Multiple brokerages..

[rayinpenn]

I opened a new Schwab 401k account this morning. When I was filling it out it occurred to me that I have some huge concentration risk. We have 2 accounts at work a 401K and “cash account” (what’s left of the old retirement plan- funny but It goes away this year)

Should i split it and put one in TD Ameritrade? Anyone else concerned? Am i crazy to be worried?

 

[jim584672]

I have several accounts from different brokers as a safety measure.

 

[FIREd_2015]

I consolidated a few years back and now have most of my eggs in the Fidelity basket. For a while I was transferring money between brokerages when they were offering points or $$ but I haven't seen any offers lately.

 

[LOL!]

I would not split my self-employed earnings into two 401(k)s. It doesn't make sense and just increases the bookkeeping and possible 5500 filings.

I have accounts at several discount brokerages for various reasons, but one of them gets most of the transactions. The others are in "set-and-forget" mode, so keeping track of things is trivial.

 

[jazz4cash]

What is it exactly that you are worried about?

We use two main custodians and a third major custodian for ex-employer funds. I have zero concern about fraud or the businesses going under. I have a minor concern that a broker's system could get hacked and slightly higher concern that an individual account could get hacked. Worst case might be a delay in being made whole or no access for a period of time. I would at minimum have a decent emergency fund at an alternate institution. I am about to set up a joint account at a local B&M without online access. It is a few miles from home in case TSHTF.