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Old 11-08-2018, 12:37 PM   #41
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Yes, I will always have a substantial amount in a high yield savings account independent of my brokerage. I also have a bank checking account.
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Old 11-08-2018, 12:40 PM   #42
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To be clear though... you cannot have joint accounts for a tIRA or a Roth IRA... the I in IRA is Individual. But you can set it up so that you and your spouse accounts show up when you use your log-in.
It's also not a bad idea to get a "bank power of attorney" (or other specific financial institution form POA) over your IRAs so your spouse can access if you are disabled. Otherwise the account could theoretically be locked down other than by online access which technically you aren't supposed to do since it's not your account.
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Old 11-08-2018, 01:06 PM   #43
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Like others have said, both DW and I have Full Agent Authority over each others accounts at VG. If I recall, there was some paperwork to be filled out and notarized, but it was an easy enough process. Since I handle all of the finances, it was best to set things up this way in order to "legally" do the stuff I was already doing. It's worked out great and I really like logging into my account and seeing everything in one place.
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Old 11-09-2018, 08:14 AM   #44
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Six plus years ago we consolidated and moved it over to professional management. Very pleased after six years with the results and with the fact that I no longer have to do it myself.
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Old 11-09-2018, 08:48 AM   #45
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Consolidation is a major effort for me. I counted 17 financial institutions I deal with.
credit cards, checking accounts, cd's, HSA, paypal, investments etc

I can't move some of them w/out cap gains or other penalty..

But, yeah, I really want to simplify
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Old 11-09-2018, 09:37 AM   #46
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Originally Posted by jetpack View Post
Consolidation is a major effort for me. I counted 17 financial institutions I deal with.
credit cards, checking accounts, cd's, HSA, paypal, investments etc

I can't move some of them w/out cap gains or other penalty..

But, yeah, I really want to simplify
Although there might be some initial inconvenience (time & loss of affinity points, to name two), it seems one could consolidate almost all these functions at a large financial institution (FI) right? In fact, PayPal is the only function I don’t know how to replicate at large FI.
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Old 11-09-2018, 10:02 AM   #47
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Consolidation is a major effort for me. I counted 17 financial institutions I deal with.
credit cards, checking accounts, cd's, HSA, paypal, investments etc

I can't move some of them w/out cap gains or other penalty..

But, yeah, I really want to simplify
Just 5 institutions for me. Can't really reduce further.
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Old 11-09-2018, 10:27 AM   #48
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Don't forget it also makes it easier on your heirs.

Or if someone else has to manage your finances.

I'm caregiver for a loved one & have found accounts left open at different places with $5 or $10 left in them...I think I've finally found them all & am consolidating to one financial institution.
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Old 11-10-2018, 07:27 AM   #49
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We filled out the paperwork and gave each other trading authority in our respective accounts, and now I see all.

+1. I handle all transaction by accessing just one platform.


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Old 11-10-2018, 07:34 AM   #50
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+1. I handle all transaction by accessing just one platform.


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Old 11-10-2018, 08:55 AM   #51
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DW and I have everything except checking at Fidelity. Separate accounts but accessible from either login.
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Old 11-10-2018, 09:12 AM   #52
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Separate HSA: Cheaper
Separate 401k: Stable Value Available
Separate trading account: Cheaper xactions
Separate savings account: Better APR without games
Two financial houses: In case of one having a glitch at the wrong time
Separate checking accounts: to keep my sanity


That's as simple as it gets, lol!
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Old 11-10-2018, 09:18 AM   #53
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Apart from "cash", all our financial assets are at Vanguard. I don't worry about it being concentrated.

Trying to make it easier for the family, we have reduced the number of funds this year from 7 to 3.
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Old 11-10-2018, 10:41 AM   #54
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Don't forget it also makes it easier on your heirs.

Or if someone else has to manage your finances.

I'm caregiver for a loved one & have found accounts left open at different places with $5 or $10 left in them...I think I've finally found them all & am consolidating to one financial institution.
+1

I found CD (and local banks in general), to be the worst when helping to settle my FIL's estate. Each CD had to be dealt with on its own. Then you have the maturity dates to deal with, so timing is messy, and decisions to make.

-ERD50
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