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

We are close to maximum simplicity; Virtually all of our assets are at Schwab, including tIRA, Roth, and cash accounts. I have a Schwab Bank checking account. 95% of our equity tranche is in one mutual fund and 95% of our fixed income tranche is in TIPS. Monthly statements are very, very simple.

DW maintains a checking account at Wells. She uses it for day-to-day things, but its main purpose is to give us a local means for getting cash amounts larger than feasible with ATMs. Sometimes when we travel internationally we get better prices if we offer to bring cash. Schwab's web site makes it very easy to transfer cash to DW's account. Having this backup account also means that we travel with two independent debit cards for use at ATMs. (We also travel with two independent Visa cards. Not Amex, which is commonly refused outside the US.)

Simple is good. I am not at all worried about Schwab going under. There is plenty of protection for that. Ref @COcheesehead's Post #19.

Re @MRG's comments in Post #12 about software issues, I think that is a real but low probability risk. I don't worry about it, though; we are investors not traders so temporarily losing access to our accounts would be highly annoying but not much more than that.
 
We moved all investments to one place this year.
Still have checking/savings/visa at local brick and mortar bank, and a savings/visa at a local credit union via our previous work place.
 
Two stops.

Separate investing and banking.

One exception... current account and HISA are at different institutions.
 
ShokWaveRider said:
We are moving that way. Schwab in our case. Not Banking though, we prefer our local Credit Union for that.
Click to expand...
+1. Now that rates are higher I can redeem those 3.0% and 3.5% 5-year credit union CDs that I bought in 2019, pay the early withdrawal penalty, reinvest the proceeds and still come out ahead, so I am consolidating at Schwab but will be keeping our local credit union for paying bills. Much simpler for DD and DW if I get run over by a beer truck.

We use Fido for our HSAs. The thing I like about Schwab is that when I call my contact there more often than not she actually answers the phone! Very responsive. Beats the pants off Vanguard's phone hell.
 
Last edited:
My IT career experience in 24x7 availability, redundant systems, dealing with outages, etc. (especially with many of these financial institutions) keeps me away from a one-stop-shop scenario :). I have reduced the institutions and accounts I deal with, bud will not go to a single one. In addition, I have yet to find a single institution that is optimized for all of my financial requirements. Not saying one stop shop is inherently bad, it is just not for me :).
 
Everything at Merrill and BAC, good perks depending on balances and just easy in terms of reporting, problem solving and money movement logistics.
 
jollystomper said:
My IT career experience in 24x7 availability, redundant systems, dealing with outages, etc. (especially with many of these financial institutions) keeps me away from a one-stop-shop scenario :). I have reduced the institutions and accounts I deal with, bud will not go to a single one. In addition, I have yet to find a single institution that is optimized for all of my financial requirements. Not saying one stop shop is inherently bad, it is just not for me :).
Click to expand...
Good point. I usually keep a year's spending in an online savings account and may continue doing that as a safeguard against temporary access issues.
 
Just USAA for checking / EF savings / charge card & Schwab for Brokerage / IRA / Roth / savings that I'm willing to lend (gift) to kids. But I linked Schwab to USAA so I see it all on the USAA app
 
Last edited:
Car-Guy said:
Yep, I've read similar... Still not comfortable putting too many :) of "my" eggs in one basket. Stuff happens.
Click to expand...
And wouldn't you know it, FTX has/is now suspending withdrawals and deposits. Yes, I know, FTX is not a Fidelity or Schwab by a very long shot, but as I said "stuff" happens, depending on your investments and institutions.


Where are FTX supporters like Tom Brady and MLB now? :)
 
Last edited:
I haven't yet,

If I can't find a 2nd or 3rd brokerage that is willing to do "House-holding of Statements" for DW and myself, I might indeed move the others to Fidelity.

-gauss
 
We're not fully there but over the past 3 years, I've consolidated a lot of our money to Vanguard. We now hold about 70% of our money there. Another 7% is in my 401k which is still active as I still work there and contribute. The remaining 23% is scattered around a bit (checking account, Ally, I bonds, individual stocks, HSA, etc.).



I definitely love the convenience of having so much in one place.
 
We are all-in at Fidelity. We use a CMA as our checking account. When dividends hit our brokerage account, I have rules set up that automatically move it to the CMA same day. No ACH, no delays, all automated and real time.

We do have an Ally savings account. We keep our small cash position there unless MMF yields at Fidelity are higher.

