Poll: Which Brokerage(s) do you use? Switching? See 1st Post for Poll Details.

[jollystomper]

We have brokerage accounts at both Fidelity and Vanguard. Fidelity has (including my 401k) about 70% of our investable assets. We had TD Ameritrade for individual stocks and ETFs, but after the Schwab purchase, with the ability to move the account contents without paying a fee, I chose to consolidate the TD Ameritrade stuff into Fidelity. I wanted to simplify to 2 brokerages, particularly in the likely event of DW surviving me. Plus, I liked getting a better return on my sweep account.

I have no real customer service issues with either, but then I do not do anything more complicated than buy/sell and shift money among accounts, almost all of which I can do online. The only thing I have to engage a Fidelity rep to do is when I move money from my 401K to my tIRA. I have only had to do this once, and the rep was knowledgeable and efficient, it took maybe 5 minutes, including them confirming exactly what I wanted done.

 

[RunningBum]

Thanks for trying to help.
I use my laptop to access Vanguard and that feature is not available under the security settings as far as I can see. I had asked previously and was told that it was what it was.
Other brokers' websites allow you to adjust the timeout ejection feature. Fidelity limits you to 30 minutes with no adjustment at this time.

Maybe it's only available for brokerage accounts and you still have the old style mutual fund account?

Just to make sure you tried the right way this is how I found it:

Logged into my account
At the top right I clicked on an icon that looks like a head
That took me to "Profile & Account" settings
Clicked on the Security Tab in the middle
Clicked on Timeout Settings
This brought up a screen that allowed me to change the default timeout setting

 

[rk911]

After interviewing three different firms we chose J.P. Morgan Chase. Fees were the lowest, we really hit it off with the advisor and his office is a 5-minute drive from us.

But it was a difficult decision.

Other firms we interviewd:

- We had been doing estate taxes with this firm them for years (MIL, FIL, BILs) but they had only begun to offer financial advice and investment services. But their office is in centralIL...a phone call/email close but a 3-4 hr drive for in-person meetings and that option was important to us. I want to look an advisor in the eye during meetings.

- The third outfit (Creative Planning) was local, the advisor was personable, seemed knowledgeable, said all the right things and had all the right assets (tax prep, attys) under one roof. It was a close call but we went with JPM and have no regrets.

 

[MSDalt]

Maybe it's only available for brokerage accounts and you still have the old style mutual fund account?

Just to make sure you tried the right way this is how I found it:

Logged into my account
At the top right I clicked on an icon that looks like a head
That took me to "Profile & Account" settings
Clicked on the Security Tab in the middle
Clicked on Timeout Settings
This brought up a screen that allowed me to change the default timeout setting

I am deeply grateful for the time you have taken in your efforts to help.

I have brokerage accounts for both a JTWROS account and a Roth IRA where I hold both stocks & non-Vanguard funds. I followed your path to Security and did not have a timeout option. My Options under Security are:

Username, password & security questions
Update your information to secure your account

Security code
Add another layer of security with two-factor authentication

Account permissions
View and modify who has access to your accounts

Computer access restrictions
Restrict access from any unrecognized accounts

Security key
Register a security key for additional online protection

That is all.

Do you have Advice Services on your account? I know their interface is different because my friend has a Vanguard advisor and cannot buy non-Vanguard funds in his account.

 

[calmloki]

We were mostly with Vanguard - held some Vanguard ETFs within Merrill and Chase and Wells Fargo for the bennies. Merrill was ok, but trying to work with BofA and their credit cards made me crazy over an eight month period - repeated double auto-payments on our BofA cards, late charges, hours on the phone month after month. Couldn't get them to just pull the right amount from our checking to pay our CC bill. Finally decided the 0.67% higher card payback wasn't worth it and went back to Fidelity's 2% cards and no problems at all. Chase we had at least one flubbed sale adventure, but mostly don't use them. Vanguard has been ok, but we were building up a large stash of 6-month treasury bills and I wanted to see about Fidelity's auto-roll feature, which VG doesn't offer. Also a bonus for a move...
Thus far I'm real pleased with the move - The table showing our T-bills is more informative, which is an unexpected bonus, and they've sent me emails alerting me that T-bills are maturing within the month, something VG didn't do.
Merrill and Wells Fargo both charged to empty/close the accounts, VG didn't so far, though we still have stocks and ETFs with them, so haven't fully severed relations. About 30% VG and 70% Fidelity right now.

