 |
|
Do you use just one brokerage firm?
06-04-2007, 12:28 PM
|
#1
|
Full time employment: Posting here.
Join Date: May 2007
Posts: 543
|
Do you use just one brokerage firm?
Hello - I know that most folks here use asset allocation strategies and re-balancing. I've also noticed that many like Vanguard for its low fees. What I'm wondering is if many of you keep most or all of your nest egg with one brokerage firm (Vanguard, Fidelity, whoever), or if you also diversify among the firms? I can see some advantages & disadvantages to using just one firm - if I keep all my $ at one firm, I might qualify for better fees or services. But, if there's ever a problem (fraud, web site down, etc), I'd be sorry I didn't have access to funds at another firm.
Any opinions? Thanks!
|
|
|
 |
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!
Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!
You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!
|
06-04-2007, 01:38 PM
|
#2
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2006
Location: Rio Grande Valley
Posts: 28,850
|
Yep - pretty much all with Fidelity.
I've always been very happy with their service.
I have no concerns about fraud.
They seem to have an excellent, up-to-date computer infrastructure, so I'm not too concerned about major outages, or if they occur, I suspect most companies would be down as well.
Using one firm makes filing taxes way easier.
Audrey
|
|
|
06-04-2007, 01:58 PM
|
#3
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Oct 2006
Posts: 7,557
|
Concur with Audrey said, up until recently almost all my money at Schwab, just recently transfered some funds to Vanguard to take advantage of their admiral class share.
In general I think less is more when it comes to financial institutions, also thing of your poor executor. I can see having a Vanguard account, plus a discount brokerage account.
|
|
|
06-04-2007, 02:45 PM
|
#4
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Dec 2003
Location: Losing my whump
Posts: 22,697
|
Just one. Big plus on fees and service and except for temporary access problems, there shouldnt be any problems with fraud, bankruptcy or anything else like that.
At the end of the day, i'm a part owner of vanguard and I own the funds underlying investments.
__________________
Be fearful when others are greedy, and greedy when others are fearful. Just another form of "buy low, sell high" for those who have trouble with things. This rule is not universal. Do not buy a 1973 Pinto because everyone else is afraid of it.
|
|
|
06-04-2007, 05:08 PM
|
#5
|
Thinks s/he gets paid by the post
Join Date: Feb 2005
Posts: 2,032
|
I would like to. However my IRA's and 401(k) are with Vanguard in their funds but I prefer to (and have to) use Schwab for my taxable money because I can't custody DFA funds at Vanguard. In addition I don't like Vanguard's Pershing based brokerage platform.
|
|
|
06-04-2007, 05:47 PM
|
#6
|
Recycles dryer sheets
Join Date: May 2007
Posts: 137
|
I too find having everything at one broker saves me money on fees and also gets me better service. It also gets me a free lunch or golf.
The big firms have good computer systems and back-up so website being down is not a concern. I do have a checking account at a credit union that I use as my transaction account. It does provide a backup for ATM money it I lose my brokerage ATM card.
|
|
|
06-04-2007, 06:38 PM
|
#7
|
Thinks s/he gets paid by the post
Join Date: Jul 2005
Posts: 2,375
|
I have 5 accounts at TDWaterhouse and 5 at Scottrade - don't ask.
Each of them know about the other so they give me special attention and pricing.
|
|
|
06-04-2007, 08:05 PM
|
#8
|
Thinks s/he gets paid by the post
Join Date: Oct 2004
Location: LaLa Land
Posts: 4,509
|
I'm all in at Vanguard. Got rid of ML and AG ripoff when I woke up.
|
|
|
06-04-2007, 08:29 PM
|
#9
|
Thinks s/he gets paid by the post
Join Date: Oct 2006
Location: North-Central Illinois
Posts: 3,218
|
I have most everything at T. Rowe-Price. I have what I like, and like what I have, and everything is simple and easy for me to use and to keep track of.
|
|
|
06-04-2007, 09:58 PM
|
#10
|
Thinks s/he gets paid by the post
Join Date: Mar 2005
Location: yonder
Posts: 2,851
|
I would suggest, if you could, using only one brokerage. I'm using four brokerages and it's sort of a pain. But, there were reasons at the time to use each one. (OK, there was no good reason for me to use T. Rowe Price, except that I wanted to). Once I retire, I'm sure I'll be down to just using two brokerages.
|
|
|
06-04-2007, 10:15 PM
|
#11
|
Full time employment: Posting here.
