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Do you use just one brokerage firm?
Old 06-04-2007, 01:28 PM   #1
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Do you use just one brokerage firm?

Hello - I know that most folks here use asset allocation strategies and re-balancing. I've also noticed that many like Vanguard for its low fees. What I'm wondering is if many of you keep most or all of your nest egg with one brokerage firm (Vanguard, Fidelity, whoever), or if you also diversify among the firms? I can see some advantages & disadvantages to using just one firm - if I keep all my $ at one firm, I might qualify for better fees or services. But, if there's ever a problem (fraud, web site down, etc), I'd be sorry I didn't have access to funds at another firm.

Any opinions? Thanks!
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Old 06-04-2007, 02:38 PM   #2
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Yep - pretty much all with Fidelity.

I've always been very happy with their service.

I have no concerns about fraud.

They seem to have an excellent, up-to-date computer infrastructure, so I'm not too concerned about major outages, or if they occur, I suspect most companies would be down as well.

Using one firm makes filing taxes way easier.

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Old 06-04-2007, 02:58 PM   #3
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Concur with Audrey said, up until recently almost all my money at Schwab, just recently transfered some funds to Vanguard to take advantage of their admiral class share.

In general I think less is more when it comes to financial institutions, also thing of your poor executor. I can see having a Vanguard account, plus a discount brokerage account.
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Old 06-04-2007, 03:45 PM   #4
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Just one. Big plus on fees and service and except for temporary access problems, there shouldnt be any problems with fraud, bankruptcy or anything else like that.

At the end of the day, i'm a part owner of vanguard and I own the funds underlying investments.
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Old 06-04-2007, 06:08 PM   #5
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I would like to. However my IRA's and 401(k) are with Vanguard in their funds but I prefer to (and have to) use Schwab for my taxable money because I can't custody DFA funds at Vanguard. In addition I don't like Vanguard's Pershing based brokerage platform.
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Old 06-04-2007, 06:47 PM   #6
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I too find having everything at one broker saves me money on fees and also gets me better service. It also gets me a free lunch or golf.

The big firms have good computer systems and back-up so website being down is not a concern. I do have a checking account at a credit union that I use as my transaction account. It does provide a backup for ATM money it I lose my brokerage ATM card.
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Old 06-04-2007, 07:38 PM   #7
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I have 5 accounts at TDWaterhouse and 5 at Scottrade - don't ask.

Each of them know about the other so they give me special attention and pricing.
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Old 06-04-2007, 09:05 PM   #8
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I'm all in at Vanguard. Got rid of ML and AG ripoff when I woke up.
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Old 06-04-2007, 09:29 PM   #9
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I have most everything at T. Rowe-Price. I have what I like, and like what I have, and everything is simple and easy for me to use and to keep track of.
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Old 06-04-2007, 10:58 PM   #10
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I would suggest, if you could, using only one brokerage. I'm using four brokerages and it's sort of a pain. But, there were reasons at the time to use each one. (OK, there was no good reason for me to use T. Rowe Price, except that I wanted to). Once I retire, I'm sure I'll be down to just using two brokerages.
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Old 06-04-2007, 11:15 PM   #11
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I use 2 discount brokerages, mostly for slightly different reasons... one has a better selection of fixed income products while the other has cheap equity commissions. Would prefer to have just one.
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Old 06-05-2007, 12:05 AM   #12
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We do all out trading thru WellsTRade. 100 free trades, what more could we ask for. When we are finished buying we will move them across to Fidleity to joint our 401k plans.
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Old 06-05-2007, 12:49 AM   #13
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Using Vanguard today. Previously Schwab. Both have been reliable.
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Old 06-05-2007, 02:23 AM   #14
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I use Ameriprise because I get 10 free trades a month per each account. I hardly ever use that many though.
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Basically, Fidelity is it.
Old 06-05-2007, 08:44 AM   #15
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Basically, Fidelity is it.

It is extremely convienient, fully Interenet accessible, and a good recordkeeper. The real risk is in the underlying securities that your money is invested in. In that sense, diversification is necessary.
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Old 06-05-2007, 11:43 AM   #16
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2/3 at Fido, 1/3 at Vanguard to do some cherry picking of specific offerings. Plus, I feel better having some diversification for worst case scenario - probably irrational.
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Old 06-05-2007, 12:18 PM   #17
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Previously, I had numerous mutual funds and got way too many statements. A number of years ago I moved everything to TD Waterhouse (now TD Ameritrade) to just get one statement. Unfortuneatly, now I have multiple accounts (taxable and IRAs for both my wife and me). On the other hand, since I now use primarily ETF to asset allocate and only rebalance once a year, trading is infrequent and cheap.

When my father passed away, his trust was at Morgan Stanley. I had to keep it intact since it is also to support my step mom. It took a year for them to infuriate me with their commissions that ran about 1.5% of the value of investments and their canned responses to my complaints. Finally, I moved the trust to Ameritrade as well. They were probably as glad to see me go as I was to leave.

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Old 06-07-2007, 01:02 PM   #18
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I'm on the verge of moving everything to Vanguard... I used to have most of my assets at Muriel Siebert because they had low margin rates and were reported to give more favorable trade executions. But now that I'm FIRE'd I'm not trading much and not using margin so those advantages are not important any more.
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Happy with Vanguard
Old 06-07-2007, 02:11 PM   #19
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Happy with Vanguard

Moved everything over to Vanguard as soon as I could after RE. Was previously with ML...customer service there was terrible! Very pleased with VG.
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Old 06-07-2007, 06:44 PM   #20
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We use Vanguard and Scottrade. Eventually it'll just be Vanguard.
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