 

[COcheesehead]

Thanks for trying to help.
I use my laptop to access Vanguard and that feature is not available under the security settings as far as I can see. I had asked previously and was told that it was what it was.
Other brokers' websites allow you to adjust the timeout ejection feature. Fidelity limits you to 30 minutes with no adjustment at this time.

Fidelity has added a refresh button so when you are getting close to being signed off due to inactivity, the button pops up and asks if you want to stay connected. I saw it for the first time last week. There is also a count down timer on it.

 

[MSDalt]

Maybe it's only available for brokerage accounts and you still have the old style mutual fund account?

Just to make sure you tried the right way this is how I found it:

Logged into my account
At the top right I clicked on an icon that looks like a head
That took me to "Profile & Account" settings
Clicked on the Security Tab in the middle
Clicked on Timeout Settings
This brought up a screen that allowed me to change the default timeout setting

I spoke with Vanguard again yesterday and (after a lengthy delay while they investigated) they told me I would have to live with logout after 15 minutes' inactivity.

 

[Involuntary Retiree]

The majority of my (retirement) "stash" is newly at Fidelity (as of June), but formerly at TD Ameritrade. Fidelity has had its quirks, but I really like it! My husband's "stash," as well as our taxable brokerage account, is at Schwab. I also like Schwab, but may eventually move to Fidelity because it has a few more user-friendly features for the way I invest and handle our money.


The way the question was phrased, however, led me to vote for Fidelity since it's the brokerage for MY accounts.

 

[steelyman]

I sold the last of my holdings at Royce Funds today. It was a taxable account I’ve held since 1994. The proceeds will go to Vanguard for a fund that I think is appropriate for me now.

This is primarily for simplification, I have no complaints about Royce.

 

[RunningBum]

Do you have Advice Services on your account? I know their interface is different because my friend has a Vanguard advisor and cannot buy non-Vanguard funds in his account.

No, I don't have Advice Services.

I spoke with Vanguard again yesterday and (after a lengthy delay while they investigated) they told me I would have to live with logout after 15 minutes' inactivity.

That's frustrating since you know someone (me) has it and it most definitely doesn't time out after 15 minutes or anywhere close to that. I believe the 4 hours mine says is accurate.

Sorry I couldn't get you there. I hate the brief timeouts when you are probably like me, almost always viewing VG at home with no worries about leaving my laptop and someone else jumping on.

 

[youbet]

As far as if something happens to me, my wife likely has better support from a team of people on the phone than if she had some random dude in an office.

I’m surprised that Fidelity would relegate your DW to “some random dude in an office.” Outwardly, they seem better than that.

 

[COcheesehead]

I’m surprised that Fidelity would relegate your DW to “some random dude in an office.” Outwardly, they seem better than that.

The point you missed is you are taking your chances with a face to face local guy vs a digitally accessed team that we have experienced in the suite dedicated to our account level offering far greater expertise. At least that has been our experience with Fidelity so far.

 

[youbet]

The point you missed is you are taking your chances with a face to face local guy vs a digitally accessed team that we have experienced in the suite dedicated to our account level offering far greater expertise. At least that has been our experience with Fidelity so far.

We like our face-to-face local guy. His expertise is drawing in resources to work on complicated (to us) issues. Definitely not “some random dude.”

