Best Brokerage Firms for High Net Worth | PillarWM (2024)

Are you searching for the best brokerage firms for high net worth so you can effectively invest and maximize your life earnings? Taking time to understand what you’re looking for, what’s out there, and how to determine your best course of action is a smart decision, and we’re here to help.

If you have liquid assets worth at least $5 million and above, ask for a free copy of our guide 7 Secrets to High Net Worth Investment Management, Estate, Tax, and Financial Planning. The guide is particularly geared towards high-income earners and ultra-high-income earners who have $5 million to $500 million worth of liquid wealth. The guide introduces readers to the essentials of wealth management and financial planning, among other things and explains what you can expect from the best brokerage firms for high net worth.

STRATEGIES FOR FAMILIES WORTH $5 MILLION TO $500 MILLION

7 Secrets To High Net Worth Investment Management, Estate, Tax and Financial Planning

The insights you’ll discover from our published book will help you integrate a variety of wealth management tools with financial planning, providing guidance for your future security alongside complex financial strategies, so your human and financial capital will both flourish.

Clients frequently share with us how the knowledge gained from this book helped provide them tremendous clarity, shattering industry-pitched ideologies, while offering insight and direction in making such important financial decisions.

Choosing a financial advisor to work with is a difficult task, even more so for high net worth and ultra-high net worth individuals/families. You have access to several financial opportunities, like investing in certain assets or building diverse portfolios comprising various investment types to grow wealth over time.

Managing an investment portfolio of such magnitude is no easy feat, especially when you’re alone. This is where the best brokerage firms for high net worth can help.

No matter where you’re located in the USA, Pillar Wealth Management can help you with effective investment and wealth management solutions. With 60+ years of experience in wealth management, investment management, tax planning, estate planning, business succession planning, and more, we’ve established a reputation for delivering reliable tailored solutions to high net worth and ultra-high net worth clients that have liquid assets between $5 million and $500 million. We use both active as well as passive management. Such a combination is put together so that the best interest of every client is achieved, You can even book a no-obligation meeting with one of our team members to start off.

Till then, here is all you need to know about the best brokerage firms for high net worth.

Best 8 Online Brokerage Accounts and Trading Platforms of 2022

4 Best Brokers of 2022

Fidelity Investments

Fidelity, a Boston-based company, has over $4.5 trillion in assets under management, which makes it one of the top firms by that criterion alone. The company was founded in 1946. The company is considered the best low-cost broker and the best broker for ETFs. Fidelity delivers value by not charging account fees; it has no minimum requirement to open a brokerage account, and it provides commission-free trades.

Fidelity serves over 40 million customers, helping them feel confident about meeting their financial goals. The company manages employee benefit programs for more than 20,000 businesses. Fidelity has over 50,000 associates and 300 investor centers with a global presence in nine countries outside the US.

Fidelity’s products include Fidelity Go, an online investment management platform; Fidelity Personalized Planning & Advice, providing access to 1 on 1 coaching with a Fidelity advisor; Fidelity Wealth Management with a dedicated advisor; and Fidelity Private Wealth Management for comprehensive advisory services from a team lead by an advisor.

The company’s investment products include mutual funds, retirement and IRAs, stocks and trading, ETFs, health and college savings accounts, fixed income, CDs, insurance, and annuities. Its newest ETF is Fidelity Total Bond (FBND). Fidelity offers direct indexing through Fidfolios, either built and managed by you or managed by Fidelity.

Customers can access digital assets such as cryptocurrencies through a digital assets account.

Fidelity offers flexibility and customization across its digital platforms and is rated Best Broker for Low Costs by Investopedia.

TD Ameritrade

TD Ameritrade was founded by Joe Ricketts in Omaha, Nebraska, in 1975. It was acquired by Charles Schwab in 2020 and is a full-service online broker. TD Ameritrade’s subsidiaries include Thinkorswim, a web-based and mobile trading platform. The desktop platform allows the investor to test their investment strategies, with the tools to make complex trades. The online TD Ameritrade experience is consistent across platforms.

TD Ameritrade, with 11 million customers, has more than $1 trillion in assets and provides custodial services for over 6,000 registered investment advisors.

The company’s investment products include stocks, options, ETFs, mutual funds, futures, Forex, margin trading, cryptocurrency trading, annuities, and bonds & fixed income. TD Ameritrade also offers a lending program in which investors can lend shares they own to earn additional income.

The company offers low pricing and no balance requirements. TD Ameritrade is rated Best Broker for Beginners and Best Broker for Mobile by Investopedia.

Interactive Brokers

Interactive Brokers (IBKR) operates the largest online trading platform in the US. It was founded in 1978 in New York City by Thomas Peterffy.

