Where do you bank if you have a high net worth?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Get out of BOA/Merril. They are awful to deal with for your heirs. Please. I beg you.

Wait why?? We have a ton of money invested through them and I didn’t know this!! We are leaving a lot to our kids hopefully and my parents are with BOA/Merrill wealth management too!!!
What? Details
Please?

Hi--I'm the poster who said BOA/Merrill was horrible to deal with as an heir. I was the successor trustee for my aunt's trust. She has since died and I was her executor. Her husband was my blood uncle and they had no children. While she was still living, she became unable to feed herself, drive safely, and stopped paying her bills regularly. As successor trustee, I took the letter of diagnosis from a psychologist declaring her incompetent with severe dementia and not expected to ever improve, a copy of the trust naming me as successor, the Durable Financial Power of Attorney, and my own identification to BOA to activate my rights to manage her money. Oh, my God! It took months, many in-person meetings, filling out huge amounts of paperwork, leaving work in the middle of the day over and over just to get the rights that were so clearly her intention. BOA gave me the runaround, always promising it was just this easy, but I was so frustrated. And this was with a simple set-up where her bank account was already in the trust and her entire estate consisted of this BOA checking account, a BOA savings account, and a studio condo in DC all in the trust. That's it! Total of around $500k net worth.

And, get this, the savings account was earning 0.01% interest and they refused to move it to anything even though they offered several accounts paying closer to 1-2% at the time. It was horrendous and even the in-person staff who were kind and trying to help had to sit on hold with call centers to get anything done. Hours and hours of my time. UGH!

I was so glad the day the last check to my cousins cashed, I had paid all the taxes, and I could close the account. All in all, it was a 6 year ordeal.

Wouldn't it have been easier to just get her userid/password and operate the account instead of going through this process?

That’s illegal.

Often you get added as an additional account holder. This can cause issues if the person dies because then it’s technically your money (and can trigger taxes).

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Get out of BOA/Merril. They are awful to deal with for your heirs. Please. I beg you.

Wait why?? We have a ton of money invested through them and I didn’t know this!! We are leaving a lot to our kids hopefully and my parents are with BOA/Merrill wealth management too!!!
What? Details
Please?

Hi--I'm the poster who said BOA/Merrill was horrible to deal with as an heir. I was the successor trustee for my aunt's trust. She has since died and I was her executor. Her husband was my blood uncle and they had no children. While she was still living, she became unable to feed herself, drive safely, and stopped paying her bills regularly. As successor trustee, I took the letter of diagnosis from a psychologist declaring her incompetent with severe dementia and not expected to ever improve, a copy of the trust naming me as successor, the Durable Financial Power of Attorney, and my own identification to BOA to activate my rights to manage her money. Oh, my God! It took months, many in-person meetings, filling out huge amounts of paperwork, leaving work in the middle of the day over and over just to get the rights that were so clearly her intention. BOA gave me the runaround, always promising it was just this easy, but I was so frustrated. And this was with a simple set-up where her bank account was already in the trust and her entire estate consisted of this BOA checking account, a BOA savings account, and a studio condo in DC all in the trust. That's it! Total of around $500k net worth.

And, get this, the savings account was earning 0.01% interest and they refused to move it to anything even though they offered several accounts paying closer to 1-2% at the time. It was horrendous and even the in-person staff who were kind and trying to help had to sit on hold with call centers to get anything done. Hours and hours of my time. UGH!

I was so glad the day the last check to my cousins cashed, I had paid all the taxes, and I could close the account. All in all, it was a 6 year ordeal.

Wouldn't it have been easier to just get her userid/password and operate the account instead of going through this process?

It's harder than you might think. I am trying to manage my mother's accounts but almost everything requires 2 factor ID these days so I can only do it if I am in the room with her cell phone and sometimes her face (for face id).

[Anonymous]

I’m the hedge fund manager from a few pages ago. There’s some remarkably rancid people on this board. My advice to everyone here is to look elsewhere from this dumpster fire.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:My husband’s parents use Goldman Sachs’ private bank (Ayco) with minimum $10m and they manage our money too. My husband has a trust set up by his parents and an investment fund with money we make (HHI ~850K and we are late 30s, so not HNW like many posters) and they manage both. Buy in for hedge funds and I think PE is 500K liquid so very different threshold than minimum elsewhere. My mom banks at Boston Private and likes it but I don’t know anything else about their experience.

