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How many different accounts do you maintain?
Old 01-10-2006, 05:30 AM   #1
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How many different accounts do you maintain?

And why?

Picked up on poyet's comment on the "5 million at 24" thread.
Quote:
keep in mind the Baring story. Eggs of 250/300k are fine and never in the same basket.
Do most of you consciously split up your "egg" in this way?

(I like the convenience of seeing all my investments in one statement, but concede there may be a non-zero risk to this.)
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Re: How many different accounts do you maintain?
Old 01-10-2006, 06:12 AM   #2
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Re: How many different accounts do you maintain?

We have three separate firms : DW has one with the Principal; I have one with Fidelity; together we have an acct with Edward Jones. Within these three are SEPPs, Roths, TSAs, mutual funds. We keep our cash locally in laddered CDs. I dumped all individual stocks after Enron & Co. & the copycats burned me.

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Re: How many different accounts do you maintain?
Old 01-10-2006, 06:52 AM   #3
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Re: How many different accounts do you maintain?

We have cut back our accounts somewhat. I think when you are young, you don't really think much about the bookkeeping that you might end up doing down the road. These accounts "just happened" over the years. There was little conscious effort or forethought going into them (but there was some!). And no, they are not split into sub-$300K account for safety or whatever.

We have several accounts even though we have done some consolidation:
5 - 401(k)s or 403(b)s (spouse has always left hers at her previous employers)
1 - brokerage account
1 - investment club account
2 - 529 plans (we have 2 children)
1 - Keogh (leftover from spouse being self-employed for a few months)
5 - IRAs (some are inherited and being stretched)
2 - after-tax mutual fund accounts
2 - checking account (we needed an extra one to get a medallion signature guarantee)
1 - savings account
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Re: How many different accounts do you maintain?
Old 01-10-2006, 07:03 AM   #4
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Re: How many different accounts do you maintain?

So funny this topic should come up, just yesterday I was listing the accounts and amounts . These are all at different banks/institutions.

Main checking
Ebay checking
Money Market Savings
Investment account
Emigrant Direct
CD account
401K at work

the Ebay account was set up because of a loan I had with that bank, they insisted I open an account as part of the loan agreement, the loan is paid off and there is very little money in there so it makes a good Ebay/Paypal account and it's free.

I would love to consolidate some of these accounts but I go with the best rate for that kind of account... actually I'm looking at moving the MM to another bank with a much better rate.
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Re: How many different accounts do you maintain?
Old 01-10-2006, 07:10 AM   #5
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Re: How many different accounts do you maintain?

I know it's easy for them to proliferate.. and that there could be reasons for having a CD with a certain bank, 401ks set up and so on.

I guess I was thinking along the lines of account safety. Has anyone besides poyet wanted to break up a larger account into smaller ones with different financial institutions?

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Re: How many different accounts do you maintain?
Old 01-10-2006, 07:11 AM   #6
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Re: How many different accounts do you maintain?

I have consciously resisted opening accounts with more financial institutions because I already get more than enough paper. *Most everything is with Schwab because although they are not always the cheapest, they are generally competitive and they have just about everything I need. *I could get certain things elsewhere for less, but so far it is not worth the hassle.
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Re: How many different accounts do you maintain?
Old 01-10-2006, 07:34 AM   #7
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Re: How many different accounts do you maintain?

401k account at work, taxable and soon Roth with Vanguard, abandoned AmeriTrade account...
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Re: How many different accounts do you maintain?
Old 01-10-2006, 09:00 AM   #8
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Re: How many different accounts do you maintain?

Quote:
Originally Posted by brewer12345
I have consciously resisted opening accounts with more financial institutions because I already get more than enough paper.
I have lots of different accounts (I may count them later), but get almost no paper at all. I have everything sent to me electronically.

PROS: Less paper, more secure, easier to organize.

CONS: None that I can think of.
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Re: How many different accounts do you maintain?
Old 01-10-2006, 09:08 AM   #9
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Re: How many different accounts do you maintain?

It seems our account count is ever growing these days as some were inherited. I will be looking to consolidate some in the coming year.
1) Main Checking
2) Savings Account
3) Secondary Checking
4) 401K #1
5) 401K #2
6) Merril Lynch
7) Annuities
8) IRA's
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Re: How many different accounts do you maintain?
Old 01-10-2006, 09:10 AM   #10
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Re: How many different accounts do you maintain?

Quote:
Originally Posted by retire@40
I have lots of different accounts (I may count them later), but get almost no paper at all.* I have everything sent to me electronically.

PROS:* Less paper, more secure, easier to organize.

CONS:* None that I can think of.
I don't want electronic-only. If I have to substantiate anything, especially in taxable accounts, I want the hard copy record to back it up.

Junk mail seems impossible to stop. Don't think I'd be any happier getting it electronically, either.
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Re: How many different accounts do you maintain?
Old 01-10-2006, 09:17 AM   #11
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Re: How many different accounts do you maintain?


