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.

Best Brokerage Firms for High Net Worth Individuals of April 2024

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.

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