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Post by flipperxxx on Mar 28, 2024 16:10:45 GMT
right now, i'm split about evenly between fidelity and schwab, with a pittance at vanguard, but i'm thinking of transferring everything to schwab. then again, some reptilian-type voice keeps saying, nope, don't put all your eggs in one basket. what do ya'll do? i'm trying to simplify things and i do like schwab better than fidelity and vanguard, so ....
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Post by gman57 on Mar 28, 2024 16:16:50 GMT
Been there, done that. Now all at VG. I figure they manage about 7.6 trillion. My 1 Trillion is only ~14% of that.
Seriously: I remember reading how VG was structured/owned/insured and it made me feel more comfortable. I'm not familiar how other firms are structured.
ADD: I do have a tiny bit (HSA) at Fidelity because VG didn't offer HSA. From my limited Fidelity experience Fidelity seems to offer much more in trading features. I'd consider moving everything to Fidelity if I had to do over again but not sure I want to go through the hassle now since my holdings are very static. VG protects you from yourself by limiting what you can do. i.e. no 3X levered funds etc...
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Post by roi2020 on Mar 28, 2024 16:35:45 GMT
My investments (excluding HSA and "cash equivalents") are split approximately 50/50 with Fidelity and Vanguard.
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Post by Mustang on Mar 28, 2024 16:53:32 GMT
No. But that was more by accident than by intent. I suppose its possible for an investment company the size of Vanguard or Fidelity to go bankrupt but I don't think its likely. There is no insurance for an individual's investment losses. Investors much determine their own level of risk. But in 1970 Congress created Securities Investor Protection Corporation (SIPC). SIPC will reimburse investors for up to $500,000, including $250,000 in cash, in the event of a firm's insolvency. SIPC only covers member firms. www.investopedia.com/ask/answers/are-my-investments-insured/I'm not that concerned. If this is a major concern then spread your investments across several member firms.
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Post by catdog on Mar 28, 2024 17:55:32 GMT
We have everything with Fidelity
catdog
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Post by yogibearbull on Mar 28, 2024 18:48:49 GMT
steelpony10 , Alexander Hamilton started what is now Bank of NY Mellon/ BK. Bank of America/ BAC goes back to early 1900s only.
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Post by Capital on Mar 28, 2024 19:01:00 GMT
Most of what I have is at Fidelity. I have a small bit at Vanguard that I am thinking about moving to Fidelity.
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Post by saratoga on Mar 28, 2024 19:33:14 GMT
right now, i'm split about evenly between fidelity and schwab, with a pittance at vanguard, but i'm thinking of transferring everything to schwab. then again, some reptilian-type voice keeps saying, nope, don't put all your eggs in one basket. what do ya'll do? i'm trying to simplify things and i do like schwab better than fidelity and vanguard, so .... I have assets in multiple places. Other than at Vanguard where I feel comfortable with their low cost system, I wanted to access TRAIX (T. Rowe Price), TIAA Traditional, TIAA Real Estate (TIAA), FDGRX (Fidelity). I do have a small investment at Schwab which I am thinking of moving to Fidelity or Vanguard. Since you are contemplating an opposite move, may I ask you what you like at Schwab better than at Fidelity?
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Post by anitya on Mar 28, 2024 21:10:00 GMT
"Now all at VG. I figure they manage about 7.6 trillion. My 1 Trillion is only ~14% of that." $7.6 trillion is likely AUM. I think the OP is asking about a custodian and not a money manager. I am not sure how much Vanguard brokerage holds as a custodian. Their brokerage gets a C grade. Feel free to define what 'C' means. "Seriously: I remember reading how VG was structured/owned/insured and it made me feel more comfortable. I'm not familiar how other firms are structured." VG is presumably a non-profit (like the US government!); Fidelity is privately owned (by employees and the Johnson family); TRP, Schwab are publicly traded companies or subsidiaries of publicly traded companies. yogibearbull , pl correct if this is not correct. IMO, among the large brokerages, our focus should be on customer service. "ADD: VG protects you from yourself by limiting what you can do." Their brokerage is so user unfriendly, they do accomplish that. That is why generally HOOD or IBKR customers are not Vanguard customers. P.S.: I too happen to have a (not so active) VG account.
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Post by acksurf on Mar 28, 2024 21:49:51 GMT
I moved my Vanguard holdings to Fidelity. For me, having everything in one place outweighs the risks of all my eggs in one basket. Rightly or wrongly I figure if something catastrophic happens at Fidelity we'll all probably have much bigger problems.
