Who's your broker?

[target2019]

Quote:

Originally Posted by livingalmostlarge Which brokerage account do you use? Did you switch before or after retirement? I stupidly moved my money out of TD ameritrade in September because i thought I was refinancing with BofA to ML. I ended up not doing that and now I am considering moving back I don't like ML website or dashboard. But since I'm now not stuck at TD, I figure I might as well research moving to somewhere else. Possibly Fidelity or Vanguard. What do you have? Did you switch? And what are the pros and cons?

We use Vanguard (Roths, SEP, IRA) and Schwab (401(k) rollovers).

I think "re-financing" is confusing terminology.

Fidelity, Schwab and Vanguard are the big three mentioned here most often.

[Mossa33]

Vanguard

[Flyfish1]

TD Ameritrade , because that was literally the only option for our self directed 401K plan a few years ago. I'm actually very happy with them and their tools for self managed accounts.
Very good customer service and the web site is excellent if you are an active investor - unlike Vanguard. I'm looking forward to the Schwab merger. I have no need for local offices or RIA's. I've been at Interactive Brokers before, but prefer TD Ameritrade.

[gayl]

I moved everything to Schwab and have been very happy with their '1st floor' advisors when open / phone advisors during the last year. I find their ETFs to have very low costs (0.03%) but I imagine Fido is quite similar.

Still keep a checking / savings at USAA.

[Athermos4u]

I just got an email from Vanguard, they will begin charging $25 usd for transactions requiring a phone representative. I'm already extremely unimpressed with the functionality of their website. It seems I may be taking my seven- figure investing business back to Fidelity. They have an office 2-3 miles from my house, and they don't charge when you walk in.

[REWahoo]

Quote:

Originally Posted by Athermos4u I just got an email from Vanguard, they will begin charging $25 usd for transactions requiring a phone representative. I'm already extremely unimpressed with the functionality of their website. It seems I may be taking my seven- figure investing business back to Fidelity. They have an office 2-3 miles from my house, and they don't charge when you walk in.

Before you pull a Roseann Roseannadanna, take a look at the link in that email and you'll find that anyone having a seven-figure investment with Vanguard gets a pass on most if not all of those phone assisted trade charges. See schedule below:

[FLSUnFIRE]

Quote:

Originally Posted by Athermos4u I just got an email from Vanguard, they will begin charging $25 usd for transactions requiring a phone representative. I'm already extremely unimpressed with the functionality of their website. It seems I may be taking my seven- figure investing business back to Fidelity. They have an office 2-3 miles from my house, and they don't charge when you walk in.

I got that and was slightly alarmed at first. That is specific to Transaction Fee mutual funds. No impact to me and probably most of us.

[MRG]

Quote:

Originally Posted by FLSUnFIRE I got that and was slightly alarmed at first. That is specific to Transaction Fee mutual funds. No impact to me and probably most of us.

+1

[Romer]

I know this is an older thread, but thought it best to add it here and ask my question

my IRAs are at TD Ameritrade and have been with them through one iteration or another for 20 years and never had an issue. I do have someone check in on me as named rep but have told him I am fine as I manage my own investments. Is there something I am missing in not using this rep? I have asked him a couple of questions and gotten quick answers and he did point out that you can only do one rollover out and back into your IRA in a year. I took a lot of out $$ To help my daughter between houses and paid it back in 38 days

The other question I have since I own stocks and funds, what risk is there having only 1 broker vs those of you who have several accounts. My reading of the legal documents is even if they go under, I still own my stocks, Bonds and funds.

I didn't see a reason to diversify brokers or is it because of the different products they sell? Do you get a better deal on Vanguard funds if your money is there?

As a side note, my 401K is with Empower

[DrRoy]

If you are paying TDA a % of assets, then you are paying way too much for what you get from them.

[copyright1997reloaded]

Quote:

Originally Posted by DrRoy If you are paying TDA a % of assets, then you are paying way too much for what you get from them.

I don't believe Romer is stating this.

I have a seven-figure Ameritrade account and get occasional calls from my rep (whose name I don't even know) asking me if everything is good, can they help with something etc. No fee involved. I'm sure they are looking for opportunities to do a managed account etc., but are polite and non-hassling.

[Romer]

Quote:

Originally Posted by DrRoy If you are paying TDA a % of assets, then you are paying way too much for what you get from them.

Quote:

Originally Posted by copyright1997reloaded I don't believe Romer is stating this. I have a seven-figure Ameritrade account and get occasional calls from my rep (whose name I don't even know) asking me if everything is good, can they help with something etc. No fee involved. I'm sure they are looking for opportunities to do a managed account etc., but are polite and non-hassling.

Yup. I pay zero fees and no fees on buying anything unless the Fund manager charges a Fee

[RunningBum]

Quote:

Originally Posted by Romer I know this is an older thread, but thought it best to add it here and ask my question my IRAs are at TD Ameritrade and have been with them through one iteration or another for 20 years and never had an issue. I do have someone check in on me as named rep but have told him I am fine as I manage my own investments. Is there something I am missing in not using this rep? I have asked him a couple of questions and gotten quick answers and he did point out that you can only do one rollover out and back into your IRA in a year. I took a lot of out $$ To help my daughter between houses and paid it back in 38 days The other question I have since I own stocks and funds, what risk is there having only 1 broker vs those of you who have several accounts. My reading of the legal documents is even if they go under, I still own my stocks, Bonds and funds. I didn't see a reason to diversify brokers or is it because of the different products they sell? Do you get a better deal on Vanguard funds if your money is there? As a side note, my 401K is with Empower

TDA is a good, low cost broker that has been bought out by (merged with) Schwab. Schwab is also a good low cost broker. They may not have merged/moved accounts over from the TDA platform but it's probably coming. You should have heard something on this.

