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04-12-2016, 08:36 AM
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#21
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Full time employment: Posting here.
Join Date: Apr 2006
Posts: 969
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I have money with 11 different institutions at the moment. That is a bit out of hand; but, I do like having things spread around in case of failure (their systems) or compromise (my specific accounts) at one or more of those institutions.
This also includes some specialty locations such as TreasuryDirect and a boutique benefits manager with an old 401(k) that is my only avenue to a stable value fund. I have opened other accounts for specific benefits (MerrillEdge for free trades, Schwab for the foreign ATM benefits, etc.). At some point, I may consolidate a bit; but, I honestly do not see the need at the moment. The only real downside I have found is the 2-5 days it takes to transfer cash from one institution to another.
__________________
If there's one thing in my life that's missing; It's the time I spend alone
Sailing on the cool and bright clear waters; There's lots of those friendly people
Showin me ways to go; And I never want to lose your inspiration
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04-12-2016, 09:04 AM
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#22
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Thinks s/he gets paid by the post
Join Date: Jul 2007
Location: St. Louis
Posts: 1,563
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I read where one man had a Vanguard account and a local credit union. I would like to copy that. So simple come tax time.
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04-12-2016, 09:09 AM
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#23
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Apr 2013
Posts: 11,078
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Quote:
Originally Posted by CoolChange
I have money with 11 different institutions at the moment. That is a bit out of hand; but, I do like having things spread around in case of failure (their systems) or compromise (my specific accounts) at one or more of those institutions.
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You realize when it comes to funds the number of systems of record can be counted on the fingers on one hand?
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04-12-2016, 10:01 AM
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#24
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Thinks s/he gets paid by the post
Join Date: Dec 2009
Location: Alberta/Ontario/ Arizona
Posts: 3,393
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Everything at one institution. When I log on my total investment, cash, credit cards etc is totalled up. I like it this way.
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04-12-2016, 10:12 AM
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#25
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2005
Location: Chicago
Posts: 13,151
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Quote:
Originally Posted by Danmar
Everything at one institution. When I log on my total investment net worth is totalled up. I like it this way.
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You don't have to have everything at one brokerage to do this. Any brokerage worth it's salt will have a function where it totals your assets at other locations automatically, once you set it up.
__________________
"I wasn't born blue blood. I was born blue-collar." John Wort Hannam
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04-12-2016, 10:35 AM
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#26
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2016
Posts: 8,968
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I use 2 banks and 3 brokers.
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04-12-2016, 10:50 AM
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#27
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Thinks s/he gets paid by the post
Join Date: Dec 2009
Location: Alberta/Ontario/ Arizona
Posts: 3,393
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Quote:
Originally Posted by youbet
You don't have to have everything at one brokerage to do this. Any brokerage worth it's salt will have a function where it totals your assets at other locations automatically, once you set it up.
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OK but not sure available in Canada. Bank accounts too?
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04-12-2016, 11:09 AM
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#28
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Recycles dryer sheets
Join Date: Feb 2016
Location: Near Sacramento
Posts: 488
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I prefer having it in as few places as possible. My retirement is with Schwab and I have a checking and HSA at local institutions.
cd :O)
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Do you keep your investments in one place or spread them out?
04-12-2016, 11:29 AM
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#29
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Thinks s/he gets paid by the post
Join Date: Mar 2014
Location: Southern Cal
Posts: 4,032
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Do you keep your investments in one place or spread them out?
I have them at a few places. My attempt to consolidate everything at Vanguard failed thanks to Vanguard. Now my husband's money is with his 401k, mine is with Vanguard, I have a trading account with Scottrade, going to open a solo401k and HSA account with TDameritrade.
Sent from my iPad using Early Retirement Forum
__________________
Just another day in paradise
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04-12-2016, 11:30 AM
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#30
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Full time employment: Posting here.
Join Date: Mar 2008
Posts: 799
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My retirement accounts are with one broker and I have 3 bank accounts. At some point, I may close one CU account, but will keep the other CU and national bank. I found it easier to keep track of investments with one broker.
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04-12-2016, 11:36 AM
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#31
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Full time employment: Posting here.
Join Date: Jul 2014
Posts: 930
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I have a few legacy accounts that my Dad set up for me years ago. I should consolidate them since neither has a large balance, but I think I keep them more for emotional reasons. They're money market accts and don't have a lot of activity, so it's not a big paper problem.
The rest of my investments are spread out among Vanguard, my work 401{k) administratior, a bank for some CDs and my IRA at a different institution. I'll eventually consolidate them more, but I like the idea of having at least three different institutions.
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04-12-2016, 12:05 PM
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#32
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2014
Location: Spending the Kids Inheritance and living in Chicago
Posts: 17,010
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For Stocks I had it all at 1 place.
They got hacked, which is not good but understandable, however since they didn't tell me for 1 year, so my password didn't get changed (it's really long), I could have been at risk.
Therefore, I moved a few accounts out from them.
The first move of a big account, they called and asked why, so I told them "Because they didn't tell me, I don't want all my eggs in 1 basket".
They didn't call for the second move of another large account.
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04-13-2016, 01:31 AM
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#33
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Dryer sheet aficionado
Join Date: Jan 2009
Posts: 45
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Quote:
Originally Posted by CABarb
Why did you buy FSENX in the first place? I doubt the reason you have it in your portfolio has changed.
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FSENX is in my rollover ROTH account and was under performing but today I made back a little of what I lost. It's in the ROTH for future retirement needs so I think I'll just hang on to it.
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04-14-2016, 09:15 AM
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#34
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2006
Location: Pacific latitude 20/49
Posts: 7,677
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I have 4 institutions plus 2 others in another country. I consolidate once a month, and can log into any one of them from instantaneous values/trades. As my tradings days are mostly over, this is not the burden it used to be as all my trading is in one of them.
DW and I have discussed this and agree that the spread across institutions is worth the trouble.
__________________
For the fun of it...Keith
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04-14-2016, 09:38 AM
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#35
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Thinks s/he gets paid by the post
Join Date: Sep 2013
Location: Cincinnati, OH
Posts: 4,353
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All retirement accounts at Fidelity except DW's TSP. Local credit union for checking account and small savings.
__________________
The problem isn't artificial intelligence, it's natural stupidity.
You can't spend yourself to prosperity.
Semi-Retired 7/1/16: working part-time (60%) for now [4/24/17 changed to 80%]
Retired Aug 2, 2017; age 53
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