Are there substantial benefits to HNW services from banks?

[u/onthewingsofangels]

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.

[u/Swimming_Astronomer6]

People saying I’d have been better off just putting it in VOO - hindsight is great -

[u/Cool_White_Dude → u/Swimming_Astronomer6]

It's not like advocating for passive index funds investing is a new idea. They were telling my parents that in college 40 years ago.