The Goldman people also connected us with a tax advisor to help with taxes when we started needing to pay quarterly. We had been using TurboTax and then H&R Block and then in our mid-30s when we started owing a lot more because we were making a lot more we had no idea that paying quarterly was even a thing.

Well, that is just pathetic. Most people do not lack financial savvy to this extent. I can't imagine someone being unsophisticated enough to need a freaking banker at Goldman Sachs to tell them they need to file quarterly estimated taxes.

The banker at Goldman didn’t tell us. The tax preparer they recommended did. Our prior tax preparer should have told us this was something to look out for but because our incomes jumped quite a bit in a short period of time it didn’t come up. What have you contributed to this conversation other than being an a**?

I've contributed a lot. The salesperson at Goldman didn't tell you because they are salespeople.



Someone like you -- who didn't know they needed to make quarterly estimated tax payments -- shouldn't be contributing to any conversation about finances at all.

+1, this buffoon deserves GS. The salesperson at Goldman didn't tell them because they are salespeople. This clown needs to learn some life skills.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Get out of BOA/Merril. They are awful to deal with for your heirs. Please. I beg you.

Wait why?? We have a ton of money invested through them and I didn’t know this!! We are leaving a lot to our kids hopefully and my parents are with BOA/Merrill wealth management too!!!
What? Details
Please?

Hi--I'm the poster who said BOA/Merrill was horrible to deal with as an heir. I was the successor trustee for my aunt's trust. She has since died and I was her executor. Her husband was my blood uncle and they had no children. While she was still living, she became unable to feed herself, drive safely, and stopped paying her bills regularly. As successor trustee, I took the letter of diagnosis from a psychologist declaring her incompetent with severe dementia and not expected to ever improve, a copy of the trust naming me as successor, the Durable Financial Power of Attorney, and my own identification to BOA to activate my rights to manage her money. Oh, my God! It took months, many in-person meetings, filling out huge amounts of paperwork, leaving work in the middle of the day over and over just to get the rights that were so clearly her intention. BOA gave me the runaround, always promising it was just this easy, but I was so frustrated. And this was with a simple set-up where her bank account was already in the trust and her entire estate consisted of this BOA checking account, a BOA savings account, and a studio condo in DC all in the trust. That's it! Total of around $500k net worth.

And, get this, the savings account was earning 0.01% interest and they refused to move it to anything even though they offered several accounts paying closer to 1-2% at the time. It was horrendous and even the in-person staff who were kind and trying to help had to sit on hold with call centers to get anything done. Hours and hours of my time. UGH!

I was so glad the day the last check to my cousins cashed, I had paid all the taxes, and I could close the account. All in all, it was a 6 year ordeal.

Wouldn't it have been easier to just get her userid/password and operate the account instead of going through this process?

That’s illegal.

Sure. It's not like she's dead and you are stealing from her.

[Anonymous]

Anonymous wrote:I’m the hedge fund manager from a few pages ago. There’s some remarkably rancid people on this board. My advice to everyone here is to look elsewhere from this dumpster fire.

So judgy. So superior.

Get back to your hedge fund, lol.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Get out of BOA/Merril. They are awful to deal with for your heirs. Please. I beg you.

Wait why?? We have a ton of money invested through them and I didn’t know this!! We are leaving a lot to our kids hopefully and my parents are with BOA/Merrill wealth management too!!!
What? Details
Please?

Hi--I'm the poster who said BOA/Merrill was horrible to deal with as an heir. I was the successor trustee for my aunt's trust. She has since died and I was her executor. Her husband was my blood uncle and they had no children. While she was still living, she became unable to feed herself, drive safely, and stopped paying her bills regularly. As successor trustee, I took the letter of diagnosis from a psychologist declaring her incompetent with severe dementia and not expected to ever improve, a copy of the trust naming me as successor, the Durable Financial Power of Attorney, and my own identification to BOA to activate my rights to manage her money. Oh, my God! It took months, many in-person meetings, filling out huge amounts of paperwork, leaving work in the middle of the day over and over just to get the rights that were so clearly her intention. BOA gave me the runaround, always promising it was just this easy, but I was so frustrated. And this was with a simple set-up where her bank account was already in the trust and her entire estate consisted of this BOA checking account, a BOA savings account, and a studio condo in DC all in the trust. That's it! Total of around $500k net worth.

And, get this, the savings account was earning 0.01% interest and they refused to move it to anything even though they offered several accounts paying closer to 1-2% at the time. It was horrendous and even the in-person staff who were kind and trying to help had to sit on hold with call centers to get anything done. Hours and hours of my time. UGH!