I have about six, and will reduce to three soon. Why did I have them? Circumstances at the time, and kept past the time needed. Will reduce to simplify because I can now.
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Re: How many different accounts do you maintain?
Old 01-10-2006, 09:19 AM   #12
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Re: How many different accounts do you maintain?


P.S. Vanguard considers every single one of my mutual fund holdings a separate account. I don't.
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Re: How many different accounts do you maintain?
Old 01-10-2006, 09:20 AM   #13
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Re: How many different accounts do you maintain?

Bank - checking, savings
403b - 3 Tiaa-Cref accounts
Mutual funds - 2 vanguard accounts
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Re: How many different accounts do you maintain?
Old 01-10-2006, 09:24 AM   #14
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Re: How many different accounts do you maintain?

42 DRIP stock plans - down from 47.

Opened a Vanguard Brokerage account in Dec.

If I get down to Bernstein's 15 Stock Diversification Myth by mid year it will be an accomplishment.

Plus dual LA and MO bank accounts which will require switching auto deduct/deposit mechanism's before closing the old ones.

Gonna be a fun year.
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Re: How many different accounts do you maintain?
Old 01-10-2006, 09:27 AM   #15
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Re: How many different accounts do you maintain?

Quote:
Originally Posted by kat
P.S.* Vanguard considers every single one of my mutual fund holdings a separate account.* *I don't.
Eh, I have 6 investment accounts, a bill pay account, a checking account, a credit card, and a HELOC with Schwab. Since I can flip from one to any of the others (except the HELOC) without logging in again, I could care less what they call it.
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Re: How many different accounts do you maintain?
Old 01-10-2006, 09:29 AM   #16
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Re: How many different accounts do you maintain?

Quote:
Originally Posted by unclemick2

If I get down to Bernstein's 15 Stock Diversification Myth by mid year it will be an accomplishment.

Gonna be a fun year.
Agile, mobile and hostile . I like that in a portfolio too.
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Re: How many different accounts do you maintain?
Old 01-10-2006, 09:36 AM   #17
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Re: How many different accounts do you maintain?

Fidelity roth IRA - me
fidelity roth IRA - DW
Fidelity trad. IRA - DW
joint taxable brokerage acct at fidelity - me+DW
old 401k-DW, being rolled into VG IRA
401k-me
401k-DW
VG trad IRA - me (soon)
VG trad IRA - DW (soon)
VG taxable account(s) - me+DW
VG taxable account for daughter (soon)
VG MM account
2 ING MM accounts
credit union MM acount
credit union checking acct
2 credit union savings accounts

18 accounts?

We don't use the ING accounts anymore, and we are required to hold our accounts at Fido due to DW's employer's compliance department rules to prevent insider trading. That adds an extra layer of complication.

And we are only in our 20's

We are consolidating her old 401k into an IRA, so soon it will be 17 accounts.

Then there's the UTMA custodial accounts I manage for my 4 nephews, and the new account we'll start for our next "little one" when he/she pops out. Luckily we get most of the statements electronically.

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Re: How many different accounts do you maintain?
Old 01-10-2006, 09:49 AM   #18
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Re: How many different accounts do you maintain?

Oh man, I was going through my account getting ready for tax prep. and added all of them up.

Banking:
1-Savings
1-MM
2-CDs
1-Checking-joint
1-Checking-DW Trust
1-Checking-self-Trust
1-Savings-DW Trust
1-Savings-self-Trust
1-Checking-deceased wife trust
1-Savings-deceased wife trust

Investment:
1-401(k)-Vanguard-self
1-Vanguard portfolio-joint
1-Trust account (deceased wife)-Vanguard
1-Portolio account-Smith Barney
1-IRA Rollover-Smith Barney
1-IRA Beneficiary-Smith Barney
1-Trust account (deceased wife)-Smith Barney
1-E*Trade-current stock options
1-UBS-stock options (underwater *) previous employer
1-UBS-stock options (underwater *) previous employer) beneficiary account
1-Mellon-DW company stock account
1-Other-DW company 401(k)

Other:
I also keep up with my Mom's account. *She has 10 accounts at different places; not much $$ but scattered all over. *Consolidation looks like a good goal for this year.

About 33 accounts that I can think of so far. *Some are used to cash checks written in the name of the various trusts and have no balance or to transfer cash from one asset to another through the trusts to keep it all legal and documented. *

Taxes are fun too with all these accounts to keep track of. * :P
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Re: How many different accounts do you maintain?
Old 01-10-2006, 10:07 AM   #19
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Re: How many different accounts do you maintain?

And a partridge in a pear tree... :P
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Re: How many different accounts do you maintain?
Old 01-10-2006, 11:03 AM   #20
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Re: How many different accounts do you maintain?

There is the Credit Union, the wife & I have Roths, she has a 403b, I have a TSP and an IRA. Then there are ibonds and 6 individual DRIP stocks. So I am at 13 plus two for my minor son.
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