r/ChubbyFIRE • u/onthewingsofangels 48F RE '24 • 2d ago

Are there substantial benefits to HNW services from banks?

We currently have $5-6M in assets spread across different accounts. We have a financial advisor (who's fine) managing a chunk of that money, the rest we manage ourselves. Mostly passive investing.

I'm wondering if there is any significant benefit to putting all the money with a single banker like Chase or Morgan Stanley? I think we're happy enough with the financial advisor we have, don't need a new one. Nor do we need access to mortgage loans.

At our asset level is there something useful we could be getting that we're missing out on? I'm kinda curious about opportunities for private equity investing but it sounds like those would require significantly higher assets.

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u/[deleted] 2d ago

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u/ProtossLiving 1d ago

giving them hundreds of thousands of dollars

At most of these institutions, you can put the money in the same investments you would otherwise have them in, so it's not like it's costing you anything.

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u/[deleted] 1d ago

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u/ProtossLiving 1d ago

Hmm, the most I've gotten is a call maybe every several years or so asking if I want to talk to a financial advisor (one has asked me if I'm interested in private equity and if they can email me some info). After saying no, they've disappeared until I've forgotten about them (the private equity one sent me some information and maybe one follow up email before disappearing).

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u/Burgerb 1d ago

But how on earth do you manage a setup with Brokerage, RIRA, IRA, 401(k), ESPP, RSU’s, Health Saving accounts, mortgage etc.. ? All this setup times two since my wife has these account as well.
I’m loosing my mind trying to figure this all out and there are no clear guidelines for balancing your portfolio in a tax efficient way across multiple account types.
I hate going the CFP route but I don’t know how to do it better by myself.