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Old 06-01-2018, 10:55 PM   #21
Recycles dryer sheets
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3 banks + 3 brokerages + 401k with ex-employer = 7
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Old 06-02-2018, 04:04 AM   #22
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80% held at Fido & VG. The rest is split between Ally Bank, local BM bank, HSA ,RMSA , 529's etc.

Other than reducing the number of online banks to one, I haven't considered any further consolidation.
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Old 06-02-2018, 04:17 AM   #23
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I have 3/4 at Fidelity, and the rest at my 401K.
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Old 06-02-2018, 04:30 AM   #24
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I have 3/4 at Fidelity, and the rest at my 401K.
+1
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Old 06-02-2018, 05:16 AM   #25
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90% at Fidelity. The rest spread out over various high yield savings and credit union CD accounts.
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Old 06-02-2018, 05:33 AM   #26
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Fidelity, Penfed and a regional bank.
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Old 06-02-2018, 06:00 AM   #27
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Join Date: Dec 2008
Location: On a hill in the Pine Barrens
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We have 7 unique banks/institutions:

Code:
02%  LOCAL BANK
01%  INTERNET BANK
09%  TAXABLE INVESTMENTS
44%  TAXFREE, ROTHs, SEP-IRA
13%  403(B)
25%  401(K)
06%  401(K)
When we retire, that will probably become 5 entities.

We average 2-4 investments in each, meaning 25 separate funds or investments.

My guess is that all of these have operations and records in different cloud locations, so a disaster in one city would not affect the ability of an institution to conduct business.
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Old 06-02-2018, 06:52 AM   #28
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Eggs are in three baskets, Fido, Vanguard and local bank.
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Old 06-02-2018, 07:20 AM   #29
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Originally Posted by Montecfo View Post
Do you need 20? Good to consolidate same types of accounts for investing scale and administrative ease.

We have tIRAs, roths, rollover IRA and taxable at Etrade. 6 accounts.

Plus co 401k at Schwab. Cash at Capital one. HSA at HSA Bank. One brick and mortar bank for checking.
No, definitely not 20. At this point, 70% of our investable assets is at Merrill Edge that offers no-fee trading on stock/ETF, and $3 on option trading. They offered me a few grands to move money over, and that's why they have my money.

I can consolidate the smaller accounts held directly at some MFs, but have not bothered because the thought is that I am in the distribution phase and can just withdraw to cash and spend it. A couple of smaller IRAs are good for 1 year expense, for example.

Even then, I will not have less than 6 institutions: Merrill Edge, Schwab, Vanguard, Treasury (for the I-bond), plus 2 401k administrators that have decent Stable Value funds.
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Old 06-02-2018, 07:27 AM   #30
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I have about 70% at Schwab, DH has an IRA at vanguard and the 529s are there also. I have a small IRA at Fido. Two credit unions and Schwab bank. One of the credit unions has a bunch of DH's CD IRAs.
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Old 06-02-2018, 07:28 AM   #31
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Forgot... TIPs at treasury direct.
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Old 06-02-2018, 07:44 AM   #32
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Maybe this question hasn't yet been fully explored. Could be an opportunity for a poll.
If you're speaking of "Poles" I grew up in a neighborhood largely comprised of them. So I'll ask, do you prefer your pierogies savory or sweet? And how about your paczkis - with fruit or cheese filling? When it comes to Poles, these are important questions that should be fully explored.
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Old 06-02-2018, 08:29 AM   #33
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Bank, credit union, 457 administrator , and investment brokerage.
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Old 06-02-2018, 08:44 AM   #34
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401k is at FIDO (still working)
Everything else is at USAA. I use the free FIDO funds @ USAA, so basically all my retirement savings is with FIDO.

I keep it simple for my wife. I used to have money all over the place chasing rewards and churning cards. The I had 2 heart attacks and that changed everything. There is value in simplicity.
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Old 06-02-2018, 09:51 AM   #35
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DB Pension
Government Pensions (2)
Insurance Company
Discount brokerage (9 accounts)
Registered Accounts (2)
4 banks in 2 countries

19 accounts in total
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Old 06-02-2018, 09:54 AM   #36
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Stocks and bonds at Fido
Credit card with Barclay
Money (checking) at credit union
Gold and Silver in multiple holes in the back 40
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Old 06-02-2018, 10:09 AM   #37
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Originally Posted by ERD50 View Post
Please consider consolidating. While we expect and hope you will be around for a long, long time, this many accounts can be a real exercise for your loved ones. It seems every bank, every institution has its own requirements when it comes to settling an estate, and they make you jump through their hoops. My FIL had accounts at numerous banks, and DW and I spent a lot of time getting everything settled.

Two or three, plus maybe a local place for banking should be plenty.

-ERD50
My two children are named as heirs in all our accounts. I don't know if that is enough. When we croak, hopefully a decade or two from now, the smaller accounts will be already spent.

To be sure my children know where the money is if something unexpected happens to both of us, I give them a list of all our accounts. They do not know yet how much money is there. I think they suspect it's more than $1M, but not how much more.
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Old 06-02-2018, 10:47 AM   #38
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I have about 12-18 months worth of cash in a savings account, about 2-3 months worth of living expenses in a checking account, and the rest (97-98%) with Vanguard. I have no rationale or justification for such a move, other than the fact that I trust them, and wanted to keep things simple.

Quote:
Originally Posted by NW-Bound View Post
They do not know yet how much money is there. I think they suspect it's more than $1M, but not how much more.
It would be fun, wouldn't it, if we were able to look down on earth after our departure, and see the faces of the folk to whom we leave money.

The problem is, we might get to see and hear things we'd rather not. Perhaps things are better left the way they are
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Old 06-02-2018, 11:02 AM   #39
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96% of Retirement Accounts (and 87% of total Investments) at Vanguard. Of the retirement accounts 96% in one fund (VG Lifestyle Moderate).
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Old 06-02-2018, 11:19 AM   #40
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75% with Fido, 20% with Capital One High interest savings in cash, 5% in local credit union with checking and savings account. One small checking account with another credit union that my "semi-retired" paycheck goes into until I can transfer over to main credit union.
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