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03-03-2021, 12:41 PM
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#1
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Recycles dryer sheets
Join Date: Feb 2014
Posts: 58
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Who's your broker?
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?
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03-03-2021, 12:44 PM
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#2
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Moderator
Join Date: Feb 2010
Location: Flyover country
Posts: 17,984
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The majority of folks here use Fidelity, Schwab, and Vanguard (in alphabetical order) or some combination of two or more of them.
__________________
I thought growing old would take longer.
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03-03-2021, 12:59 PM
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#3
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Recycles dryer sheets
Join Date: Feb 2021
Posts: 237
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Our main brokerage is Vanguard. That's where about 55-60% of our holdings are.
We also have accounts with TD and Schwab (which are the same company now I suppose).
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03-03-2021, 01:01 PM
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#4
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Thinks s/he gets paid by the post
Join Date: Mar 2008
Location: Atlanta Suburb
Posts: 1,433
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Vanguard
Edit to add: I forgot I have an old 401k still with Fidelity.
__________________
"Oh, twice as much ain't twice as good
And can't sustain like one half could
It's wanting more that's gonna send me to my knees" - John Mayer
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03-03-2021, 01:06 PM
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#5
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2017
Location: City
Posts: 6,393
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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?
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TDAmeritade is no longer; bought by Schwab and getting integrated as we speak. I would not consider them simply because you don't know which people and which offices will survive. They will certainly be rebranded regardless.
We're 100% with Schwab now. DW was a megabank SVP and kept her IRA there for a number of years, but incompetent reps finally drove her out. We have a good Schwab rep who deals quickly with questions and administrivia. That is key. IIRC he recently told me that the new Schwab threshold for assigning a named rep to a customer is $1M in the customer/household accounts. At that level you are also a "pinnacle" customer and get what is claimed to be higher priority telephone service.
I also have my checking at Schwab Bank, which is well integrated with their other services.
Fido is probably similar. Both have brick & mortar offices which I like, but truth be told I haven't' seen our rep face to face in at least a couple of years.
From reports, VG is less personal and has only a couple of US offices. Fees for advisory services seem to be lower than Schwab & Fico. I circulated an RFP to provide investment services for a $5M nonprofit portfolio and VG came in cheapest at 40bps. We chose an advisor who was set up for more personal service at 59bps and are very happy with the decision, but YMMV.
My personal opinion is that the big banks like ML, Morgan Stanley, etc. view retail investors as cows to be milked, ancillary to their main business. Morgan Stanley chortles about running a 25% net profit on their "wealth management" business line.
Fast Eddie, Raymond James, etc. do not have good reputations around here for various reasons. High costs, pushing expensive products, etc. Here is a completely unfair but hilarious video:
Here is a humorous approach to a serious subject from investment icon Dr. William Sharpe:
__________________
Ignoramus et ignorabimus
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03-03-2021, 01:09 PM
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#6
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Apr 2013
Posts: 9,740
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I use both Fidelity and Vanguard for my investments both have brokerages. For trading I use Fidelity.
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03-03-2021, 01:14 PM
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#7
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Feb 2005
Location: Central MS/Orange Beach, AL
Posts: 8,724
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Fidelity.
__________________
Retired 3/31/2007@52
Investing style: Full time wuss.
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03-03-2021, 01:17 PM
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#8
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Thinks s/he gets paid by the post
Join Date: Aug 2007
Posts: 1,592
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Not Robinhood.
__________________
Eat, Drink and Be Merry.
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03-03-2021, 01:24 PM
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#9
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Recycles dryer sheets
Join Date: May 2019
Posts: 136
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Schwab here and happy about it.
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03-03-2021, 01:28 PM
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#10
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Moderator Emeritus
Join Date: Jan 2007
Location: New Orleans
Posts: 44,727
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Vanguard. Totally satisfied thus far, so I never used anybody else.
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03-03-2021, 01:30 PM
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#11
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 28,918
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Vanguard (26%), Schwab (14%) and Fidelity (3%).... rest is mostly credit union CDs (53%). The brokerages all have their plusses and minusses... I'm not particularly happy with any of them right now.
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
Retired Jan 2012 at age 56...target 65/35/0 AA TBD
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03-03-2021, 01:31 PM
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#12
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Full time employment: Posting here.
Join Date: Nov 2016
Location: Fargo
Posts: 560
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Vanguard
Fidelity has my active 401k.
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03-03-2021, 01:44 PM
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#13
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Recycles dryer sheets
Join Date: Aug 2017
Posts: 54
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Vanguard here
__________________
Success unshared is failure
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03-03-2021, 01:51 PM
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#14
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Moderator Emeritus
Join Date: Apr 2011
Location: The Woodlands, TX
Posts: 12,384
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Schwab for 38 straight years. Great service.
__________________
Everyone has a plan until they get punched in the mouth...philosopher Mike Tyson
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03-03-2021, 01:52 PM
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#15
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Administrator
Join Date: Apr 2006
Posts: 16,376
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Vanguard and TD Ameritrade (probably won't keep it)
__________________
Living an analog life in the Digital Age.
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03-03-2021, 02:05 PM
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#16
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Recycles dryer sheets
Join Date: Dec 2016
Location: Living the Dream!
Posts: 276
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I’m with Merrill Lynch. I went through MBA school years ago with a focus in finance. Another guy there had the same passion. He ended up at ML and I went into public sector finance, finding $$$ for big transportation infrastructure projects.
Have been with him and ML for nearly 30 years and have done very well in the private client group.
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03-03-2021, 02:08 PM
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#17
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Thinks s/he gets paid by the post
Join Date: Apr 2012
Posts: 3,468
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I consider TD Ameritrade my broker because that is where I keep what individual stocks I have left from the 90s (started at E-Trade, moved to Amertrade when they became cheaper).
I should use Vanguard or Fidelity as brokers as our other investments accounts are with these companies. It is laziness on my part. It is a relatively small amount and I trade individual stocks so infrequently. Maybe this is the year to do it, as I continue to simplify my finances.
__________________
FIREd date: June 26, 2018 - wwwwwwhat a rush!
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03-03-2021, 02:32 PM
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#18
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2016
Location: Central CA
Posts: 6,176
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Merrill Lynch, Morgan Stanley and Fidelity
__________________
Retired at 59 in 2014. Should have done it sooner but I worried too much.
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03-03-2021, 02:41 PM
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#19
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2013
Location: Citizen of Texas
Posts: 5,771
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Schwab for over 40 years now.... Mostly good things to say about them but I've has a few bumps along the way.
__________________
A goal without a plan is really just a wish
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03-03-2021, 02:44 PM
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#20
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Thinks s/he gets paid by the post
Join Date: Feb 2009
Location: Cville
Posts: 1,235
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Fidelity, consolidated there many years ago as they sponsored the 401K. I've been very happy with them.
__________________
FIRE 31 Aug, 2018 - Always leave every place better than you found it, always give more than expected
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