I was so glad the day the last check to my cousins cashed, I had paid all the taxes, and I could close the account. All in all, it was a 6 year ordeal.

Wouldn't it have been easier to just get her userid/password and operate the account instead of going through this process?

That’s illegal.

Sure. It's not like she's dead and you are stealing from her.

Ignoramous of the day award ^^.

"Stealing from her" isn't the only problem.

[Anonymous]

Anonymous wrote:

Anonymous wrote:We have a very high net worth and we are fine banking with Bask and Fidelity. As in…our NW grows by $250K per month through passive income and active investments alone. DH and I are both tech savvy, online influencers.

Not sure about all these other losers leaning on trusts, attorneys, and financial advisors. Seems like a foolish move for the older and less intelligent generations…we possess the technical ability and business acumen necessary to successfully invest and manage our own assets.

Your comment doesn’t really make much sense.

Considering the verifiable wealthiest people in the world make use of trusts and advisors to save literally billions on taxes.

Maybe you are saying that you and others just aren’t rich enough to even know or understand what you don’t know?

We save the same billions…and billions more…because we don’t squander unnecessary resources on trust attorneys and financial advisors. Furthermore, we achieve even greater results than is accessible to the masses. We’re doubly superior in part to our willingness to work hard and in part to our ingenuity.

Love it when the alleged-elite spend $250K on financial advisors, make $5M, and then brag about their illustrious wealth and brilliance. Whereas we spend $0 on financial advisors, make $25M, and have confidence in our ability to out-accelerate the lemmings at every turn.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We have a very high net worth and we are fine banking with Bask and Fidelity. As in…our NW grows by $250K per month through passive income and active investments alone. DH and I are both tech savvy, online influencers.

Not sure about all these other losers leaning on trusts, attorneys, and financial advisors. Seems like a foolish move for the older and less intelligent generations…we possess the technical ability and business acumen necessary to successfully invest and manage our own assets.

Your comment doesn’t really make much sense.

Considering the verifiable wealthiest people in the world make use of trusts and advisors to save literally billions on taxes.

Maybe you are saying that you and others just aren’t rich enough to even know or understand what you don’t know?

We save the same billions…and billions more…because we don’t squander unnecessary resources on trust attorneys and financial advisors. Furthermore, we achieve even greater results than is accessible to the masses. We’re doubly superior in part to our willingness to work hard and in part to our ingenuity.

Love it when the alleged-elite spend $250K on financial advisors, make $5M, and then brag about their illustrious wealth and brilliance. Whereas we spend $0 on financial advisors, make $25M, and have confidence in our ability to out-accelerate the lemmings at every turn.

Ok back on the meds “billionaire”

[Anonymous]

Brown Brothers is where the old money banks

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We have a very high net worth and we are fine banking with Bask and Fidelity. As in…our NW grows by $250K per month through passive income and active investments alone. DH and I are both tech savvy, online influencers.

Not sure about all these other losers leaning on trusts, attorneys, and financial advisors. Seems like a foolish move for the older and less intelligent generations…we possess the technical ability and business acumen necessary to successfully invest and manage our own assets.

Your comment doesn’t really make much sense.

Considering the verifiable wealthiest people in the world make use of trusts and advisors to save literally billions on taxes.

Maybe you are saying that you and others just aren’t rich enough to even know or understand what you don’t know?

We save the same billions…and billions more…because we don’t squander unnecessary resources on trust attorneys and financial advisors. Furthermore, we achieve even greater results than is accessible to the masses. We’re doubly superior in part to our willingness to work hard and in part to our ingenuity.

Love it when the alleged-elite spend $250K on financial advisors, make $5M, and then brag about their illustrious wealth and brilliance. Whereas we spend $0 on financial advisors, make $25M, and have confidence in our ability to out-accelerate the lemmings at every turn.

You still haven't explained how you're gonna protect your assets for your kids if you happen to die next week. Or maybe you don't have any kids and so planning for the future is moot.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Get out of BOA/Merril. They are awful to deal with for your heirs. Please. I beg you.

Wait why?? We have a ton of money invested through them and I didn’t know this!! We are leaving a lot to our kids hopefully and my parents are with BOA/Merrill wealth management too!!!
What? Details
Please?

