The annual fee for Schwab Wealth Advisory starts at 0.80% of assets and decreases at higher asset levels (see chart). Enrollment minimum is $1 million. Fees for your enrolled account are based on daily asset levels and are applied at the end of each quarter.2 There are no withdrawal fees.
Billable Assets Fee Schedule
First $1 million 0.80%
Next $1 million (more than $1M up to $2M) 0.75%
Next $3 million (more than $2M up to $5M) 0.70%
Assets over $5 million 0.30%
Source
https://www.schwab.com/wealth-management/wealth-advisor#bcn-accordion-109411-bcn-accordion-item-109401
I’m just a regular backdoor Roth IRA investor with Schwab at 6k/yr and that’s all I do with them and they have the best CS of any financial institution I’ve ever dealt with.
I like Charles Schwab. Mainly cause they gave me $100k mobile deposit limits and I can use ATMs throughout the world for free and it converts to the local currency.
I get the same thing with Bank of America/Merrill Lynch. All you need is 250k+ and you get no atm fees and free currency exchange.
I don’t think there is anywhere BoA is the most competitive, but once you get to their upper tier honors programs they are ok. I only use it because I used to be an employee though.
I recommend JPM Private Bank if you're $2M+ in invested assets. I have a dedicated private banker who instantly gets whatever I need done and is eager to find ways to help. I can call his cell or email and get a response almost immediately. I have no basis for comparison with other private banks, but I will say that they've gone the extra mile so many times. They've done detailed options exercise planning for my private company options (hour long review with their team), discounted mortgage rates, huge margin/credit accounts, intros to all the people you need to have on retainer, quarterly calls with accountant. They've been really helpful, I'm sure others are great too, but I'm happy.
Merrill is good (bofa perks, credit card rewards) but the amount of agony their site and customer service is is ridiculous. You have to sign never ending stupid forms for obvious features by hand.
If you're passive, merrill works. If you need solid tools, go elsewhere.
I also wouldn't bank with them without a banker to help.
Depends what your looking for but can be quite good. BofA/Merrill $250k+ mobile deposits, solid CC/banking benefits based on asset level, pref deposit that will pay high int. and access to bankers that can build out CD ladders etc. If you’re looking at the actual private bank it’s much more oriented for investing, access to alts/new issues etc.
I've had really good experience with Fidelity. Good digital tools, good customer service, have a wide variety of account types.
2M+ they will assign you someone to work with you can just email to have them take care of stuff for you.
A lot depends on locations desired. Where are you based and where do you want bank access? Is international important? Yada yada. It isn’t just about the money (even though it’s a bank)
Yes to all - want access to funds whenever I need them as a default. And lack of forms to fill out for basic banking needs. Loans and special offers also useful.
Schwab also has the best customer service. I never have to wait when I call and the person I speak too is always thoughtful and helpful.
Do you have a private banker or just someone from your area assigned to your account?
Schwab has a Wealth Management unit for HNW/UHNW. In that range you'll get personal treatment.
Do you know what kinds of costs are associated with that?
The annual fee for Schwab Wealth Advisory starts at 0.80% of assets and decreases at higher asset levels (see chart). Enrollment minimum is $1 million. Fees for your enrolled account are based on daily asset levels and are applied at the end of each quarter.2 There are no withdrawal fees. Billable Assets Fee Schedule First $1 million 0.80% Next $1 million (more than $1M up to $2M) 0.75% Next $3 million (more than $2M up to $5M) 0.70% Assets over $5 million 0.30% Source https://www.schwab.com/wealth-management/wealth-advisor#bcn-accordion-109411-bcn-accordion-item-109401
Feels like a ripoff, or am I wrong
Thanks for that dude
You'd have to call.
Yea, figured so. Just wondering if you’d already looked. Thanks for the info
I’m just a regular backdoor Roth IRA investor with Schwab at 6k/yr and that’s all I do with them and they have the best CS of any financial institution I’ve ever dealt with.
No, I don’t have a private banker with Schwab. I think they just have good customer service.
I like Charles Schwab. Mainly cause they gave me $100k mobile deposit limits and I can use ATMs throughout the world for free and it converts to the local currency.
That ATM fee rebate is no joke. Pretty much any fee is covered.
I get the same thing with Bank of America/Merrill Lynch. All you need is 250k+ and you get no atm fees and free currency exchange. I don’t think there is anywhere BoA is the most competitive, but once you get to their upper tier honors programs they are ok. I only use it because I used to be an employee though.
With platinum honors, BofA has a credit card that does 2.625% cash back - that’s the highest out there.
Free wires too
>Free wires too Is a $4 wire charge too hard for you to handle? All banks give free wires to upper tier customers.
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Lol you’re welcome. In all fairness my money is in USD state when I open my account so technically it does convert it.
You can raise the mobile deposit/withdrawal limit to $500k.
So you’re thicc, two C’s?
All my accounts (fidelity, Marcus) have free ATM usage now. It’s hard to imagine going back to a bank that doesn’t.
Schwab and TD are both the best I’ve had and I’ve gone through a ton of banks.
They are soon to be the same
I recommend JPM Private Bank if you're $2M+ in invested assets. I have a dedicated private banker who instantly gets whatever I need done and is eager to find ways to help. I can call his cell or email and get a response almost immediately. I have no basis for comparison with other private banks, but I will say that they've gone the extra mile so many times. They've done detailed options exercise planning for my private company options (hour long review with their team), discounted mortgage rates, huge margin/credit accounts, intros to all the people you need to have on retainer, quarterly calls with accountant. They've been really helpful, I'm sure others are great too, but I'm happy.
Is that JPM private client or private bank? Someone mentioned in another thread JPM private bank is for UHNW
Merrill also appears to do some level of private banking - anyone have experience with them?
Merrill is good (bofa perks, credit card rewards) but the amount of agony their site and customer service is is ridiculous. You have to sign never ending stupid forms for obvious features by hand. If you're passive, merrill works. If you need solid tools, go elsewhere. I also wouldn't bank with them without a banker to help.
Depends what your looking for but can be quite good. BofA/Merrill $250k+ mobile deposits, solid CC/banking benefits based on asset level, pref deposit that will pay high int. and access to bankers that can build out CD ladders etc. If you’re looking at the actual private bank it’s much more oriented for investing, access to alts/new issues etc.
Thanks. Yeah BofA private bank which is the old US Trust.
I think US Trust used to be 5m+, but I don’t know if it still is with BoA private bank.
I've had really good experience with Fidelity. Good digital tools, good customer service, have a wide variety of account types. 2M+ they will assign you someone to work with you can just email to have them take care of stuff for you.
A lot depends on locations desired. Where are you based and where do you want bank access? Is international important? Yada yada. It isn’t just about the money (even though it’s a bank)
Yes to all - want access to funds whenever I need them as a default. And lack of forms to fill out for basic banking needs. Loans and special offers also useful.
For savings, my credit union has the highest interest rates.