While I know Robin Hood and other platforms similar can be used by anyone – I’m curious as to which trading platforms higher net worth institute and why? Let’s assume they do not use a financial advisor with a BD or proprietary trading software.
Thanks,
Which online platform do do-it-yourself high net worth individuals use to trade? Im assuming they are not using Robin Hood.
byu/NervousClock2555 ininvesting
Posted by NervousClock2555
31 Comments
Schwab, think or swim, Vanguard
Might depend on the specifics of what they do with their investments.
Fidelity for me. Does everything I need, and outstanding customer service.
Fidelity for long term investing. TradeStation for algo day trading
Merril Lynch Bank of America has been a go to platform for the wealthy for many years
Fidelity. But I just buy total market index funds 🤣
What do you consider “high net worth”?
Most HNW traders I know use Think or Swim. Second is Fidelity. Think or Swim is much better but a lot of people accumulated a lot of wealth from 401k plans, stock options and employee stock with their companies using Fidelity to manage those plans. So they use Fidelity because that’s what their companies use.
There are high net worth in every platform. Normally people stick to what they know and are comfortable with.
Here’s a comparison of the top three. [https://rolloveryour401k.com/best-brokers-for-rollovers-and-ira-heres-the-top-3/#more-4955](https://rolloveryour401k.com/best-brokers-for-rollovers-and-ira-heres-the-top-3/#more-4955)
IBKR
hood received payments to route orders, i.e pfof, so retail traders are not getting the best spread.
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Their money is certainly distributed among many. What if one account is compromised?
High net worth individuals and ultra wealthy are using private wealth management firms and their platforms. The top ones are UBS, Merrill Lynch, Morgan Stanley… They don’t trade and only connect to the app to transfer funds, approve transactions, check balances.
IBKR. Mainly because margin rates are low, but the platform has some nice features for portfolio trading and trading algos.
Vanguard for mutual funds and my 401k, definitely not for brokerage.
Reasons why I use Fidelity and Schwab
Fidelity:
– platform is easy to use
– fill times on option orders are great
– tracking tax info is easy
Schwab/TOS
– TOS has a good mobile app user interface for option trading
– option fill times are great
Why would a HNWI DIY?
A HNWI is typically a sophisticated investor, mandated to be reported in form ADV- they’re going to be using asset management services. By definition, they aren’t considered a retail investor. That level of net-worth shapes economies and societies.
Even if they chose the services of Fidelity, a HNWI isn’t using the typical retail frame a normal working man would; at that level of valuation, even Fidelity provides additional services.
Vanguard is definitely the best
fidelity is the easiest to maneuver.
My H-E-N-R-Y uncle uses Fidelity the most. He loves it. He also gargles the cock of vanguard and makes fun of me for using Robinhood…
Schwab. People use what they know/what they’re familiar with.
High net worth individuals rarely trade. They invest. You dont need much out of a brokerage to invest other than access to funds, basic services and low fees. Fidelity or Schwab will get you there.
5 years ago you’d only hear the same 3-4 names here (and they are still dominating the wallet share of older HNW folks), but the gap between legacy brokers and newer platforms is much smaller than it used to be. A lot of HNW DIY investors are rethinking what they actually need and are increasingly turning toward newer all-in-one players (Public, Robinhood, WeBull) because they offer modern UIs, smoother workflows, and often lower or more transparent fees – plus increasingly robust product access (not just basic stock/ETF investing anymore).
IBKR / Fidelity / Schwab are still common, especially for certain cases (global access, specialty products/funds, etc.), but it’s no longer “legacy or bust.”
Most diy high net worth traders are on Interactive Brokers or Fidelity Active Trader Pro. Low fees, global access, real margin, and proper risk tools. You can see the same crowd overlapping with polymarket users who treat markets probabilistically instead of gambling on vibes
Fidelity (or Schwab, or Vanguard) as home base. Robinhood’s offering lucractive transfer bonuses, so it’s a short term play, but their platform is very immature for traditional investing. Basic stuff like inability to transfer more than $50k a time, selecting lots only became available recently, etc. It’s geared more toward meme stock day trading and gambling, and it shows a bit.
HOOD is going to be making a big push into managed accounts in the next few years.
Interactive Brokers, Fidelity, and Schwab.
Schwab, ToS, Fidelity, Moomoo, Webull, Binance.US and Gemini and all mine.
Robin Hood will NEVER be an option for me after the $GME collision. Do you want your brokerage actively and openly colluding against you, your trading profits, and when you can buy and sell?
Don’t get me wrong, Schwab rejected orders rent day using the guise of “you must call in to purchase this security”. That’s a level of collusion but no one near the RH fiasco.
If you owned a car that’s only job was to get you to an interview so you can find employment and create a livelihood for yourself…and that car actively went out of its way to send you on a detour so that you completely missed your interview…would you EVER trust that car again?
Just think about that….
[FIRSTRADE.COM](http://FIRSTRADE.COM)
Schwab, Fidelity, Interactive Brokers. Then there is a bunch of platforms for private, they haven’t consolidated yet like public has: Equity Zen, Nasdaq Private Market, SharePost, Hive, etc.
I use Robinhood.