbreaking features
  • High-quality proprietary research
Cons
  • Some site elements slow to load
  • No crypto, futures, forex or penny stocks
Fidelity
5/5 Stars 5.0 Overall

Best overall online broker

Minimum Deposit$0.00
Stock Trades$0.00
Options (Per Contract)$0.65

Fidelity has a top-notch reputation and delivers a wide range of well organized and high-quality content that addresses high net worth concerns. Read full review

Pros
  • Excellent research and mobile app
  • Top-notch education
  • Decades of reliable client service
Cons
  • No dedicated mobile app for active trading
Interactive Brokers
4.5/5 Stars 4.5 Overall

Best for professionals, international trading

Minimum Deposit$0.00
Stock Trades$0.00
Options (Per Contract)$0.65

Interactive Brokers offers professional tools and reporting, competitive pricing, global access, and a wide range of investment choices. Read full review

Pros
  • Astounding array of customizable tools
  • Allows trading in foreign markets
  • Convenient apps for individual investors
Cons
  • Restrictive trading permissions
  • Main platforms might feel cold
Visit Site

New clients, special margin rates.

E*TRADE
5/5 Stars 5.0 Overall

Best web-based platform

Minimum Deposit$0.00
Stock Trades$0.00
Options (Per Contract)$0.65

E*TRADE stands out for its zero-fee mutual fund trades, easy-to-use trading platforms and Morgan Stanley research. Read full review

Pros
  • Watch lists are the best in the business
  • Smooth mobile navigation
  • High-quality high-net-worth Morgan Stanley proprietary research
Cons
  • Cryptocurrencies not currently available
  • Margin rates are high compared to other brokers
Visit Site

Open and fund & get up to $1,000.

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Winners Summary

Best for high net worth investors - Charles Schwab

Company Minimum Deposit Stock Trades Options (Per Contract) Offers Visit Site
Charles Schwab logoCharles Schwab $0.00 $0.00 $0.65 Trade with thinkorswim®, now at Schwab. Visit Site

Did you know that over 70% of assets at Schwab come from high and ultra high net worth clients? I didn’t until recently, but I’m not surprised, as Schwab has the most integrated suite of tools, reports, and services for high net worth investors, all supported by a dedicated cadre of exceptionally qualified wealth advisors. The acquisition of TD Ameritrade brought over new features, including one of my favorite trading platforms, thinkorswim. Read review.

Best rewards program - Merrill Edge

Company Minimum Deposit Stock Trades Options (Per Contract) Offers Visit Site
Merrill Edge logoMerrill Edge $0.00 $0.00 $0.65 Read Review

Merrill Edge was my choice for the Best for High Net Worth award last year, and it’s still an exceptional firm for wealthy customers with diverse needs such as bringing a company public. I am particularly impressed by its compelling reward program for high net worth clients and its convenient tie-in with Bank of America. Some clients may need to establish new relationships outside the self-directed Merrill Edge to accomplish all their goals. Read review.

Best overall online broker - Fidelity

Company Minimum Deposit Stock Trades Options (Per Contract) Offers Visit Site
Fidelity logoFidelity $0.00 $0.00 $0.65 Read Review

Fidelity has a top-notch reputation and delivers a wide range of well-organized and high-quality content that addresses high net worth concerns. The primary issue that led me to rank Fidelity third for high net worth is that it doesn’t have the banking resources available at Schwab and Merrill Edge. The Fidelity service model I evaluated also seems geared toward the mass affluent, those with $100,000 to $1 million in liquid assets. There are private wealth services for folks who park at least $2 million of their at least $10 million smackers with Fidelity, but I may need to wait on testing that until my futures options trading really pays off. It might be a while. Read review.

FAQs

Which is the best broker for high net worth investors?

Based on our analysis, 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?

The brokerage industry generally classifies individuals with between $1 million and $10 million of investable (liquid) assets as high net worth investors.

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 cash can be cash. Some brokerages can automatically sweep cash balances into several FDIC insured accounts at partner banks.

