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

[Anonymous]

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.

[Anonymous]

Anonymous wrote:We use a wealth management group within UBS. They are phenomenal and manage everything down to 529s, tax strategy, trusts etc. Way way less expensive than one would think, although it’s $5mm liquid investment minimum. It’s very nice to have someone watching our backs while we are busy with all other aspects of day to day life.

And you have no f'ing clue how much you are overpaying them.

[Anonymous]

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?

[Anonymous]

Anonymous wrote:

Anonymous wrote:We use a wealth management group within UBS. They are phenomenal and manage everything down to 529s, tax strategy, trusts etc. Way way less expensive than one would think, although it’s $5mm liquid investment minimum. It’s very nice to have someone watching our backs while we are busy with all other aspects of day to day life.

And you have no f'ing clue how much you are overpaying them.

lol. No. You have no f’ing clue about anything about me. Nor do you have any idea about what I pay them. Now would you please be a lamb and beat it.

[Anonymous]

Bryn Mawr tryst, Pitcairn trust

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We use a wealth management group within UBS. They are phenomenal and manage everything down to 529s, tax strategy, trusts etc. Way way less expensive than one would think, although it’s $5mm liquid investment minimum. It’s very nice to have someone watching our backs while we are busy with all other aspects of day to day life.

And you have no f'ing clue how much you are overpaying them.

lol. No. You have no f’ing clue about anything about me. Nor do you have any idea about what I pay them. Now would you please be a lamb and beat it.

Tell me your a UBS salesperson without telling me your a UBS salesperson. Salesperson, Salesperson. You have a potty mouth too.

[Anonymous]

I want to use a private bank, but my husband does not. So we still have the banks from before we became wealthy. A federal credit union, HSBC, Charles Schwab for the brokerage and a bank in our home country. I looked into a Swiss bank, but they wanted 5M frozen into the account, and I didn't like that.

[Anonymous]

Anonymous wrote:I want to use a private bank, but my husband does not. So we still have the banks from before we became wealthy. A federal credit union, HSBC, Charles Schwab for the brokerage and a bank in our home country. I looked into a Swiss bank, but they wanted 5M frozen into the account, and I didn't like that.

I just read the post above mine. The Swiss bank I mentioned was UBS. I said no.

[Anonymous]

Anonymous wrote:I want to use a private bank, but my husband does not. So we still have the banks from before we became wealthy. A federal credit union, HSBC, Charles Schwab for the brokerage and a bank in our home country. I looked into a Swiss bank, but they wanted 5M frozen into the account, and I didn't like that.

Who could say no to terms like that???

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We use a wealth management group within UBS. They are phenomenal and manage everything down to 529s, tax strategy, trusts etc. Way way less expensive than one would think, although it’s $5mm liquid investment minimum. It’s very nice to have someone watching our backs while we are busy with all other aspects of day to day life.

And you have no f'ing clue how much you are overpaying them.

lol. No. You have no f’ing clue about anything about me. Nor do you have any idea about what I pay them. Now would you please be a lamb and beat it.

Tell me your a UBS salesperson without telling me your a UBS salesperson. Salesperson, Salesperson. You have a potty mouth too.

Nope. Run a multi-strategy hedge fund.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We use a wealth management group within UBS. They are phenomenal and manage everything down to 529s, tax strategy, trusts etc. Way way less expensive than one would think, although it’s $5mm liquid investment minimum. It’s very nice to have someone watching our backs while we are busy with all other aspects of day to day life.

And you have no f'ing clue how much you are overpaying them.

lol. No. You have no f’ing clue about anything about me. Nor do you have any idea about what I pay them. Now would you please be a lamb and beat it.

Tell me your a UBS salesperson without telling me your a UBS salesperson. Salesperson, Salesperson. You have a potty mouth too.

Nope. Run a multi-strategy hedge fund.

lol and posting on DC Urban Moms about retail banking. Ok then.

[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? What?

I don't think you wrote what you mean, unless you are an investment banker in the business of purchasing notes from lenders and pooling them or something? Which would be totally off topic. More likely is that you have zero understanding of what you are talking about. In which case, I doubt your "I'm smart enough" statement.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:JPMorgan private bank (they also have private client, which is a step up from regular banking but doesn't require $10mm liquid net worth). I've found them very helpful to deal with.

