Best Business Bank for Financial Advisors
You manage your clients' wealth. Let us manage your practice's finances.
What Financial Advisors Need From a Bank
Average Revenue
$100,000–$400,000
Cash Flow Pattern
Quarterly fee cycles aligned with AUM billing; relatively predictable once book of business is established
Typical Transactions
30-120/month
Category
Professional Services
Primary Banking Needs
Financial advisors know money — but practice finances are a different game
Your custodian sends one lump deposit for 50 clients and you spend hours reconciling who paid what
Compliance audit coming up and your business expense records are scattered across three apps
You're paying $200/month in bank fees that could go toward better compliance software
Best Banks for Financial Advisors Compared
| Bank | Monthly Fee | APY | FDIC |
|---|---|---|---|
| Holdings | $0 | 1.75% | $3,000,000 |
| Charles Schwab Bank | $0-25 | Variable rates | $250,000 |
| Fidelity Cash Management | $0 | Competitive rates | $1,250,000 |
| TD Bank | $15-25 | Standard rates | $250,000 |
| JPMorgan Private Bank | Premium pricing | Negotiable rates | $250,000 |
| First Republic Bank | Varies | Competitive rates | $250,000 |
Holdings
$0/mo · 1.75% APYIndependent RIAs and fee-only advisors wanting streamlined operations
Key Features
- •AI bookkeeping
- •Unlimited sub-accounts
- •Client fund segregation
- •Investment tracking
- •Fee calculation tools
Pros
- ✓No fees ever
- ✓AI-powered insights
- ✓High FDIC coverage
- ✓Perfect for fee management
Cons
- ✗Newer to market
- ✗Digital-first approach
Charles Schwab Bank
$0-25/mo · Variable rates APYRIAs already using Schwab's custody and investment platform
Key Features
- •RIA custody services
- •Advisor platform integration
- •Client money movement
- •Fee billing
- •Institutional services
Pros
- ✓Integrated with investment platform
- ✓No ATM fees worldwide
- ✓Strong advisor tools
- ✓Established RIA services
Cons
- ✗Limited branch access
- ✗Complex fee structure for some services
- ✗Custody requirements
Fidelity Cash Management
$0/mo · Competitive rates APYAdvisors using Fidelity's investment and custody services
Key Features
- •Investment platform integration
- •Cash management for advisors
- •Client account services
- •Fee processing
- •Multiple account types
Pros
- ✓No fees
- ✓High FDIC through program banks
- ✓Strong investment integration
- ✓Mobile app
Cons
- ✗Limited branch access
- ✗Primarily investment-focused
- ✗Customer service limitations
TD Bank
$15-25/mo · Standard rates APYAdvisors needing traditional banking with extended hours
Key Features
- •Professional banking services
- •Cash management
- •Investment services
- •Commercial lending
- •Treasury management
Pros
- ✓Extended banking hours
- ✓Strong branch network
- ✓Commercial lending
- ✓Professional services focus
Cons
- ✗Monthly fees
- ✗Higher minimums
- ✗Less specialized for advisors
JPMorgan Private Bank
Premium pricing/mo · Negotiable rates APYHigh-net-worth advisors and family offices with significant assets
Key Features
- •Wealth management integration
- •Investment services
- •Lending solutions
- •Trust services
- •Family office services
Pros
- ✓High-net-worth expertise
- ✓Comprehensive wealth services
- ✓Global platform
- ✓Premium service
Cons
- ✗Very high minimums
- ✗Expensive
- ✗Limited to wealthy clients
First Republic Bank
Varies/mo · Competitive rates APYAdvisors in major markets serving affluent clients
Key Features
- •Private banking
- •Investment management
- •Lending services
- •Wealth planning
- •Professional services
Pros
- ✓Personalized service
- ✓Wealth management focus
- ✓Competitive lending
- ✓Client-centric approach
Cons
- ✗Higher minimums
- ✗Limited geographic presence
- ✗Premium pricing
Frequently Asked Questions
Does Holdings create records suitable for compliance audits?
Yes. Our AI bookkeeping auto-categorizes every transaction with clean labels and timestamps, giving you audit-ready records without manual entry.
Can Holdings track my advisory fee income separately from other revenue?
Absolutely. Fee deposits from custodians are categorized separately from other income streams like financial planning fees or speaking engagements.
I'm an independent RIA. Is Holdings right for my firm?
For sure. Most of our financial advisor clients are independent RIAs or small advisory firms. No minimum balance, no monthly fees, and bookkeeping that understands your business.
Does Holdings integrate with custodial platforms?
Holdings tracks deposits from any source, so when Schwab, Fidelity, or Pershing sends your fee payments, they're automatically categorized.
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Holdings offers free banking with 1.75% APY for financial advisors.