MBB Partners - What bank accounts and trading accounts do you use? Just curious about how high net worth folks manage money 🧐

funny
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Hey friend, I'm not a partner and I'm not at MBB but I wanted to provide my input since it seems like you're looking for help.


I have a checking account with Wells Fargo.

funnylikesmarthelpful

Ha ha! Thank you mate 👍

likeuplifting

I manage my money through student loans and credit card debt personally

funnylike

I am on the same page with student loans. Cheers 🥂

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This question probably do better in the partner bowl

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I don’t trust banks . Cash is the king .

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Your money is FDIC insured. Also cash isn’t king, it gets eaten alive by inflation. You need to invest my guy

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I don’t use a dedicated wealth manager, if that’s what you’re asking. I think some do, but I don’t see enough value in it to justify management fees. So the accounts I use would be pretty accessible to you as well:

- Bank with Capital One - their rates are pretty consistently competitive if not always #1 (which rotates anyway), they do have some branches I can use on the rare occasion when I need it, and they don’t give me drama when I need to move large amounts of funds quickly
- Auto-invest with M1, where I can keep close control over the target mix but automate investing and rebalancing at very low cost
- Active trading on IBKR for when I have a strong directional view, or some single stock positions I want to manage individually rather than auto-investing

I do use a professional accountant but not a portfolio manager / financial adviser. I’ve heard their marketing pitches but they can rarely tell me anything I’m not already looking at. I might eventually consider a CFP or some other higher-fee advisor if my income sources get more complex (right now mostly W2 and 1099) and/or I start thinking about generational planning, but I’m not there yet.

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Beautiful insights. Thank you P1

Not a partner yet but in HNW category. I have a trust brokerage and cash management account through fidelity. I use first republic for banking.

likehelpful

Absolutely helpful. Thank you 👍

I have a HYSA with AMEX. And savings/checking a with Chase

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I too have a savings & checking with Chase. 👍 I have seen most using Ally for HYSA. Is it the same 3%?

I have a decent networth mainly because I manage my own money without paying someone to "diversify" my portfolio in various index funds.

This includes investment in few hedge funds, real estate,collectibles only investment grade like Physical Gold/Silver and trading my own system through Interactive brokers and keeping two accounts in wellsfargo. ( also practices minimalism for living/ spending).

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Thanks for the uplifting and very useful comment Deloitte1. Keeping up with the D tradition?

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Lol all the big 4 and tier 2 firm partner in abject poverty

funny

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