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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

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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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
5/5 Stars 5.0 Overall

Best broker 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
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
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
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Winners Summary

Best broker for high net worth investors – Charles Schwab

Company Minimum Deposit Stock Trades Options (Per Contract)
Charles Schwab logoCharles Schwab
$0.00 $0.00 $0.65

Schwab is my pick for the best broker for high net worth individuals. With over 70% of its assets coming from high and ultra-high-net-worth clients, Schwab truly understands how to cater to this demographic of investors. High net-worth individuals gain access to personalized wealth management services, including Schwab Private Client Services for households with $1 to $10 million in assets and Schwab Private Wealth Services for those with more than $10 million. Both programs offer priority support and tailored banking services.

Intelligent Portfolios: One of Schwab’s unique offerings is its Intelligent Portfolios Premium, a robo-advisor service providing unlimited access to Certified Financial Planners (CFPs) for a low $30 monthly fee (and a one-time $300 planning cost). This is a competitive option compared to independent CFPs, who can charge upwards of $250 per hour. Schwab's broad suite of financial services also includes a wide range of account types, from IRAs (check out our Charles Schwab IRA review) and 529 plans to estate accounts, ensuring that all investors' needs are covered.

In addition to these premium services, Schwab delivers low-cost trading options. Stock and ETF trades are free, with options contracts costing only $0.65. Schwab's Stock Slices also made it one of our picks for the best brokers for fractional shares. Though there's no option for Best Crypto Trading Platforms of 2024 at Schwab, its breadth of research, high-tech platforms, and specialized services make it a top contender for high-net-worth and ultra-high-net-worth clients seeking comprehensive wealth management solutions. Read my Charles Schwab review to learn more.

Best rewards program - Merrill Edge

Company Minimum Deposit Stock Trades Options (Per Contract)
Merrill Edge logoMerrill Edge
$0.00 $0.00 $0.65

Merrill Edge's range of services tailored specifically to the needs of wealthy clients make it a great choice for high net worth investors. Merrill Edge’s comprehensive service offerings make it a compelling option for those who seek competitive trading fees alongside a broad range of wealth management services. As one of the best bank brokerages, Merrill provides an integrated approach to managing both your banking and investment needs.

Preferred Rewards Bank of America’s Preferred Rewards program integrates Merrill Edge assets with banking assets to determine reward tiers, creating a strong synergy between banking and brokerage. To qualify for the base tier, Gold, customers must maintain a three-month average combined balance of at least $20,000 across their bank and brokerage accounts. Benefits of the Preferred Rewards program include enhanced interest rates on money market savings, credit card bonuses, investment discounts, and more.

Preferred Deposit: With a minimum initial deposit of $100,000, the Preferred Deposit account at Merrill Edge offers variable interest on your cash. Merrill Edge, as your agent, deposits these funds into a Bank of America account. You must manually deposit at least $1,000 at a time, and withdrawals must also be manually moved back into your Merrill account for trading (cash is not automatically withdrawn to cover trades or margin). However, the Preferred Deposit generally provides a much higher interest rate than the cash sweep option—4.71% as of June 28, 2024, compared to 0.01% for cash sweep accounts with balances below $1 million. Learn more by reading my Merrill Edge review.

Best overall online broker - Fidelity

Company Minimum Deposit Stock Trades Options (Per Contract)
Fidelity logoFidelity
$0.00 $0.00 $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. 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. That said, there are private wealth services for folks who park at least $2 million of their at least $10 million with Fidelity.

All that said, Fidelity is simply one of the best stock brokers in the industry. Its well-rounded offering accommodates a wide range of investor needs, from stock trading to retirement services (check out our Fidelity IRA review), although it does not support futures or forex trading. Its crypto offering is limited, but its one of our picks for the best brokers for fractional shares. Though it lacks some of the banking resources provided by competitors like Schwab and Merrill Edge, Fidelity excels in key areas such as order execution and content tailored to investors' needs.

One of Fidelity’s major strengths is its low-cost structure, including $0 stock and ETF trades, which provide significant value to customers. The broker also stands out by not charging additional fees for penny stock trades and by rejecting payment for order flow – a rarety in the stock broker industry. Fidelity’s incidental fees, including no charges for account transfers, are either lower than average or in line with industry standards.

FAQs

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.

Our testing

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.

Blain Reinkensmeyer, co-founder of StockBrokers.com, has been investing and trading for over 25 years. After having placed over 2,000 trades in his late teens and early 20s, he became one of the first in digital media to review online brokerages. Today, Blain is widely respected as a leading expert on finance and investing, specifically the U.S. online brokerage industry. Blain has been quoted in The New York Times, The Wall Street Journal, Forbes, and Fast Company, among others. Blain created the original scoring rubrics for StockBrokers.com and oversees all testing and rating methodologies.

How we tested

  • We used our own brokerage accounts for testing.
  • We collected multiple data points for each broker.
  • We tested each online broker's website and mobile app, where applicable.
  • We maintained strict editorial independence; brokers cannot pay for inclusion or a higher rating.

Our research team meticulously collected data on features with particular importance to those saving for retirement, such as trading costs, management fees, availability of fee-free funds, ease of website and app use, and retirement planning tools and resources.

At StockBrokers.com, our reviewers use a variety of computing devices to evaluate platforms and tools. Our reviews and data collection were conducted using the following devices: iPhone SE running iOS 17.5.1, 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.

Each broker was evaluated and scored in seven key categories: retirement account types, IRA fees, self-directed investment options, managed investment options, retirement planning tools, rollover experience, and ease of use.

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About the Editorial Team

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 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 is a former managing editor for StockBrokers.com and investor.com. 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 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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