I've used both, but when I switched from individual stocks to mutual funds, I moved that money to Vanguard. ETFs were pretty limited IIRC so at the time it was better to buy VG funds at VG. If the VG funds you want have a corresponding ETF, you can buy the ETF from Schwab at about the same fees. Admiral (lower cost) funds are still only available from VG as far as I know.

I doubt you're missing anything with your rep. I think you have to pay for portfolio advice (true at VG, not sure about Schwab), so they are just there for any questions you have. Sounds TDA did great for you on that, hopefully Schwab will too.

I'd say the biggest risk of using just one broker is that if their site is down for an extended time, perhaps due to a cyber attack, you might not have access to your money for awhile. I've got about 5% of my money elsewhere. It's not a set plan of keeping a certain amount somewhere else, but I do make sure I have some fairly liquid assets available elsewhere.

[OldShooter]

Quote:

Originally Posted by copyright1997reloaded ... I have a seven-figure Ameritrade account and get occasional calls from my rep (whose name I don't even know) asking me if everything is good, can they help with something etc. No fee involved. I'm sure they are looking for opportunities to do a managed account etc., but are polite and non-hassling.

Yes, same thing for us at Schwab, where Romer will eventually end up. The only difference is I work to make sure my rep knows my name, undertands what we are doing, etc. I show interest in his life and kids. I believe I get better service for questions and assistance with administrivia when I am not some faceless voice on the phone.

Quote:

Originally Posted by Romer ... As a side note, my 401K is with Empower

You're getting good info here; I'll just comment on the 401K. There's no reason to move it unless (1) you are getting charged fees over and above the expense charges in your mutual fund choices. These can be cleverly hidden; verify with your HR department that you are not paying "account service fees" or something like that. ("Zero" is the only acceptable answer.)

(2) Typically your investment choices in 401Ks are limited, often just to funds offered by the account administrator. If you like the funds offered, you are golden. If not, that might be a reason to move.

[2017ish]

Quote:

Originally Posted by Romer ... I didn't see a reason to diversify brokers or is it because of the different products they sell? Do you get a better deal on Vanguard funds if your money is there? ....

We have funds at vanguard, Fidelity, Schwab, and BoA/Merrill_Edge. In my experience, all are solid choices. As noted by Running Bum, I'd be uncomfortable with only one vendor because of possibility of access being cut off by bad actors.

Why 4 right now? Trying to figure which to consolidate at in addition to BoA/Merrill. My factors are idiosyncratic: 1. only Fidelity has HSA option right now. 2. Fido and Schwab both have free international ATM usage, which has been nice over the past 4 years; 3. Vanguard is a bit of inertia from back when flagship meant something and it is likely to be the hardest for DW to deal with in the likely event that I'm first to die. Hence, it is likely to be terminated; 4. BoA is our banking hub, has useful credit card perqs, and the Merrill accounts maintain the platinum honors level for us; and 5. Trying to determine which vendor (not BoA!) is best for international wires and for transfers to our children.

Bottom line is that there are several good options, and I will end up choosing 2 on the basis of supplemental factors.

[MarieIG]

Quote:

Originally Posted by Romer I know this is an older thread, but thought it best to add it here and ask my question my IRAs are at TD Ameritrade and have been with them through one iteration or another for 20 years and never had an issue. I do have someone check in on me as named rep but have told him I am fine as I manage my own investments. Is there something I am missing in not using this rep? I have asked him a couple of questions and gotten quick answers and he did point out that you can only do one rollover out and back into your IRA in a year. I took a lot of out $$ To help my daughter between houses and paid it back in 38 days The other question I have since I own stocks and funds, what risk is there having only 1 broker vs those of you who have several accounts. My reading of the legal documents is even if they go under, I still own my stocks, Bonds and funds. I didn't see a reason to diversify brokers or is it because of the different products they sell? Do you get a better deal on Vanguard funds if your money is there? As a side note, my 401K is with Empower

I believe you get a better deal for trading Vanguard funds, at Vanguard. Trading the ETF at TD (I believe) is now free.

I tend to buy small bits at a time (due to being a nervous "investor") and when I attempted to but a Vanguard fund, I got a warning for a trade cost for a no-load Vanguard fund. Don't hold me to the price (it was a few months ago), I believe it was something like $49 dollars which was too annoying for me to pull the trigger. (I have accounts at both TD and Vanguard, BTW.)

[travelover]

Still with Bernie Madoff. I think he was framed.

[Sunset]

Quote:

Originally Posted by 2017ish ...... ....3. Vanguard is a bit of inertia from back when flagship meant something and it is likely to be the hardest for DW to deal with in the likely event that I'm first to die. Hence, it is likely to be terminated; ....

I have just gone through this with Vanguard, and I can tell you it was easy as pie and all online.
The only negative thing, was we were expecting it to take a couple of weeks, and didn't get any emails. However when we checked the account, SURPRISE the transfer was done a week ago!

This is their explanation https://support.vanguard.com/triage/...arch%20results

And here is the link that actually starts the process: https://personal1.vanguard.com/cwp-c...-angular/guide

[swakyaby]

I retired with 3 brokerages at Vanguard, Fidelity, and T.Rowe Price. A year later, I inherited funds at Fidelity, T.Rowe Price, DWS/Scudder, Janus, and American Century. I closed the accounts at Scudder and Janus, so now I’m down to 4 brokerages, and I’m satisfied with all of them.

[razztazz]

American Century