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

Sam Levine, CFA, CMT, the lead writer for StockBrokers.com, has over 30 years of investing experience and actively trades stocks, ETFs, options and 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.

Our writers maintained active, funded online brokerage accounts for testing. In certain circ*mstances, a demo account was provided by the broker.

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.

We analyzed 17 online brokerages 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

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 our favorite trading platforms, thinkorswim. Read full review.

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. Some clients may need to establish new relationships outside the self-directed Merrill Edge to accomplish all their goals. Read full review.

Fidelity has a top-notch reputation and delivers a wide range of well organized and high-quality content that addresses high net worth concerns. Clients who are solely focused on investing will find Fidelity an easier choice than those who want to keep all their finances under one roof; Fidelity doesn’t have as extensive banking services as Schwab or Bank of America/Merrill Edge. Read full review.

Ultra high net worth clients ($2 million at Fidelity and $10 million of investable assets) can unlock Fidelity Private Wealth Services.

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.

The brokerage industry generally classifies individuals with between $1 million and $10 million of investable (liquid) assets as high net worth investors.

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.

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.