Business Brokerage Account

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texasfight
Posts: 92
Joined: Mon Jul 27, 2020 3:12 pm

Business Brokerage Account

Post by texasfight »

I am looking at taking over as the portfolio manager for the family partnership, mainly with regards to cash management.

Right now they use frost bank, and upon reviewing they had like 4 million sitting in their checking account. At a bank with significant energy loan exposure. I want to ring their necks :oops:

I am looking for a total banking solution. They own a lot of oil and gas royalty interests and working interests (tons of small checks coming in) and outgoing checks for working interest JIB's. Mainly I would like a brokerage account to buy etfs and mutual funds to avoid going over FDIC limits.

I would be more comfortable going over these limits at a bank like Chase or BOA. But what I really don't know anything about is a business brokerage account and that is what I am looking for.

Basically what I use Chase checking and youinvest for on a personal level.
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Hayden
Posts: 1386
Joined: Tue Apr 16, 2013 5:13 pm

Re: Business Brokerage Account

Post by Hayden »

I think you can have a business brokerage account at both Vanguard and Fidelity. Why not call both of them and ask them your questions?
ralph124cf
Posts: 2653
Joined: Tue Apr 01, 2014 11:41 am

Re: Business Brokerage Account

Post by ralph124cf »

Schwab also.

Ralph
baliktad
Posts: 90
Joined: Sun Mar 26, 2017 12:13 pm

Re: Business Brokerage Account

Post by baliktad »

Fidelity has a Fidelity Account for Businesses which is suitable for managing investments in the name of a corporation/partnership. It's primarily geared towards holding investments but does offer some cash management functionality. I posted some of my experiences in this thread: Something like Fidelity CMA for business account.

The gist is that Fidelity business accounts don't have a debit card or online BillPay, and some features require calling in to access, but otherwise it functions like a normal individual brokerage account.
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