Hi--I'm the poster who said BOA/Merrill was horrible to deal with as an heir. I was the successor trustee for my aunt's trust. She has since died and I was her executor. Her husband was my blood uncle and they had no children. While she was still living, she became unable to feed herself, drive safely, and stopped paying her bills regularly. As successor trustee, I took the letter of diagnosis from a psychologist declaring her incompetent with severe dementia and not expected to ever improve, a copy of the trust naming me as successor, the Durable Financial Power of Attorney, and my own identification to BOA to activate my rights to manage her money. Oh, my God! It took months, many in-person meetings, filling out huge amounts of paperwork, leaving work in the middle of the day over and over just to get the rights that were so clearly her intention. BOA gave me the runaround, always promising it was just this easy, but I was so frustrated. And this was with a simple set-up where her bank account was already in the trust and her entire estate consisted of this BOA checking account, a BOA savings account, and a studio condo in DC all in the trust. That's it! Total of around $500k net worth.

And, get this, the savings account was earning 0.01% interest and they refused to move it to anything even though they offered several accounts paying closer to 1-2% at the time. It was horrendous and even the in-person staff who were kind and trying to help had to sit on hold with call centers to get anything done. Hours and hours of my time. UGH!

I was so glad the day the last check to my cousins cashed, I had paid all the taxes, and I could close the account. All in all, it was a 6 year ordeal.

Wouldn't it have been easier to just get her userid/password and operate the account instead of going through this process?

That’s illegal.

It's not illegal if the dpoa is written properly but it CAN be against bank policy, and as the PP successor trustee so eloquently illustrated, the wrong bank can make things very very difficult. My dpoa for my dad was recorded with the bank, but not the one for my mom, so when my dad died their bank (a small pennsylvania bank close to them but nowhere close to me) locked all online account access to their joint account-- even her account. there was no way for me to verify transactions or know if there was the potential of being overdrawn for the month it took for them to verify the same damn dpoa they had verified for my dad, and of course I had to drive an original to the closest branch two hours away just to start the process.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We have a very high net worth and we are fine banking with Bask and Fidelity. As in…our NW grows by $250K per month through passive income and active investments alone. DH and I are both tech savvy, online influencers.

Not sure about all these other losers leaning on trusts, attorneys, and financial advisors. Seems like a foolish move for the older and less intelligent generations…we possess the technical ability and business acumen necessary to successfully invest and manage our own assets.

Your comment doesn’t really make much sense.

Considering the verifiable wealthiest people in the world make use of trusts and advisors to save literally billions on taxes.

Maybe you are saying that you and others just aren’t rich enough to even know or understand what you don’t know?

We save the same billions…and billions more…because we don’t squander unnecessary resources on trust attorneys and financial advisors. Furthermore, we achieve even greater results than is accessible to the masses. We’re doubly superior in part to our willingness to work hard and in part to our ingenuity.

Love it when the alleged-elite spend $250K on financial advisors, make $5M, and then brag about their illustrious wealth and brilliance. Whereas we spend $0 on financial advisors, make $25M, and have confidence in our ability to out-accelerate the lemmings at every turn.

You obviously don’t have billions….you listed your monthly income.

Are you forming your own trusts without lawyers? I assume you wouldn’t be so stupid to allow your massive estate to be subject to estate and other taxes as just one example.

[Anonymous]

Anonymous wrote:Honest OP I am very wealthy we no longer use any money managers . No reason to with the internet. Why dip I need personalized service at a bank?

I’m the 1 percent I pay cash for cars and mortgages. We have a ton of trusts as well besides lawyers looking them over who needs a bank .

No one else needs to make money off of me. I was smart enough to make that money I’m smart enough to deal with it.

I still have Schwab accounts. Lol 😂

You pay cash for mortgages? I don’t think you know what you are saying.

Also you don’t need lawyers looking after your trusts, after they set them up.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:My ML broker does essentially anything I need: contest a credit card charge, overnight something to me, waive a charge, etc. makes it very easy for me.

And you have no f'ing clue how much you are overpaying them. Do all of you clueless people belong to the same club?

Enlighten us how we are overpaying them. Unless you claim that their bid-ask is fraudulently high, my ML rep does everything for free. Don’t use him to buy and sell stocks, pay 0 commissions, get access to IPOs they underwrite, etc.

I assume you don’t physically hold your own stock certificates but use a broker/dealer as well.

Tell us what you are paying them in fees and costs, all in. Include any percentage of assets you are being charged and any payments they get out of your anticipated return.

PS. The alternative is not holding your own stock certificates silly. You can invest in ETFs or mutual funds. You can pay a flat fee advisor. There are many alternatives to paying 1 percent to a big broker or advisor.