Fidelity Investments is a global financial services firm with over 70 years of experience. Privately held and headquartered in Boston, Fidelity operates regional offices and investor centers across the United States. It serves a broad client base, including individuals, corporations, and financial advisors.
While widely recognized for its mutual funds, Fidelity offers a wide range of services, including retirement planning, brokerage services, investment management, and planning support for high-net-worth wealth management needs. These services aim to address both the routine and complex aspects of private investment management.
For clients with higher portfolio values, Fidelity provides tailored investment strategies that consider a full range of options—from income-producing securities offering regular payouts to assets focused on long-term capital appreciation. Depending on the investor’s objectives and risk profile, portfolios may include higher-yield debt instruments with varying levels of credit risk. In some cases, securities with a history of default may even be evaluated for their potential to recover value within a well-diversified strategy.
Fidelity’s flexible service levels accommodate a variety of investment profiles. Its wealth advisory services begin at a $50,000 minimum, while digital, discretionary investment options are available without any minimum requirement. Clients seeking more personalized wealth advisory services with enhanced planning features can access these offerings with a $25,000 minimum. For exclusive private wealth management services, a minimum of $2 million in assets is required.
This range of options allows high-net-worth individuals to align their investment approach with their specific financial goals—whether that’s income stability, capital growth, or portfolio diversification.
Table of Contents
- Fidelity Background
- 3 Best Brokerage Firms for High Net Worth
- Fidelity Wealth Management: Overview
- How Much Does Fidelity High Net Worth Cost?
- Comparing Fidelity vs. Vanguard vs. Schwab
- Tips for Finding a Financial Advisor
Fidelity Background
Fidelity was founded in 1946 by Edward C. Johnson. In 1969, the firm expanded internationally by establishing Fidelity International Limited to serve markets outside the United States. By 1989, the company began offering investment management and portfolio advisory services to a broader range of clients.
Fidelity is owned by FMR LLC and continues to operate as a privately held firm. Leadership remains with the Johnson family, with a third-generation member currently serving on the board, continuing the legacy of long-term stewardship and strategic oversight.
3 Best Brokerage Firms for High Net Worth
- Vanguard
- Schwab
- Fidelity
Fidelity, Vanguard, and Schwab are widely recognized for their robust online platforms and investor tools that support real-time portfolio monitoring and management. These independent investment firms offer a broad suite of services designed to meet the needs of individuals seeking fee-based investment advisors or private investment management.
Each of these firms has earned a reputation for reliability, transparency, and broad access to investment products. However, for ultra-high-net-worth individuals and families—those managing portfolios exceeding $10 million—the service models of large-scale brokerage platforms may not provide the depth of integration needed. Without a coordinated approach among legal, tax, and financial experts, some investors may experience gaps in wealth planning and execution.
Consider the experience of one investor with hundreds of millions in assets. Seeking strategic wealth planning, he approached a major financial institution expecting a coordinated, multi-family office-style solution. Instead, he encountered a siloed structure focused primarily on asset management and fee-based product offerings, not the cross-disciplinary planning he needed.
Fidelity
Initial interactions with Fidelity may vary depending on how quickly clients are connected with an advisor experienced in high-net-worth wealth management. After being connected with the appropriate advisor, the experience notably improves. Fidelity’s personalized approach—rooted in its private investment management and planning services—can deliver high-value outcomes for clients with complex financial profiles.
What distinguished the experience was the advisor’s ability to tailor solutions for both brokerage and retail accounts, explaining each recommendation within the broader financial context. The advisor emphasized strategies involving equities, exchange-traded funds (ETFs), and convertible securities, with a clear focus on risk management and long-term portfolio growth.
Fidelity’s platform supports a wide range of investment vehicles and planning services, helping high-net-worth clients evaluate opportunities in foreign markets, tax-advantaged investments, and alternative asset classes. The firm’s transparency on fees and portfolio construction practices helps clients assess their strategies against both performance and cost efficiency.
While all three brokerage firms provide strong platforms, Fidelity stood out in terms of personalized planning and actionable insights. In contrast, the other firms delivered broader market commentary but lacked the individualized guidance needed to navigate more nuanced financial goals.
Vanguard
Vanguard is widely recognized for its low-cost investment philosophy and client-first structure. As an independent investment firm owned by its funds, Vanguard operates without outside shareholders, which allows it to return profits to clients through reduced fund expenses—an advantage for those seeking fee-based investment advisors who prioritize cost transparency.
The firm is best known for its emphasis on exchange-traded funds (ETFs) and low-cost index funds, favoring these over actively managed strategies or individual stock selection. This approach is well-suited to high-net-worth investors seeking long-term, cost-efficient exposure to broad markets.
In terms of service, Vanguard provides strong communication through consistent email follow-ups, ensuring clients remain informed at every stage. However, our experience revealed a gap between initial outreach and assignment to a specialized advisor. While this was eventually resolved, the delay highlighted the importance of efficient onboarding for clients with complex needs.
A notable limitation is Vanguard’s lack of in-person branch locations. This absence became particularly apparent when seeking guidance on state-specific tax considerations, where advisor expertise was less comprehensive compared to firms with a stronger regional presence.
Schwab
Charles Schwab delivered a highly personalized experience during our evaluation, especially through proactive outreach from an advisor specializing in high-net-worth wealth management. The frequency and quality of contact demonstrated a genuine commitment to client needs beyond portfolio performance.
Schwab’s advisors offered well-rounded insights across a range of tax topics, including income, estate, and real estate taxes across federal, state, and local jurisdictions. This broader tax perspective can be essential for private investment management clients with multi-state exposure or complex estate planning goals.
While Schwab may not have the same brand association with index funds as Vanguard, it offers a more diversified investment platform. Clients have access to both passive and actively managed funds, individual stock trading, and hybrid services that combine robo-advisor tools with access to human advisors.
That said, Schwab’s proposal delivery process revealed one drawback: they required us to open an account before providing a digital copy of the investment proposal. Since we were still evaluating options, this condition created an unnecessary hurdle, ultimately requiring us to accept a mailed version instead.
Fidelity Wealth Management: Overview
Fidelity Wealth Management offers personalized wealth and investment planning services designed to simplify the financial lives of high-net-worth individuals and families. The firm emphasizes long-term growth, alignment with individual objectives, and cohesive financial integration.
Fidelity’s offerings span a range of services, including investment strategy, tax-aware planning, legal coordination, governance support, and tailored concierge options. These solutions are structured to meet the complex needs of high-net-worth and ultra-high-net-worth clients, providing a centralized experience that reduces the need to coordinate across multiple advisors or platforms.
Each client’s plan is built around their specific financial landscape. Services, team structure, and scalability are customized to align with the individual’s goals and wealth complexity, ensuring a streamlined and responsive approach to wealth management.
Personalized Investment Management
Fidelity provides high-net-worth clients with direct ownership of their investment portfolios while actively managing them to align with long-term goals. This process begins with a comprehensive understanding of the client’s financial profile, including risk tolerance, time horizon, and investment objectives. The goal is to develop a personalized investment strategy that reflects each client’s unique priorities and preferences, with flexibility to adapt over time.
This service includes continuous portfolio monitoring and strategic rebalancing. As markets fluctuate, asset allocations can drift from their original targets—periodic rebalancing helps ensure that portfolios remain aligned with the intended risk profile and investment strategy. This proactive management is designed to protect against volatility while supporting long-term growth.
Regular reviews and open dialogue between the client and portfolio manager further support this approach. By adjusting to changes in personal circumstances or broader economic conditions, the strategy remains focused and responsive to evolving financial goals.
Expert and Dedicated Wealth Managers
Fidelity emphasizes a team-based, client-centric model where wealth managers collaborate to deliver tailored financial strategies. This structure fosters strong client relationships grounded in trust, clear communication, and a deep understanding of individual objectives.
Each plan is developed with precision, not as a one-size-fits-all solution, but as a customized roadmap for managing, preserving, and growing wealth. By integrating market insights with a comprehensive understanding of the client’s life goals, Fidelity’s wealth managers aim to deliver value beyond portfolio performance. The emphasis is on long-term planning, informed decision-making, and alignment with the broader financial picture.
Total Wealth Management
Fidelity’s total wealth approach integrates all aspects of a client’s financial life into a single, cohesive plan. Rather than viewing investments in isolation, this model considers all asset classes—liquid investments, real estate, private holdings, and other financial interests—to create a unified strategy that supports the client’s overall goals.
This coordinated approach allows for more precise forecasting and active oversight across a broad range of financial domains. Wealth managers can tailor advice that spans investment planning, tax efficiency, estate structuring, and more, ensuring that decisions made in one area support outcomes in another.
By addressing the full financial landscape, this method helps high-net-worth clients manage complexity with clarity and purpose, enabling them to confidently move toward their long-term financial vision.
Tax-Smart Investing Strategies
Navigating the complexities of taxation is an essential part of protecting and growing wealth, especially for high-net-worth individuals. Fidelity Wealth Management incorporates tax-efficient strategies into its investment approach, helping clients reduce tax liabilities while pursuing long-term growth. By aligning portfolio decisions with the latest tax regulations and each client’s specific financial objectives, Fidelity aims to enhance after-tax returns and preserve capital.
This tax-aware approach goes beyond routine portfolio management. Advisors consider the impact of changing tax laws on asset classes and investment timing, positioning clients to make informed decisions across shifting economic and legislative landscapes. Whether it involves tax-loss harvesting, asset location strategies, or managing capital gains, the goal is to maintain a portfolio that is both resilient and efficient in today’s dynamic environment.
With personalized attention and an adaptive strategy, Fidelity supports clients in building a tax-smart investment plan that evolves alongside their needs, balancing growth potential with the responsibility of preserving wealth for the long term.
Holistic Planning
A tailored financial strategy should reflect the full scope of an individual’s financial life, not just investment holdings. Fidelity Wealth Management embraces a comprehensive planning model that includes estate, retirement, tax, and healthcare planning, along with support for travel budgeting, charitable giving, and legacy goals. This holistic approach helps clients coordinate all aspects of their financial strategy to align with their long-term vision.
Fidelity offers integrated solutions for individuals, families, and business owners. This includes small business retirement plans, IRAs, mutual fund investment options, and education-focused tools such as 529 plans. Clients can also access insurance products—such as life and long-term care coverage—to help manage risk and prepare for the unexpected.
In addition to traditional advisory services, Fidelity’s robo-advisory platform provides automated, algorithm-based investment management for clients seeking streamlined portfolio oversight. For those pursuing income in retirement, annuity options are available. Charitable giving support and personalized portfolio guidance round out the firm’s offering, allowing clients to tailor strategies to their lifestyle, risk tolerance, and evolving goals
How Much Does Fidelity High Net Worth Cost?
Fidelity Wealth Management provides services to a broad range of investors, including high-net-worth individuals and those beginning to build their portfolios. Costs vary depending on the service tier selected, offering flexibility for clients with different asset levels and planning needs.
Advisory services at Fidelity typically start at an account value of $50,000, making it accessible to many investors. For those interested in digital investment management solutions, Fidelity offers an option with no minimum investment. Clients seeking more customized advice and planning services can start with a $25,000 minimum.
To access Fidelity’s Private Wealth Management services, clients are expected to have at least $2 million in investable assets. This higher-tier program provides a more exclusive experience, often including broader planning resources and a dedicated team.
For clients opting into specialized offerings—such as the BlackRock Diversified Income Portfolio or tax-optimized strategies—the minimum investment requirement is generally $200,000.
Fidelity also offers a premier wealth advisory solution through its Private Wealth Management division. This program requires a minimum initial investment of $2 million and a total relationship size of $10 million or more to qualify, and is designed for individuals with substantial and complex financial needs.
Fidelity Service Cost Schedule
Fidelity Wealth Services applies an advisory fee that covers investment management, planning support, portfolio monitoring, and related custodial and brokerage services. Clients also receive a quarterly fee credit, which offsets potential conflicts of interest related to compensation Fidelity may earn on certain investment products.
As an example, accounts with daily average assets under $500,000 typically pay a maximum annual advisory fee of 1.5%, with the actual cost adjusted by the credit. This fee structure equates to a maximum of $6,250 per year. For portfolios exceeding $500,000, the advisory fee is scaled accordingly, often lowering as asset levels increase.
This tiered fee system allows clients to access a range of services while aligning cost with portfolio size and service complexity.
Comparing Fidelity vs. Vanguard vs. Schwab
Services and Features
Fidelity, Vanguard, and Schwab each offer a broad suite of investment services that include 401(k) plans, 529 college savings plans, custodial accounts, and IRAs. While most accounts at Fidelity and Schwab do not require a minimum initial investment, Vanguard typically sets a minimum between $1,000 and $3,000 for certain mutual funds, which may affect entry depending on the investor’s strategy.
Vanguard is known for its emphasis on mutual funds, ETFs, and index fund offerings, appealing primarily to long-term passive investors. In contrast, Fidelity supports commission-free stock trading and provides a user-friendly platform backed by robust educational content. Schwab offers a similarly diverse array of funds while combining active and passive investment tools suited for a wide range of clients.
All three firms also offer automated investment management. Schwab’s Intelligent Portfolios use low-cost funds to build portfolios aligned with individual goals. Fidelity Go charges a flat $3 monthly fee for balances between $10,000 and $50,000 and applies an annual 0.35% fee to assets above that range. Vanguard Personal Advisor Services combines automated and personalized support, requiring a $50,000 minimum and charging an annual fee of 0.30%.
Each provider balances technology, service quality, and cost in different ways. For high-net-worth individuals, the right choice often depends on their preference for active versus passive management, level of service required, and long-term planning needs.
Fees
The elimination of transaction fees on platforms like Vanguard, Fidelity, and Schwab has simplified investing by allowing individuals to trade stocks, ETFs, and many proprietary mutual funds without commissions. While transactions involving the platforms’ own mutual funds are generally free, trading in non-proprietary mutual funds may still incur fees, sometimes exceeding $49.95, depending on the fund and platform.
Options trading remains subject to nominal charges. Fidelity and Schwab both apply a fee of $0.65 per contract, while Vanguard charges $1 per contract. These fees are per contract and not based on total trade value. Some advanced or specialized trades may still involve additional charges depending on complexity and product type.
When it comes to fund expenses, Fidelity offers several zero-expense-ratio mutual funds. Vanguard and Schwab, on the other hand, are known for maintaining some of the lowest average expense ratios in the industry, making them appealing to cost-conscious investors seeking long-term value.
Minimum Deposits and Commissions
| Feature | Fidelity | Vanguard | Schwab |
| Minimum Deposit | $0 | $0 | $0 |
| Commission (Stocks/Options/ETFs) | $0 | $0 | $0 |
| Transaction Fee (Mutual Funds) | Up to $49.95/Trade (buy) | Up to $20/trade | Up to $74.95/trade (buy) |
| Commissions (Options Contracts) | $0.65/contract | $1/contract | $0.65/contract |
Account Types
Fidelity, Vanguard, and Schwab offer a comprehensive suite of account types tailored to various life stages and financial goals. These include 401(k) retirement plans, which allow employees to make tax-advantaged contributions through payroll deductions, and 529 college savings plans that help families save for future educational expenses, sometimes with added state-level tax incentives.
Custodial accounts are also available, providing a way for parents or guardians to manage financial assets on behalf of a minor until they reach legal adulthood. For individual savers and investors, each firm offers Individual Retirement Accounts (IRAs), which support tax-deferred or tax-free growth depending on the type (Traditional vs. Roth), along with the flexibility to invest across a broad range of securities.
Joint accounts serve households and partnerships by enabling two account holders to co-manage their investments in a consolidated structure. This shared-access model can be especially useful for couples and family members seeking to align financial planning efforts.
Online and Mobile
All three brokerage firms—Fidelity, Vanguard, and Schwab—offer robust digital access through desktop platforms, mobile apps, and phone-based services, reflecting their commitment to convenience and client control. These access points allow users to manage their investments from virtually anywhere, aligning with the expectations of high-net-worth individuals who value flexibility and real-time responsiveness.
Desktop platforms provide full-featured functionality, including advanced trading tools, comprehensive account views, and in-depth market research. Mobile applications, while slightly more streamlined, still offer a wide range of features—from executing trades and managing portfolios to transferring funds—ensuring clients can act swiftly and confidently, even while on the move.
Among the three, Schwab’s mobile app is recognized for its wide range of features, though some users note that the interface can feel cluttered due to the volume of information presented. Vanguard’s app receives generally positive reviews but tends to rank slightly lower in terms of usability and responsiveness. Fidelity’s mobile app stands out with the highest ratings across both the Apple App Store and Google Play, noted for its intuitive design, ease of navigation, and strong functionality.
This contrast in digital experience highlights the varying strategies each firm employs in digital engagement. Fidelity’s strong mobile presence underscores its focus on providing a seamless, user-friendly experience that supports modern investing needs across devices.
Tips for Finding a Financial Advisor
1. Clarify your purpose for seeking an advisor
Before choosing a financial advisor, reflect on your specific needs. Are you looking for help with retirement savings, investment strategies, debt reduction, or comprehensive financial planning? Understanding your goals will help narrow down the type of advisor most appropriate for your situation. It also helps determine how often you’d like to meet—whether it’s ongoing support throughout the year or occasional sessions for strategic planning. Some individuals opt for advisors who charge hourly fees, which may be more cost-effective over time compared to annual fee arrangements.
2. Understand the types of financial advisors
Financial advisors come in several forms, each offering different approaches and fee structures:
- Robo-advisors are automated platforms that create investment portfolios based on your goals and risk tolerance. They typically offer low fees and may include features like automatic rebalancing and tax-efficient strategies.
- Fee-only financial advisors are compensated solely by the client, either hourly or as a percentage of assets under management. Because they do not earn commissions on financial products, they typically avoid potential conflicts of interest.
- Fee-based advisors may earn both client fees and commissions from the sale of financial products. This compensation structure can introduce potential conflicts, so it’s important to understand how they are paid.
- Wealth management services are tailored for high-net-worth individuals. These offerings typically combine investment management with tax planning, estate planning, and other financial strategies.
One key question to ask any advisor is: “Are you a fiduciary?” A fiduciary is legally obligated to act in your best interest. Some advisors also carry the Certified Financial Planner™ (CFP®) designation or follow fiduciary standards in their client relationships.
3. Understand How Advisors Get Paid
Understanding how financial advisors are compensated is critical to evaluating the objectivity of their advice. Unlike fields such as medicine or law, the financial services industry lacks universally standardized expectations for what constitutes advisory services. This variation spans professionals working at wirehouses, insurance companies, broker-dealers, and independent registered investment advisory firms.
Scott Bishop, CFP® and managing director at Presidio Wealth Partners, points out that some individuals in sales roles may present themselves as advisors, particularly within firms whose primary focus is not advisory work, such as insurance providers or fund companies. In such cases, the recommendations given may prioritize the promotion of in-house products rather than the client’s broader financial interests.
Even independent advisors are not immune to potential conflicts. While many strive to offer impartial advice, it’s important to assess whether their compensation structure could influence the guidance they provide.
Brian Walsh, CFP® and head of advice and planning at SoFi, recommends asking clear, direct questions when evaluating an advisor’s incentives. For example:
→ Do they receive commissions from financial product sales?
→ Are they affiliated with a company that manufactures its own investment or insurance products?
These questions help uncover whether an advisor’s compensation is tied to product recommendations or sales targets. In general, understanding how your advisor is paid—whether through commissions, fees, or a combination—can clarify where their loyalties lie and whether their advice aligns with your best interests.
As the saying goes, “He who pays the piper calls the tune.” Knowing who ultimately benefits from the advice you receive is essential to making informed financial decisions.
4. Evaluate How Much You Can Afford to Pay a Financial Advisor
The cost of working with a financial advisor can vary significantly depending on the advisor’s structure and the type of service provided. Understanding these cost models is important when determining what fits your needs and budget.
Robo-advisors, which offer automated investment management, typically charge an annual fee based on a percentage of assets under management, usually around 0.25%. That means if you invest $10,000, you can expect to pay approximately $25 per year.
Fee-only advisors may charge by the hour, a fixed project rate, or an annual fee based on the value of assets they manage on your behalf. These advisors generally do not earn commissions from product sales, helping reduce the potential for conflicts of interest.
Fee-based advisors may charge a flat or hourly fee but can also earn commissions from financial products they recommend or sell, which may impact the objectivity of their advice.
Typical pricing structures include:
- Hourly rates: Fees vary by advisor and may range widely depending on expertise and location.
- Flat fees: A fixed cost for a defined set of services. This may start around $6,000 per year and increase with complexity.
