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

Forum Index » Money and Finances

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

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=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. [b]never felt the need to game the tax system.[/b]

chase was useful for stuff like wiring money and decent discounts on mortgage rates[/quote]

I was pretty surprised how much tax benefit we got from switching to Fidelity Wealth Management.  We are terrible and lazy about managing money — left tens of thousands of dollars in zero interest accounts for long periods, deposited stuff in brokerage and forgot to move it out of the cash account, stuff like that.  So I expected better management of our investments, but the advisor had us to all kinds of things to reduce tax liability — eg open a one off SIMPLE for a 1099 that we didn’t withhold for to reduce taxable income, donate appreciated stocks to a donor advised fund to get the lower income, avoid capital gains, and be able to donate the appreciated value to causes we care about.  None of this is rocket science, but our returns/net worth have gone up surprisingly.  Also, we get access to investments without meeting the minimum, which is nice. [/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics