| Company |
Minimum Deposit |
Stock Trades |
Options (Per Contract) |
 Charles 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 Online Brokers for Crypto Trading in 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
|
$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
|
$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.
Fidelity
Merrill Edge
E*TRADE
TradeStation
Interactive Brokers
Charles Schwab
tastytrade
eToro
