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

[Anonymous]

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?

Yes, lol, lots of clueless people here. And it goes so far beyond overpaying people -- there is such a good chance that they are overpaying people who don't even know what they are doing.

[Anonymous]

I have 20M, mostly in AAPL. Don't need anyone to buy and sell for me. I handpick my own stocks, thank you very much, and I trade online for very low fees. I don't want to invest in anyone's "golden opportunity" fund.

However I will need someone to advise me on trust funds and tax implications of inheritance, at some point.

[Anonymous]

Anonymous wrote:

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.

You sound like a dipshit. It’s a bank providing a sweetheart loan to UHNW clients with their stock as collateral. What else is it except what it is.

Now…go f**k off.

[Anonymous]

Anonymous wrote:I have 20M, mostly in AAPL. Don't need anyone to buy and sell for me. I handpick my own stocks, thank you very much, and I trade online for very low fees. I don't want to invest in anyone's "golden opportunity" fund.

However I will need someone to advise me on trust funds and tax implications of inheritance, at some point.

You need a trusts and estates lawyer for that, and they might call in a tax colleague. You don't need finance people for this.

[Anonymous]

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.

[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.

OK Nubcakes, who is paying your ML broker?

[Anonymous]

Anonymous wrote:

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.

OK Nubcakes, who is paying your ML broker?

There may be others that actually pay him for a higher level of service and I know he also handles business treasury accounts.

However, if you don’t want him to buy and sell stocks for you or do any heavy lifting financially, he doesn’t. He doesn’t care if all your trading is online direct.

So again…unless I am in fact paying $.05 more per trade vs the next guy…tell me exactly how it is costing us more.

BTW, I guarantee whichever firm you use has a layer of people available for HNW clients.

[Anonymous]

We use chase private client for day to day stuff and have one small investment account with just index funds there, but separate our main investments into fidelity. we're boring, 100% simple index stock market funds. nearly everything is long term at only 20% fed taxes. never felt the need to game the tax system.

chase was useful for stuff like wiring money and decent discounts on mortgage rates

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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.

OK Nubcakes, who is paying your ML broker?

There may be others that actually pay him for a higher level of service and I know he also handles business treasury accounts.

However, if you don’t want him to buy and sell stocks for you or do any heavy lifting financially, he doesn’t. He doesn’t care if all your trading is online direct.

So again…unless I am in fact paying $.05 more per trade vs the next guy…tell me exactly how it is costing us more.

BTW, I guarantee whichever firm you use has a layer of people available for HNW clients.

So what services do they provide to you for free?

[Anonymous]

Anonymous wrote:

Anonymous wrote:I have 20M, mostly in AAPL. Don't need anyone to buy and sell for me. I handpick my own stocks, thank you very much, and I trade online for very low fees. I don't want to invest in anyone's "golden opportunity" fund.

However I will need someone to advise me on trust funds and tax implications of inheritance, at some point.

You need a trusts and estates lawyer for that, and they might call in a tax colleague. You don't need finance people for this.

Thanks, yes, that's what I thought.

[Anonymous]

Anonymous wrote:

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.

You’re right. Losers like you make me second guess trying to be helpful on here - which I’ve been doing for years. I’ll peace out now.

[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?

Yes, lol, lots of clueless people here. And it goes so far beyond overpaying people -- there is such a good chance that they are overpaying people who don't even know what they are doing.

But you shouldn't swear at them. It's the trickle-down economy They're giving work to the little people. And in general, I have to say that the DC area isn't known for its financial market savvy. I'm surrounded by earnest intellectuals in my local friends and neighbor groups, all experts in their respective fields... and none of them know how to invest for themselves. They're bleeding money with all the wrong decisions they've made, but they don't even know it. And I don't presume to tell them what to do with their money. When asked, I just tell them what I'm doing. They look at me with fright. Apparently selecting individual stocks and not bothering with a financial advisor is a bRidGe tOo FaR.

[Anonymous]

Anonymous wrote:

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.

OK Nubcakes, who is paying your ML broker?

Ignore this poster. He is a repeat troll who uses nubcakes regularly in his very limited vocabulary.

[Anonymous]

Anonymous wrote:

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?

Yes, lol, lots of clueless people here. And it goes so far beyond overpaying people -- there is such a good chance that they are overpaying people who don't even know what they are doing.

But you shouldn't swear at them. It's the trickle-down economy They're giving work to the little people. And in general, I have to say that the DC area isn't known for its financial market savvy. I'm surrounded by earnest intellectuals in my local friends and neighbor groups, all experts in their respective fields... and none of them know how to invest for themselves. They're bleeding money with all the wrong decisions they've made, but they don't even know it. And I don't presume to tell them what to do with their money. When asked, I just tell them what I'm doing. They look at me with fright. Apparently selecting individual stocks and not bothering with a financial advisor is a bRidGe tOo FaR.

And here is another of the trolls who does the weird lower and upper case spelling. Well into the beer by now.

[Anonymous]

Anonymous wrote:

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.

If you're such a great financial mind, then why are you here d*cking around here. Ah, yes, you're a wannabe basement bro coder.