We use Citi for basic banking. We have a Citigold account which has modest benefits. I also have a Marcus account and a vanguard money market account to spread cash around and get higher rates. Retirement is at Fidelity. Most of our money is with our financial advisor. We get great advice from him on investments but he also helps with tax strategies and our overall portfolio including the things outside what he manages.

The banking part seems like the most basic part of this. It’s just the payments end of the process from my perspective.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We have Citi Private Banking, also through DH’s firm. We got a lower mortgage rate and get much more personalized service.

What is your mortgage rate?

What services do you require?

DP but we use Citi private bank. Our mortgage rate is 2.5 and we have a banker I email about stuff. That part isn't really worth it but the access to low rates is.

Ours is 2.5 also, from a mortgage broker back in 2021, I don't think they are actually underpricing the market.

Citi private bank gave me 1% unsecured 2 million credit line when I was buying a second home. Think it would be more now but not over 2%.

Curious about the economics of these banks lending money so far below prime. Paying 4 or 5 percent on deposits and lending at 2 percent? Sounds implausible…

They are doing it because of the broarder relationship with the law firms and the desire to get money from law firm partners over time. I am PP -- in addition to the 2 million for 1% I have had a capital loan for 1.5 million which is now 4% but was 1.5% before rates went up.

I had to open a checking account but I just keep 10,000 there.

Your bank economics are off though. Citi does not pay 4-5%.

Yes, they are paying 4.3 percent at the moment.
https://www.marketwatch.com/guides/savings/citibank-savings-rate/

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, I do. I know precisely what I pay.

What do you pay?

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.

What's your insta?

Or OF?

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.

What's your insta?

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.

it turns out that if you want to transfer a lot of money from overseas AND avoid a boatload of taxes AND make sure that your cherished scions future spouse doesn't get to siphon it off for their own ends, trusts are the way to go. Your method may work great for you and your spouse for as long as you are in accord, but keep in mind you can only successfully manage the money for as long as you are mentally competent. What's your plan if you end up in a coma after a car accident for a few years? What's your plan if your tech savvy influencer husband decides what he really needs to upgrade his spouse to a younger model 5 years from now? How are you protecting your kids from getting completely cut out by a future stepmother and her babies if you happen to die next year?

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We have Citi Private Banking, also through DH’s firm. We got a lower mortgage rate and get much more personalized service.

What is your mortgage rate?

What services do you require?

DP but we use Citi private bank. Our mortgage rate is 2.5 and we have a banker I email about stuff. That part isn't really worth it but the access to low rates is.

Ours is 2.5 also, from a mortgage broker back in 2021, I don't think they are actually underpricing the market.

Citi private bank gave me 1% unsecured 2 million credit line when I was buying a second home. Think it would be more now but not over 2%.

Curious about the economics of these banks lending money so far below prime. Paying 4 or 5 percent on deposits and lending at 2 percent? Sounds implausible…

They are doing it because of the broarder relationship with the law firms and the desire to get money from law firm partners over time. I am PP -- in addition to the 2 million for 1% I have had a capital loan for 1.5 million which is now 4% but was 1.5% before rates went up.

I had to open a checking account but I just keep 10,000 there.

Your bank economics are off though. Citi does not pay 4-5%.

Sounds like you really struggle to live within your means. What kind of person needs $2mm and $1.5mm loans at below-market rates? Is this part of some sort of welfare program or need-based scheme for people or BigLaw partners that can’t make it on their own? Fascinating….

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.

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, I do. I know precisely what I pay.

Same credit union we always have used. No fees. Responsive. Local.

Another JP Morgan person here. But I cheated, because my in-laws have a trust managed by them. So I get the fancy credit card with good rewards, and the easy mortgage and refinancing with recasting, and i get the private banker who opened up a joint bank account for me and my mom over the phone when i needed one in a hurry and mom was bedbound. and i don't actually care what my in laws might be paying in fees.

i also have a bunch of stock at ameriprise, but i have to say that in general it's much easier to deal with brokerages that have retail locations on the rare occasions you need a cashiers check or cash or a notary.

apparently i am cash flowing enough through citi that they have assigned me a private banker but i can't really be bothered. i like that they have worldwide locations but every 10 years or so they try to do something cutesey and pointless with credit card points or account charges. their mortgage rates are always trash.

boa is just stupid and i will never use them again.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We have Citi Private Banking, also through DH’s firm. We got a lower mortgage rate and get much more personalized service.

What is your mortgage rate?

What services do you require?

DP but we use Citi private bank. Our mortgage rate is 2.5 and we have a banker I email about stuff. That part isn't really worth it but the access to low rates is.

Ours is 2.5 also, from a mortgage broker back in 2021, I don't think they are actually underpricing the market.

Citi private bank gave me 1% unsecured 2 million credit line when I was buying a second home. Think it would be more now but not over 2%.

Curious about the economics of these banks lending money so far below prime. Paying 4 or 5 percent on deposits and lending at 2 percent? Sounds implausible…

They are doing it because of the broarder relationship with the law firms and the desire to get money from law firm partners over time. I am PP -- in addition to the 2 million for 1% I have had a capital loan for 1.5 million which is now 4% but was 1.5% before rates went up.

I had to open a checking account but I just keep 10,000 there.

Your bank economics are off though. Citi does not pay 4-5%.

*fund to lower our income

Anonymous wrote: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

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.

Anonymous wrote:Wells Fargo

WF are the worst. Wow