Join Date: Feb 2004
Location: Okanagan Valley
Posts: 808
|
I use 2 discount brokerages, mostly for slightly different reasons... one has a better selection of fixed income products while the other has cheap equity commissions. Would prefer to have just one.
|
|
|
06-04-2007, 11:05 PM
|
#12
|
Thinks s/he gets paid by the post
Join Date: Jan 2007
Location: Silicon Valley
Posts: 1,812
|
We do all out trading thru WellsTRade. 100 free trades, what more could we ask for. When we are finished buying we will move them across to Fidleity to joint our 401k plans.
__________________
I be a girl, he's a boy. Think I maybe FIRED since July 08. Mid 40s, no kidlets. Actually am totally clueless as to what is going on with DH.
|
|
|
06-04-2007, 11:49 PM
|
#13
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Dec 2004
Location: the City of Subdued Excitement
Posts: 5,582
|
Using Vanguard today. Previously Schwab. Both have been reliable.
__________________
I have outlived most of the people I don't like and I am working on the rest.
|
|
|
06-05-2007, 01:23 AM
|
#14
|
Moderator Emeritus
Join Date: Dec 2005
Posts: 10,123
|
I use Ameriprise because I get 10 free trades a month per each account. I hardly ever use that many though.
|
|
|
Basically, Fidelity is it.
06-05-2007, 07:44 AM
|
#15
|
Recycles dryer sheets
Join Date: May 2007
Location: Belmont
Posts: 160
|
Basically, Fidelity is it.
It is extremely convienient, fully Interenet accessible, and a good recordkeeper. The real risk is in the underlying securities that your money is invested in. In that sense, diversification is necessary.
|
|
|
06-05-2007, 10:43 AM
|
#16
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2007
Posts: 13,004
|
2/3 at Fido, 1/3 at Vanguard to do some cherry picking of specific offerings. Plus, I feel better having some diversification for worst case scenario - probably irrational.
|
|
|
06-05-2007, 11:18 AM
|
#17
|
Recycles dryer sheets
Join Date: Apr 2007
Location: Longmont, CO
Posts: 72
|
Previously, I had numerous mutual funds and got way too many statements. A number of years ago I moved everything to TD Waterhouse (now TD Ameritrade) to just get one statement. Unfortuneatly, now I have multiple accounts (taxable and IRAs for both my wife and me). On the other hand, since I now use primarily ETF to asset allocate and only rebalance once a year, trading is infrequent and cheap.
When my father passed away, his trust was at Morgan Stanley. I had to keep it intact since it is also to support my step mom. It took a year for them to infuriate me with their commissions that ran about 1.5% of the value of investments and their canned responses to my complaints. Finally, I moved the trust to Ameritrade as well. They were probably as glad to see me go as I was to leave.
Milkman
|
|
|
06-07-2007, 12:02 PM
|
#18
|
Thinks s/he gets paid by the post
Join Date: Dec 2005
Posts: 1,225
|
I'm on the verge of moving everything to Vanguard... I used to have most of my assets at Muriel Siebert because they had low margin rates and were reported to give more favorable trade executions. But now that I'm FIRE'd I'm not trading much and not using margin so those advantages are not important any more.
|
|
|
06-07-2007, 01:11 PM
|
#19
|
Thinks s/he gets paid by the post
Join Date: Feb 2007
Posts: 1,015
|
Happy with Vanguard
Moved everything over to Vanguard as soon as I could after RE. Was previously with ML...customer service there was terrible! Very pleased with VG.
|
|
|
06-07-2007, 05:44 PM
|
#20
|
Dryer sheet aficionado
Join Date: Aug 2006
Posts: 37
|
We use Vanguard and Scottrade. Eventually it'll just be Vanguard.
__________________
Jane
|
|
|
 |
|
Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
|
|
Thread Tools |
Search this Thread |
|
|
Display Modes |
Linear Mode
|
Posting Rules
|
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
HTML code is Off
|
|
|
|
» Recent Threads
|
|
|
|
|
|
|
|
|
|
|
|
|
» Quick Links
|
|
|