Our Research

Why you should trust us

Sam Levine, CFA, CMT, formerly a lead writer for StockBrokers.com, has over 30 years of investing experience and actively trades stocks, ETFs, options, futures, and options on futures. He's held roles as a portfolio manager, financial consultant, investment strategist and journalist. He holds the Chartered Financial Analyst (CFA) and the Chartered Market Technician (CMT) designations and served on the board of directors of the CMT Association.

Sam's expertise is backed by a team of fellow veteran traders, data auditors, editors and project managers who work to ensure that StockBrokers.com's guides are the most unbiased and complete in the industry.

For this guide:

  • We used our own brokerage accounts for testing. For several brokers, we also used test accounts that were provided to us.
  • We researched and compared relevant services offered by 17 stock brokers.
  • We interviewed senior brokerage firm executives.

How we tested

The StockBrokers.com editorial staff assessed the product offerings, educational content, and service models provided by 17 brokers, taking the perspective of high net worth households, which we define as those having $1-$10 million in liquid, investable assets. Some key criteria include cost, integration of services, availability of personalized advice and service, and the quality and quantity of educational content addressing intergenerational wealth transfers, tax minimization strategies, wealth preservation, and philanthropy.

StockBrokers.com uses a variety of computing devices to evaluate trading platforms. Our reviews were conducted using the following devices: iPhone 12 Pro, iPhone 15 Pro Max, MacBook Pro M1 with 8 GB RAM running the current MacOS, and a Dell Vostro 5402 laptop i5 with 8 GB RAM running Windows 11 Pro. In testing platforms and apps, our reviewers place actual trades for a variety of instruments.

As part of our data check process, we sent a data profile link to each broker summarizing the data we had on file and the data they provided us last year, with a field for entering any data that had since changed. For the brokers that filled out these profiles, we audited the information for any discrepancies between our data and the broker’s data to ensure accuracy.

As part of our review process, all brokers had the opportunity to provide updates and key milestones in a live meeting that took place in the fall. Meetings with broker teams also took place throughout the year as new products rolled out. Insights gathered from these calls helped steer our testing efforts to ensure every feature and tool was assessed.

Trading platforms tested

We tested 17 online trading platforms for this guide:

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About the Editorial Team

Sam Levine, CFA, CMT
Sam Levine, CFA, CMT

Sam Levine has over 30 years of experience in the investing field as a portfolio manager, financial consultant, investment strategist and writer. He also taught investing as an adjunct professor of finance at Wayne State University. Sam holds the Chartered Financial Analyst and the Chartered Market Technician designations and is pursuing a master's in personal financial planning at the College for Financial Planning. Previously, he was a contributing editor at BetterInvesting Magazine and a contributor to The Penny Hoarder and other media outlets.

Steven Hatzakis
Steven Hatzakis

Steven Hatzakis is the Global Director of Research for ForexBrokers.com. Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. Steven is an active fintech and crypto industry researcher and advises blockchain companies at the board level. Over the past 20 years, Steven has held numerous positions within the international forex markets, from writing to consulting to serving as a registered commodity futures representative.

Carolyn Kimball
Carolyn Kimball

Carolyn Kimball is managing editor for Reink Media and the lead editor for the StockBrokers.com Annual Review. Carolyn has more than 20 years of writing and editing experience at major media outlets including NerdWallet, the Los Angeles Times and the San Jose Mercury News. She specializes in coverage of personal financial products and services, wielding her editing skills to clarify complex (some might say befuddling) topics to help consumers make informed decisions about their money.

Blain Reinkensmeyer
Blain Reinkensmeyer

Blain Reinkensmeyer has 20 years of trading experience with over 2,500 trades placed during that time. He heads research for all U.S.-based brokerages on StockBrokers.com and is respected by executives as the leading expert covering the online broker industry. Blain’s insights have been featured in the New York Times, Wall Street Journal, Forbes, and the Chicago Tribune, among other media outlets.

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