IBKR has over one million customers, who have been able to trade in cryptocurrencies (Bitcoin, Ethereum, Litecoin, and Bitcoin Cash) since 2021.

IBKR’s other investment products include stocks, options, futures, bonds, mutual funds, and ETFs. The company charges commissions of 0.12 to 0.18% of the traded amount.

According to the company website, “IBKR is your gateway to the world’s markets.” Investors have access to more than 150 global markets and can trade assets in 24 different currencies.

IBKR Pro is a service for advanced traders, accessing IB SmartRoutingSM to search for the best available prices for stocks, options, and combinations.

IBKR GlobalAnalyst can be used by investors to search for stocks worldwide, which may be undervalued.

IBKR offers its Traders’ Academy for online courses in investing.

IBKR was rated Best Broker for Advanced Traders and Best Broker for International Trading by Investopedia.

Tastyworks

Tastytrade, the parent company of Tastyworks, was founded in 2011 and acquired by IG Group in 2021 for $1 billion. In 1981, Tastyworks’ founders were traders on the Chicago Board Options Exchange. They were pioneers in options trading technology. Tastyworks launched crypto trading in 2021.

Tastyworks investment products include options, futures, options on futures, stocks, ETFs, commodities, indices, and cryptocurrencies. It offers trading for browser, desktop, and mobile.

The Follow Feed option on the trading platform allows the investor to follow the trades of their favorite traders. The in-platform video feed shows real traders working on the platform, providing inspiration for strategies and research. Investopedia rated Tastyworks Best Broker for Options.

Brokerage Firms: Overview

A brokerage company or brokerage firm is essentially an intermediary who connects sellers and buyers to complete a transaction for bonds, stocks, options, and other financial instruments.The key reason brokerage firms exist is to help onboard investors match two sides for a trade, bringing together sellers and buyers at the best price possible for each. For this service, brokers are compensated in fees or commissions that are charged once the transaction is completed.

However,brokerage firms are not the only financial entities out there which have that prowess. The wealth managers at Pillar Wealth Management are highly qualified at minimizing investment risk while amplifying investment performance. Set up a free meeting with us and find more about how we can enhance your investment results.

In addition, full-service brokerage firms provide supplementary services as well, including research and guidance on a vast range of financial products. In addition, many discount brokerage companies also provide clients with zero-commission stock trading. Loss of revenue in such cases is recovered from other sources, such as trading fees for other products like bonds and mutual funds or payments from the exchanges for large order quantities. If you’d like to learn some effective strategies to manage your wealth, consider using our $10million financial guide.

Best Brokerage Firms for High Net Worth

Investors often ask us “What brokerage has the most money?” assuming that the company with the most money is the best industry player. But that’s where most investors are mistaken.

Although there are several brokerage firms out there performing incredibly, it is important to understand that when it come to high net worth and ultra-high net worth investors, custom solutions are what actually matter. Getting the most out of your money is all about personalization and knowing what your financial needs are vs. being just another addition to a client list; as it usually is the case with the big names in the brokerage industry. Moreover, it’s also about what high net worth investors like you expect, demand, and deserve to receive from the best brokerage firm.

In addition, it is also essential to note that each brokerage firm is unique in its services and offerings. Consequently, the answer to “What are the best brokerage firms for high net worth?” can be rather a very personal one. Nonetheless, the best brokerages work closely with all their clients to identify and understand their unique financial goals and develop comprehensive plans to accomplish them accordingly. At Pillar Wealth Management, we offer services of qualified wealth managers, who have years of experience in managing high-profile portfolios of high net worth and ultra-high net worth individuals. They’ll share key insights with you to help you understand what wealth management entails and how you can profit from it the most. Get in touch with our team today for a free one-on-one consultation.

Remember, onboarding with a brokerage company is one of the most crucial financial decisions you’ll ever make; thus, handle it with meticulous attention to detail. After all, you’ll be spending considerable amount of money in commissions or fees to them for their level of service.

To help you out in making a wise (and money-making) decision, here are some good pointers to follow when choosing a brokerage firm to invest your money and build serious wealth with:

1. Determine Investment Priorities
2. Consider Account Types
3. Evaluate Available Tools for Support

1. Determine Investment Priorities

As shared earlier, each brokerage company has different strengths and weaknesses. Some firms are better for high net worth investors while others cater people who wish to trade but lack the wealth to do so. Likewise, there are brokerages that charge low or no fees owing to their zero-frill strategies, on the other hand, other firms may cost more or require greater account minimums in return for better customer support.

To find a brokerage firm that is a good match for your investing needs, it’s important to consider the kind of experience you wish to have as well as the things most important to you. Consider reading our guide, 7 Secrets to High Net Worth Investment Management, Estate, Tax, and Financial Planning to know what you must expect from the best brokerage firm.

