Best Brokerage Firms for High Net Worth Individuals of 2024 (2024)

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Best Brokerage Firms for High Net Worth Individuals of 2024 (1)

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

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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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 Brokerage Firms for High Net Worth Individuals of 2024 (2)

    - 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

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Winners Summary

Best for high net worth investors - Charles Schwab

CompanyMinimum DepositStock TradesOptions (Per Contract)OffersVisit Site
$0.00$0.00$0.65Trade with thinkorswim®, now at Schwab. Visit Site

Best Brokerage Firms for High Net Worth Individuals of 2024 (4)

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

CompanyMinimum DepositStock TradesOptions (Per Contract)OffersVisit Site
$0.00$0.00$0.65Read 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

CompanyMinimum DepositStock TradesOptions (Per Contract)OffersVisit Site
$0.00$0.00$0.65Trade at Fidelity. 1 Visit Site

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, the 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:

  • Ally Invest review
  • Charles Schwab review
  • eToro review
  • E*TRADE review
  • Fidelity review
  • Firstrade review
  • Interactive Brokers review
  • J.P. Morgan Self-Directed Investing review
  • Merrill Edge review
  • Public.com review
  • Robinhood review
  • SoFi Invest review
  • tastytrade review
  • TradeStation review
  • Tradier review
  • Vanguard review
  • Webull review

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About the Editorial Team

Best Brokerage Firms for High Net Worth Individuals of 2024 (7)

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.

Best Brokerage Firms for High Net Worth Individuals of 2024 (8)

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.

Best Brokerage Firms for High Net Worth Individuals of 2024 (9)

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.

1 Fidelity Sell orders are subject to an activity assessment fee from $0.01 to $0.03 per $1,000 of principal. Options trading entails significant risk and is not appropriate for all investors. Certain complex options strategies carry additional risk. Before trading options, please read Characteristics and Risks of Standardized Options. Supporting documentation for any claims, if applicable, will be furnished upon request.

E*TRADE: *Other fees apply.

Best Brokerage Firms for High Net Worth Individuals of 2024 (2024)

FAQs

What brokerage do high net worth individuals use? ›

Best overall online broker - Fidelity

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

What is the best broker in 2024? ›

Best Online Brokerage Accounts and Trading Platforms of 2024
  • Best Overall: Fidelity.
  • Best for Low Costs: Fidelity.
  • Best for Beginners: Charles Schwab.
  • Best for Advanced Traders: Interactive Brokers.
  • Best for ETFs: Fidelity.
  • Best for Options Trading: tastytrade.
  • Best for International Trading: Interactive Brokers.

Do millionaires use TD Ameritrade? ›

1 firm for millionaires, serving 38% of America's millionaire households, and has 17% overall share of assets for $1 million-plus households. Charles Schwab/TD Ameritrade, Vanguard, Bank of America Merrill, Morgan Stanley/ETrade, and JPMorgan Chase are among other leaders for these wealthy clients.

What are the most prestigious brokerage firms? ›

The big four brokerage firms in the U.S. are Charles Schwab, Fidelity Investments, E*TRADE, and Vanguard. That's based on the sizes of their customer numbers and assets under management.

What is considered high-net-worth for Charles Schwab? ›

"High-net-worth" is defined as having $5 million or more in assets.

What brokerage firms do billionaires use? ›

While there is no one-size-fits-all answer, many billionaires use platforms such as Fidelity, Charles Schwab, TD Ameritrade, E*Trade, or Interactive Brokers. These platforms offer a range of features, such as research tools, educational resources, and low fees.

What are the top 3 brokerage firms? ›

5 Largest Brokerage Firms of 2024
Stock Brokerage FirmAssets under management*
Vanguard Group$8.6 trillion
Charles Schwab$8.5 trillion
Fidelity Investments$4.4 trillion
JPMorgan Chase & Co.$3.9 trillion
1 more row
Jan 25, 2024

Should I use Fidelity or Charles Schwab? ›

Overall Appeal. Fidelity and Schwab are both excellent choices. These investment firms offer thousands of funds. There are some nuances, such as Fidelity being better for crypto traders and Schwab being more optimal for futures traders.

What is the safest brokerage firm? ›

Summary: Best Online Brokerage
CompanyForbes Advisor RatingLearn more CTA below text
Interactive Brokers4.4Via InteractiveBrokers' Secure Website
TD Ameritrade4.4Read Our Full Review
Fidelity Investments4.4Read Our Full Review
Charles Schwab4.3Read Our Full Review
1 more row
Apr 1, 2024

Do millionaires use Charles Schwab? ›

Clients who have more than one million dollars in qualifying assets at Schwab automatically get access to these benefits, including—a dedicated Financial Consultant, access to a wide range of specialists, tailored solutions, and pricing advantages.

Do rich people use Vanguard? ›

While not all of the households in this study are millionaires, the vast majority of them are. The median household in the study has over $1 million with Vanguard and those below the median have assets outside of Vanguard (i.e. real estate, non-Vanguard accounts, etc.) that make most of them millionaires as well.

Is Charles Schwab or TD Ameritrade better? ›

TD Ameritrade offers numerous daily updates on individual stocks and economic data. It also offers stock-specific research from several independent research companies. Charles Schwab offers real depth in research. Clients get access to proprietary research and commentary from in-house analysts.

What are the top 5 brokerage company? ›

Top 15 Stock Brokers in India
  • 5Paisa.
  • Motilal Oswal.
  • Edelweiss.
  • SBICAP Securities.
  • Axis Direct.
  • IIFL Securities.
  • Ventura Securities.
  • Anand Rathi.

What is the fastest growing brokerage in the world? ›

eXp Realty is the fastest-growing real estate brokerage in the world. We are breaking down boundaries through our unique cloud-based model, the unrivaled state-of-the-art tools and technology, and a global community of agents, leadership and partners.

What are the top 4 brokerage firms? ›

Best brokerage accounts for online trading compared 2024
BrokerBest forPromotion
Fidelity InvestmentsOverall tradingGet $100 when you open a new account with $50 or more.
E-TradeMobile appN/A
TD AmeritradeInvestor educationN/A
Charles SchwabLong-term investingN/A
10 more rows

Do high net worth individuals use financial advisors? ›

Because they have more complex financial needs, high-net-worth clients need an advisor, or team of advisors, with specialized skills. Keep the following tips in mind as you select the best advisor for your needs: Find a team with long-term planning experience. Avoid product salespeople.

Where do ultra high net worth individuals invest their money? ›

Real estate. As a result, centimillionaire portfolios often feature “very strong, stable pieces of real estate,” Buscemi said. These wealthy individuals gravitate toward “trophy asset” Class A properties, or investment-grade assets that typically were built within the last 15 years.

What bank do most millionaires use? ›

The Most Popular Banks for Millionaires
  1. JP Morgan Private Bank. “J.P. Morgan Private Bank is known for its investment services, which makes them a great option for those with millionaire status,” Kullberg said. ...
  2. Bank of America Private Bank. ...
  3. Citi Private Bank. ...
  4. Chase Private Client.
Jan 29, 2024

Where do most high net worth individuals live? ›

Ranked: Countries By Number of Ultra Wealthy Individuals
RankTerritory% of World UHNWIs
1🇺🇸 U.S.35.9%
2🇨🇳 China15.7%
3🇩🇪 Germany4.6%
4🇨🇦 Canada4.5%
28 more rows
Mar 8, 2024

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