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

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]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. [/quote]

[b]The Goldman people also connected us with a tax advisor to help with taxes [/b]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[b] we had no idea that paying quarterly was even a thing[/b].  [/quote]

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. [/quote]

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**? [/quote]

DP. Not sure how you missed this, but even basic software like H&R Block will tell you to pay quarterly if you end up owing a lot of money and pay a penalty for a given year. Your previous tax guy just dropped the ball.[/quote]

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