In addition, the types of assets offered by each brokerage firm also differ substantially. For instance, some companies offer no-load mutual funds and a wide selection of inexpensive ETFs, whereas others enable unconventional services like cryptocurrency trading. Hence, think about the types of assets you are intending to trade in to ensure accessibility before signing the deal.

2.Consider Account Types

There are several options to choose from: a 529 plan to help save for college, a standard taxable brokerage account, a custodial account for your children, or one of numerous kinds of retirement accounts, including a Roth IRA, a standard IRA, or a 401(k)account. It’s vital to note that not all brokerages offer all account types, therefore consider your needs and plans beforehand to ensure you find a firm that effectively accommodates your financial requirements. To learn more about different account types, feel free to contact our financial planning specialist at your convenience.

3. Evaluate Available Tools for Support

It’s important to understand that the investing needs of both first-time and seasoned investors vary significantly.For instance, as an amateur you’ll require a lot more customer education and trading support.Whereas, if you are an advanced investor, you'll be more interested in things like expert analysis, charting features, and in-depth industry research.

That’s why before you finalize a firm, think about where you stand and the amount of time you intend to on researching about investments. This will help you find a firm that offers the tools and materials you are looking for in your investing journey.

Who Is the Successful Financial Advisor?

Various traits separate good and successful financial advisors from the bad and unsuccessful ones. Whether you wish to become a financial advisor or are simply looking to hire one for your financial planning, here are some key characteristics to know about that most successful financial advisors have:

• First and foremost, successful advisors maintain a meticulous track record of their performance and service. They have a sizable book of client business.

• Another key trait of successful financial advisors is client loyalty. Getting clients is easy but making them stick with (and recommend) you are tanta mount to being professional. It also shows that they put their clients first. After all, nobody would recommend a service until they’re pleased with it.

• Successful financial advisors have a passion for finance, analytical skills and training, and a deep understanding of the various financial markets.

• Successful financial advisors realize that soft skills are as important as hard skills, including market timing and investing acumen.

• The best financial advisors typically belong from economics and finance backgrounds. Since the education offers them with deeper insights and understanding of the industry.

How Do You Manage High Net Worth?

Remember, wealth and investment management are important for everybody, but more so for high net worth and ultra-high net worth investors because the complexities of managing wealth soar once it touches $1 million. After which several types of taxes are levied on it by state and federal institutions. So, if you wish to retire comfortably then make sure that your money is invested in the right place and that your wealth is being utilized effectively since it plays a huge role in how soon you can retire as well as the kind of lifestyle you will lead after the retirement.

Here are some useful tips for financial advisors to manage high net worth clients:

• At Pillar Wealth Management, we believe that this unlike other investor categories, high net worth investors are more interested and inclined towards appreciation for value and cost-effectiveness. Therefore, communicate the plans you have for your clients as well as expected results. Discussing opportunities availed and challenges evaded is also a good idea since these are the things that attract and keep high net worth investors.

• All our wealth and investment managers know that managing the wealth of high net worth clients necessitate substantial time and attention. There are not only more assets to manage but the clients are also too valuable to treat like any other patron.

• When it comes managing high net worth investors, it’s integral to show patience especially during the on boarding process.Gaining insights into the complete picture of a high net worth clients’ overall assets/wealth requires a lot of time, primarily because they have more assets to keep track of. Therefore, it’s always advised to remain calm and practice patience.

• The best financial advisors always focus first on building trust with clients for a smooth and lucrative journey.

Get Started with Pillar Wealth Management…

Pillar Wealth Management is indeed not the biggest wealth management firm in the country when it comes to size; however,there’s no doubt that we’re capable of accomplishing all your financial goals – perhaps even better than several of the big Wall Street firms. Founded in 1988, we believe Pillar Wealth Management is one of the top ultra-high net worth wealth and investment management firms in California, US. Our expert wealth managers will protect your long- and short-term financial interests. Under the guidance of our co-founders, Hutch Ashoo and Chris Snyder, who collectively have over 64 years of experience in wealth management, the company has facilitated several high net worth and ultra-high net worth individuals and their families to maximize their wealth for a more comfortable and secure future.

At Pillar Wealth Management, we offer professional, qualified wealth planning services, such as wealth management, investment planning, tax planning, estate planning, business succession planning, and more. However, we specialize in services for investors from $5 million to $500 million. The priority of our investment managers is to deliver a reliable, personal, and reassuring experience to leave clients safe in the knowledge that their hard-earned wealth is in the right hands. Pillar Wealth Management can help you find ultimate peace of mind to make life as simple as possible for you and your family. To talk to an experienced estate planner, schedule your first free meeting today!