Again, what services, specifically, do you use?

I step into my bank maybe once every 3 years, and its usually because a grandparent wrote a check in my kids name. I don't understand what services are worth the faff, as the Brits say.

They hold our investment accounts, although we self-manage. When mortgage rates were at 7%, we were able to borrow against our assets through them to get our rate down to under 3% while still taking advantage of lower housing prices due to high rates. They do an annual assessment of investment allocation and financial projection with our personal financial goals in mind, which is not necessary but can be helpful. We have credit cards issued to household staff, and they manage the cards - check receipts, keep an eye on budgets, etc. We got a good deal on life insurance through them, and we have access to a lot of private equity funds and hedge funds that we wouldn't meet the minimum investment amount for on our own. We've invested in a number of investment funds with $10-25mm investment minimums that have done very well for us. We have a dedicated banker who we contact directly for anything we need, which means that we can get anything we need taken care of immediately.

I don't think that it's necessary or even that big of a deal to be part of the private bank, but it costs us nothing and it can be helpful. I have no experience with Chase private client, only JP Morgan private bank, so I can't speak to the value of that, I just know it exists.

I appreciate the detailed response! But the bolded clearly indicates you are playing in a different world that even those with a couple of million in assets aren't in.

PP - just to clarify, we aren't investing $10-25mm on our own. JP Morgan private bank has aggregated funds accessible only to their private bank clients that allow you to invest with their other clients. We're only investing $500k-1mm of our own assets in each fund, but get much higher returns from these funds than we would be able to get in a fund with a lower investment limit (generally). JP Morgan private bank (like Citi private bank, I believe) requires a minimum of $10mm in liquid, investable assets and $25mm net worth to be invited.

Oh! I bet you are working with a guy named "Bernie"?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We have a high net worth but very little of that money is in the bank. I'm not sure why id need anything special from my bank. What am I missing?

If you are super HNW, banks would provide ultra low interest loans to their clients. I recall First Republic was only charging like 1% to tech billionaires who wanted to borrow against their shares vs sell and trigger capital gains.

Of course, we know what happened to SVB and First Republic…so you have to be careful.

That’s not so much a bank providing low interest loans as it is a bank facilitating tax avoidance (a word I chose carefully).

Call it what you want...although, it's not even remotely illegal. It is a widely accepted, IRS-blessed approach.

I didn't call it "illegal." I called it something other than a bank simply providing low interest loans. Your reading comprehension is poor, and it is highly unlikely that you know more about what the IRS "blesses" than I do.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:JPMorgan private bank (they also have private client, which is a step up from regular banking but doesn't require $10mm liquid net worth). I've found them very helpful to deal with.

Again, what services, specifically, do you use?

I step into my bank maybe once every 3 years, and its usually because a grandparent wrote a check in my kids name. I don't understand what services are worth the faff, as the Brits say.

They hold our investment accounts, although we self-manage. When mortgage rates were at 7%, we were able to borrow against our assets through them to get our rate down to under 3% while still taking advantage of lower housing prices due to high rates. They do an annual assessment of investment allocation and financial projection with our personal financial goals in mind, which is not necessary but can be helpful. We have credit cards issued to household staff, and they manage the cards - check receipts, keep an eye on budgets, etc. We got a good deal on life insurance through them, and we have access to a lot of private equity funds and hedge funds that we wouldn't meet the minimum investment amount for on our own. We've invested in a number of investment funds with $10-25mm investment minimums that have done very well for us. We have a dedicated banker who we contact directly for anything we need, which means that we can get anything we need taken care of immediately.

I don't think that it's necessary or even that big of a deal to be part of the private bank, but it costs us nothing and it can be helpful. I have no experience with Chase private client, only JP Morgan private bank, so I can't speak to the value of that, I just know it exists.

Another nubcake thinking it costs them nothing.

You self manage your investments?
What are the name of your investments?
How much do they charge to manage the staff credit cards?
You self managed your $10-25mm investment minimum funds? How do you know they have done very well?
You contact your banker for what?

Do you give to the underprivileged or worthy charities ? If you do, you can be giving more.

"Nubcake." Lol, I've never heard that. Sure does fit here. And there are an amazing amount of nubcakes posting here. Lots, and lots of ignorance.