How many of you have gone to a one stop shop for your investments and banking? Like

[FANOFJESUS]

everything at Fidelity or Schwab. I am very tempted to do this since it is so simple and less paper work.

 

[ShokWaveRider]

We are moving that way. Schwab in our case. Not Banking though, we prefer our local Credit Union for that.

 

[GravitySucks]

FIDO for me. But I do keep a local Credit Union account for convenience.

Happy with their service.

 

[Surewhitey]

I would like to, just too much work unwinding the mess created for now.

 

[Car-Guy]

Down to three from ~10 a decade ago.... Two investment firms and one local B&M bank. I may get down to two someday but I don't see getting to just one.

 

[target2019]

Now: Local bank + Schwab + Vanguard.

Later: Local bank + Schwab + Fidelity.

 

[enjoyinglife102]

Vanguard connected to Ally Bank for checking. Love the simplicity and great service.

 

[COcheesehead]

There are a few threads on this topic, but yes. We have everything at Fidelity. Consolidation is powerful, will be easy for you at tax and planning time. It will also be easy on your heirs.
Account size may also bring you additional benefits, so pile assets up in one spot.

 

[audreyh1]

Mostly Fido here. But I do use several banks as well.

Once upon a time, and for a very long time, it’s was just Fido plus one bank checking account and later added Treasury Direct for IBonds. Then in 2013 things exploded. I’ll get back to that original setup again one day, maybe with just 1 high yield online savings account in addition.

 

[38Chevy454]

Fidelity for all retirement and investment accounts. Use a local bank for checking and small savings accounts.

It is easier to have all the retirement and investment accounts in one place.

 

[thod]

Local Bank
TDAmeritrade - brokerage/IRA/Roth
Fidelity - 401k/IRAs/Roth
Schwab - Donar Advised Fund
Treasury Direct

Used to have Vanguard for wife's 401K, but after she retired, we got out of that as fast as we could. Small business and Vanguard added a lot of high fees to manage the 401K.

I think Vanguard charged a lot for a small company's 401k because it could. The side effect that was that it made a bad experience for some users. A few of these users might have million+ brokerage accounts that they will now never consider Vanguard. Sometimes business' can be very short sighted.

 

[MRG]

No. Never. I'll explain.

My career was in fixing things that brought systems down. If you weren't part of the crapola that happens sometimes you might not understand. I remember an OS upgrade that brought a mainframe class machine to a halt for a few weeks. Nobody's financial transactions were able to processed, SEC was involved, finally IBM found the issue; they said the machine wasn't down. It was waiting for ~140 years to see if there was more work to be done. There was a lot of work that didn't happen during that time.

Besides the technical issues that can lock your money away from you there's legal issues. When DF passed his trust did a TOD to our brokerage account. Then the Commonwealth of Pennsylvania locked that account so they could collect the 10% inheritance tax. Only a few months to get resolved.

 

[Souschef]

I moved DW's holdings from UBS to Fido, and my holdings from Morgan Stanley to Fido. It does simplify things, especially at tax time.

 

[Montecfo]

Mostly at E-Trade. But...

TDA for the HSA

Fidelity Charitable for the DAF

Treasury Direct for I-bonds.

Local bank for checking

A few hi-yield accounts at various banks.

 

[Midpack]

Vanguard and Ally. I have a TD account but $0 at the moment. BoA checking. I had, and would still be totally comfortable with, Fidelity or Schwab.

 

[Car-Guy]

We have everything at Fidelity. Consolidation is powerful, will be easy for you at tax and planning time. It will also be easy on your heirs.
Account size may also bring you additional benefits, so pile assets up in one spot.

For your sake, let's just hope Fidelity doesn't have a Lehman Bros moment at some point in the future. Just one of the reasons I continue to use several financial institutions. I do stay with the big named firms but even then, there are few guarantees. YMMV

 

[COcheesehead]

Let's just hope Fidelity doesn't have a Lehman Bros moment. Just one of the reasons I continue to use several financial institutions. I do stay with the big named firms but even then, there are few guarantees. YMMV

Comments like this make me wonder if folks really understand what a brokerage is and who holds the assets.

 

[Car-Guy]

Comments like this make me wonder if folks really understand what a brokerage is and who holds the assets.

Depends on what you have invested in. Whatever helps you sleep well. (Regardless, I'm not an expert so don't follow me.)

 

[COcheesehead]

Depends on what you have invested in. Whatever helps you sleep well.

What happens if a brokerage closes

https://www.finra.org/investors/alerts/if-brokerage-firm-closes-its-doors

 

[latexman]

Fido + NC CU

 

[Car-Guy]

What happens if a brokerage closes

https://www.finra.org/investors/alerts/if-brokerage-firm-closes-its-doors

Yep, I've read similar... Still not comfortable putting too many of "my" eggs in one basket. Stuff happens.

 

[MarieIG]

No, not yet. I've been cutting down.

When someone mentioned the Ally bonus, I thought about it, but was put off by the thought of opening yet another account.

Most recently I opened a Treasury Direct account for I bonds.

 

[racy]

Vanguard: 2 of their funds (3 counting Fed MM), plus put my BRK.B, BDX and a T. Rowe Price fund there.

 

[Gumby]

Working toward it, but not there yet.

 

[PatrickA5]

For the last couple of years I was 100% Fido (other than credit cards). I've since opened a Chase checking to have a B&M location and will have money at Ally until 2/15/23 for the $500 bonus.

I haven't decided if I'll keep the Chase account. Having everything at FIDO sure was easy.