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Low Fee Private Banking?
Old 06-03-2011, 05:48 PM   #1
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Low Fee Private Banking?

Does anyone know any low fee private banking / wealth management services?

I was hoping to find a place that won't charge me an arm and a leg for a majority of assets in DFA Funds but will still give me access to some of the other advantages that come with private banking like pre-ipo issues and private placements.
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Old 06-03-2011, 05:51 PM   #2
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Are you USAA eligible?
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Old 06-03-2011, 05:56 PM   #3
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Unfortunately, no, I'm not USAA eligible.
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Old 06-03-2011, 06:06 PM   #4
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Quote:
Originally Posted by nivek View Post
Does anyone know any low fee private banking / wealth management services?
I was hoping to find a place that won't charge me an arm and a leg for a majority of assets in DFA Funds but will still give me access to some of the other advantages that come with private banking like pre-ipo issues and private placements.
IIRC Bogleheads had a thread (with Rick Ferri?) on replicating a DFA portfolio with Vanguard funds... at a much lower cost. You might find other DFA-avoidance info on this board.

I'm not saying DFA is bad, just that their time may have passed.

I don't know what a pre-IPO issue is. Are you talking about getting the share allotment of an IPO? Are you aware of what IPO shares' average performance is after you take out the Google blip? I also don't know how to access IPO shares without being subject to a six-month lockup, which takes the buzz out of much of the asset class.

If you meet the threshold then Fidelity will offer IPO shares. I don't remember the number-- $100K or $500K in their account or in "combined accounts" (like counting your IRA and spouse's IRA for purposes of the threshold). But IIRC Fidelity requires adherence to a six-month lockup.

When you say "private placement", are you referring to being an accredited investor? If that's the case there might be an angel investing club in your local area.
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Old 06-03-2011, 06:41 PM   #5
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You may be eligible for products other than P&C insurance. Call and ask
1-800-531-6597.

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USAA's investment products, most checking and savings products, credit cards, life insurance, and shopping and discounts are available to other individuals.

USAA auto and property insurance is not available due to membership eligibility requirements. New Hampshire and North Carolina residents who are not eligible for membership may be able to obtain USAA auto insurance by calling 1-800-531-USAA (8722) to determine eligibility as defined by these state's mandatory coverage laws.

All other individuals not eligible for USAA auto insurance may be able to obtain an auto policy through Progressive Insurance by calling 1-888-870-8096.

The following products are available to other individuals:


Insurance
  • Life insurance
  • Auto insurance not available through USAA (except NC and NH).
  • Property insurance not available through USAA.
Banking
  • Checking and Savings
  • Checking for Teens and College Students
  • Youth Savings
  • Certificates of Deposit (CDs)
  • CD IRAs
  • Prepaid Card
  • Credit Cards
Investments

All

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Old 06-03-2011, 09:03 PM   #6
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Schwab granted me access to IPOs during the dot com bubble. I kept a one for several months but most of the others I flipped in the first 48 hours. The number of allocated shares was small and they were the not the best deals but it was still a nice benefit.
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