We also have $1500 parked at Wells Fargo. That gives us access to local B&M services, mainly notary and large cash transactions.

As for "stuff happens", I'm with OldShooter... highly annoying but not much more than that. Anything beyond that is so unlikely that it's not worth trading off the benefits of consolidation. IMHO.
 
Upon retirement, we Consolidated and moved all to Fidelity for simplicity.

The long version / story......

Prior to retirement we had our Portfolio at Vanguard, megaoil corp Savings, and local Bank linked to VG. We were mid level Flagship Range at VG, no where near Flagship Select level.

Upon retirement, we took Lump Sum from megaoil corp and moved all of our Savings to Vanguard to consolidate to one firm. Local Bank linked to VG. This was first step to Simplification.

We were not unhappy with VG's service at all. But to be fair, it did take long wait times and/or having a Representative to call back to us which sometimes resulted in phone tag and a good bit of time taken to take care of issues. We would not get the same Rep's when we called in and this necessitated retelling our story to different reps. This was a not deal breaker but it would have been nicer to have the same representative to talk to when we had items to address.

So...... we moved everything from VG to Fidelity -
The reason(s) was because Fidelity has a Brick & Mortar Office just afew minutes from our house. And, we have an assigned Representative that we can see face to face from time to time. All it takes is a phone call and setting up an appointment. For us this is a valuable service option. We have our local Bank linked to Fidelity for Bill Paying but our Portfolio is all at Fidelity.

Maybe we're old fashioned, but the Face to Face service option with Fidelity was / is a service option that for us is worthwhile. We value the relationship with the same Representative who really knows us and our family particulars.

We much prefer to have all of our Portfolio at one firm for simplicity. Do recommend Consolidation and Simplification.
 
Last edited:
Schwab + local bank + local credit union.
 
NFCU primary banking
Fidelity brokerage account
Ally cash

My company moved the 401k from Fidelity to Principal. Never heard of Principal before.


Mike
 
^^^ Principal is a strong player... not as large as Vanguard, Fido, Schwab but very credible and reputable... a large insurer that also does a lot of 401k work.
 
I’m at Schwab for IRAs and Chase for brokerage/Checking. Treasury Direct for I-bonds, HSA (legacy) at Fidelity. But I also have 20+ rotating different credit cards at all kinds of banks plus I occasionally open bank accounts for bonuses. I still have savings accounts at Marcus, Ally and Amex but currently only a bit of cash at Amex because they have a promo. Oh, an there’s crypto at Unchained Capital vault and my self-directed IRA LLC account at Solera Bank. I also have 3 bank accounts in Europe - to collect my foreign properties rental income plus it’s convenient to have credit card in Euro for when I travel.. Plus I control my mom’s accounts - she has a full on dementia. It’s all managed online, half of the time from my phone - I don’t see the reason to consolidate, nor would it even be possible.
 
Local bank just to have a local bank if ever needed. Minimal deposits. Have theses connected to Venmo and PayPal for sending funds to grandkids in college.

Fidelity for checking, cash back credit card, and about 2/3 of our investments.

Vanguard for the other 1/3 of investments (legacy, all in low cost VG equity funds - super long term $$).
 
I'd love to consolidate but my needs have always largely prevented it:

- I tend to need Medallion Guarantee at least every few years and that requires a local bank.

- I've always kept a safe deposit box...so B&M bank.

For banking I use Ally and a local bank. My investments are consolidated at T. Rowe Price and TIAA, only because I can't fire TIAA yet. Once I retire in a year and a half I will move all of my investments to TRP but will likely keep 2 banks. The local banks don't seem to have the "legs" to completely support international travel without ridiculous fees.
 
I'm close to it, investments all st fidelity.
PNC for mortgage (lol yes I retired with a mortgage) and a checking account.
Capital one for a savings and checking.
 
You must log in or register to reply here.

Similar threads

Tranquility Base
Borrowing Against Investment Portfolio For Home Purchase
Replies
15
Views
537
pb4uski
pb4uski
F
How to contribute to HSA with ACA in retirement?
Replies
15
Views
544
Northforker
N
Beststash
Linking accounts to Bank
Replies
14
Views
1K
frank05
F
Jerry1
Moving to Fidelity and going with a simple portfolio.
2
Replies
36
Views
3K
target2019
target2019
O
Retirement and 401K to IRA
2
Replies
44
Views
4K
Al18
A

Latest posts

Back
Top Bottom