- AUM-based fees: Advisors who charge a percentage of assets under management often use a tiered system, commonly starting at around 1%. For example, managing $100,000 may result in a $1,000 annual fee.
For straightforward financial needs, a few sessions with an hourly advisor may be sufficient to create a workable financial strategy without incurring ongoing fees. However, those with more complex portfolios or long-term planning goals might find value in a continuous advisory relationship, where the cost reflects a broader level of service and support.
5. Research Financial Advisors
When searching for a financial advisor who fits your specific needs, you’ll find a wide range of options across the country. The process can feel overwhelming, but several practical steps can help streamline your search.
Start with your personal network. Asking friends, family, or colleagues for referrals can provide valuable insights based on firsthand experience. They may offer honest feedback on what worked and what didn’t in their advisor relationships.
Explore advisor-matching platforms. Several online platforms are designed to connect individuals with financial advisors, including Zoe Financial, Wealthramp, and Harness Wealth. These platforms often allow you to filter by location, specialization, and fee structure. Many offer free access for clients, saving you time while narrowing your options based on your preferences.
Look into professional associations. Organizations such as the CFP Board and the National Association of Personal Financial Advisors (NAPFA) provide searchable directories of financial professionals in your area. These databases often include details about an advisor’s credentials, specialties, and fee model.
6. Check Their Professional Credentials
Before choosing a financial advisor, it’s important to evaluate their professional designations and commitment to ethical standards. Certifications such as Certified Financial Planner (CFP) and Chartered Financial Analyst (CFA) are among the most recognized in the financial industry and signal a strong foundation of expertise and fiduciary duty.
Robert Johnson, a finance professor at Creighton University, emphasizes the value of these certifications. He notes that professionals who hold these credentials have passed rigorous exams and agreed to uphold strict ethical standards, including prioritizing the client’s best interests.
For instance, CFA charterholders commit to a code that mandates placing the client’s welfare above personal or employer gain. Similarly, CFP professionals are held to fiduciary standards that require them to act in their clients’ best interest when offering financial advice.
You can verify an advisor’s certification through the official websites of the CFA Institute and the CFP Board. While credentials alone don’t guarantee performance, they offer a reliable indicator of an advisor’s training, professionalism, and commitment to ethical conduct.
Ready to take the next step?
FAQ about Fidelity High Net Worth Services
1. What is Fidelity Personalized Planning, and how can it benefit my high-net-worth portfolio?
Fidelity Personalized Planning offers tailored financial guidance for high-net-worth individuals seeking a strategic plan aligned with their goals, risk tolerance, and time horizon. By integrating account data and personal preferences, Fidelity advisors create a customized roadmap for growing and preserving wealth over the long term.
2. How does Fidelity address the risks associated with investing for high-net-worth individuals?
Fidelity acknowledges the inherent risks in investing and incorporates a comprehensive risk assessment process to help mitigate them. This includes diversified asset allocation across sectors and geographies, alongside ongoing portfolio review. Advisors work to ensure that clients understand risk exposure within their investment strategy, promoting informed and balanced decision-making.
3. Can high-net-worth clients invest in Exchange-Traded Funds (ETFs) through Fidelity?
Yes. High-net-worth clients can access a wide selection of ETFs through Fidelity, enabling cost-efficient diversification across sectors, asset classes, and regions. Fidelity offers both in-house and third-party ETF options, allowing advisors to build portfolios tailored to client goals, preferences, and risk profiles.
4. What are lower-quality debt securities, and should high-net-worth individuals consider them in their Fidelity account?
Lower-quality debt securities, often referred to as “high-yield” or “junk” bonds, carry a higher risk of default but offer greater yield potential. While they are not suitable for all investors, some high-net-worth clients may incorporate them to enhance returns, depending on their tolerance for risk and overall investment strategy. Fidelity advisors help assess whether such assets align with your financial plan.
5. How does Fidelity ensure that my high-net-worth portfolio is aligned with my long-term financial goals?
Fidelity uses a personalized approach that centers around each client’s financial objectives, risk appetite, and life priorities. Advisors regularly review and adjust portfolios to reflect evolving market conditions and personal circumstances, ensuring alignment with long-term goals. This adaptive strategy helps support financial resilience and growth over time.