 

[FIREd_2015]

I'm mostly with Fidelity but did rollover an old 401k to Schwab earlier this year. My main gripe with Schwab is having to buy and sell SWVXX. A nice feature with Fidelity is when purchasing a security, the funds are first deducted from the sweep account and then from FZDXX (Fidelity's high yield money market) automatically. I don't have to sell FZDXX although I do have to buy into FZDXX to get the higher yield. Another nice feature with Fidelity is the ability to "lock" accounts so no outbound electronic transfers are allowed unless the account is unlocked. I don't see that capability on Schwab's site.

 

[Pointby2]

In a related question, do Schwab, Vanguard and Fidelity also have a bank and savings account option like E*Trade does?

 

[Kings over Queens]

Over 900k with Avantax, all (currently) in American Funds mutual funds.

MY CPA set up our 401k years ago and thats where his firm is parked. I don't like it, the online platform is very restrictive and not very "user driven" friendly.

I'm right in the middle of consolidating holdings to index and QQQ (Bogle!) and may get to that point where I have to move the money from him if there are fees involved. It would kill me after 35 years together.

On the other hand, I just opened a Fidelity account for my HSA, and transfered everything from Health Equity. I got tired of having to keep $500 in cash, and paying 6 bucks a month for them to do nothing. Opening the account was easy, and I anticipate the transfer to be smooth too.

 

[Car-Guy]

In a related question, do Schwab, Vanguard and Fidelity also have a bank and savings account option like E*Trade does?

You mean like a checking account? Schwab does. Had one with them for decades.

 

[Pointby2]

You mean like a checking account? Schwab does. Had one with them for decades.

Yes, exactly. A bank with a checking account and bill pay.

 

[Car-Guy]

^^^^
Yep, as I said, I've had a regular checking account with them for decades. I've never used the bill paying feature but they have it. (See below FAQ from their website).


Yes, your Investor Checking account comes with free online Schwab Bank Bill Pay®. It's a fast, secure, and convenient way to pay your bills.

 

[Morgan22]

Yes, exactly. A bank with a checking account and bill pay.

I've read on Bogleheads that Fidelity does have check writing and bill pay on brokerage accounts. I haven't tried it myself though.

There's a long thread about it called Fidelity as a one stop shop.
https://www.bogleheads.org/forum/viewtopic.php?p=7485760#p7485760

 

[ncbill]

Fidelity brokerage plus a local institution for banking.

Some other accounts that I'm slowly consolidating to the above.

 

[COcheesehead]

In a related question, do Schwab, Vanguard and Fidelity also have a bank and savings account option like E*Trade does?

Yes, they call it cash management. Free checks, debit card, Billpay. I use Fidelity for everything and have for years.

 

[tulak]

Yes, exactly. A bank with a checking account and bill pay.

Fidelity offers a cash management account.

https://www.fidelity.com/spend-save/fidelity-cash-management-account/overview

I use a brokerage account at Fidelity for cash management. In my case, I don’t see the benefit over using a cash management account vs a brokerage account.

 

[COcheesehead]

Fidelity offers a cash management account.

https://www.fidelity.com/spend-save/fidelity-cash-management-account/overview

I use a brokerage account at Fidelity for cash management. In my case, I don’t see the benefit over using a cash management account vs a brokerage account.

There is a cash management account and there are cash management features that can be added to any account. They are sorta different in that the account segregates your cash into a completely seperate account. The cash management features are Billpay, checking, etc and they can be part of a standard brokerage account.

Think of a cash management account as a savings account and cash management features as just being a robust brokerage account.

 

[tulak]

There is a cash management account and there are cash management features that can be added to any account. They are sorta different in that the account segregates your cash into a completely seperate account. The cash management features are Billpay, checking, etc and they can be part of a standard brokerage account.

Think of a cash management account as a savings account and cash management features as just being a robust brokerage account.

Yep, and I use the cash management features with a dedicated brokerage account only for cash management. I have other brokerage accounts for investments, to avoid mixing cash management and investments in the same account.

The benefit is that the cash balance is always invested in a sweep MM fund earning almost 5%.

I looked at the cash management account and didn’t see any benefits over using a brokerage account.