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Post by flipperxxx on Mar 29, 2024 0:09:26 GMT
what prompted my thoughts about moving is so i can see everything in one place to keep tabs on it. yes, both fidelity and schwab allow you to add outside accounts to a portfolio view both neither one of them is any good. schwab, in particular, is always showing me total value graphs that are up 50k one day and down 42k the next and down another 12k the day after that. very disconcerting to see over my morning coffee, leading me to spend the next several hours trying to figure out if i got scammed or what.
i figure with everything in one place, and an outside account-aggregating service like emoney no longer fudging the picture, everything ought to run more smoothly.
why schwab over fidelity? way more fee-waived funds and lower minimums. that's about it.
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Post by win1177 on Mar 29, 2024 0:26:26 GMT
I moved all our accounts to Vanguard a little over 10 years ago, overall been reasonably happy with them. Their website is sort of “clunky”, and doesn’t have as many “wiz bang” tools to do research, but overall I’m happy with the VERY low costs, wide reach of their mutual funds / ETF’s, etc.
Win
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Post by retiredat48 on Mar 29, 2024 0:38:50 GMT
My investments (excluding HSA and "cash equivalents") are split approximately 50/50 with Fidelity and Vanguard. flipperxxx ,...ditto me, 50/50 The merits and faults of fido vs vanguard can be discussed forever. I keep two accounts so if one is hacked/shutsdown for a week or two I can always use the other. Also, I keep PAPER copies of portfolios at each, so I can clearly PROVE what I owned if either company is hacked etc. My portfolio can be reconstructed then. Lastly, having two information sources, fido and vgd, is helpful in being alerted to new things,tax tips, etc. BTW do you trade a lot? If so, suggest fido. But, what is the advantage of Schwab? R48
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Post by habsui on Mar 29, 2024 3:17:00 GMT
Large(r) portfolio, 75% at Vanguard, 20% Schwab (former TDA), 5% TRowePrice (IRA). Not overly impressed with Schwab. (Personally, I will not do business with the Johnson family.) Vanguard works fine for us. No issues, I don't need much customer service. The one bigger task of moving assets into a trust account was done without issues (somewhat deliberately). Their website does look clunky, but works.
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Post by mnfish on Mar 29, 2024 11:34:41 GMT
Been 100% investing/banking with Wells Fargo since 2003 and self-directed since 2006. I did transfer an HSA to Fidelity a few years ago.
A Wells rep usually calls me about 3 times a year to see if there's anything I need (no sales pressure at all if you're wondering) and anytime I do have a question they are very prompt and knowledgeable when I call the 800 number. I get their in-house and also Mstar stock research reports through their website. Buying individual bonds is clunky and still done via telephone. My banking is all on-line and I don't remember the last time I visited a branch location. The Fidelity site has way more info/detail, probably more than I need, but I do look at their research reports at times.
I helped my girlfriend with an IRA rollover to Fidelity from an insurance company annuity account that her previous employer had started, and it got to be quite the ordeal as the insurance company kept rejecting the paperwork. Finally, after months of delays, she contacted Fidelity and eventually a senior executive took over and got her on a phone call in 3-way conversation with the insurance rep and got it straightened out. Excellent customer service IMO considering it was not a lot of money.
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Post by flipperxxx on Mar 29, 2024 11:36:05 GMT
habsui: what's wrong w/ the johnson family? r48: i do a bit of trading. the main advantage to schwab, over fidelity, is more access to more funds. for example, my 2nd largest single holding at the moment requires like a $1.5+ mil minimum initial buy-in at fidelity, while at schwab it's $2k. i transferred a few shares from S to F so i could buy the fund at F but it's a pain to do that.
i guess i'll keep everything the way it is, just to be on the safe side in case of unforeseen disasters ...
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Post by racqueteer on Mar 29, 2024 12:37:38 GMT
schwab, in particular, is always showing me total value graphs that are up 50k one day and down 42k the next and down another 12k the day after that. very disconcerting to see over my morning coffee, leading me to spend the next several hours trying to figure out if i got scammed or what. If I'm understanding you correctly, it seems as if you are opening in 'portfolio view' (all accounts added together) rather than in some other starting point? There should be a drop-down which allows you to choose how to open your view. I always begin in 'positions' for a single account. That any help?
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Post by yogibearbull on Mar 29, 2024 12:43:08 GMT
My Fido consolidated a/c chart (with Fido a/c only - taxable, 403b) was showing unexplained balance jumps on some days. When I called Fido, the Rep said NOT to rely on consolidated or individual a/c data on the opening page, but to check balance within the specific accounts only. The Rep said that fixing the consolidated data screens was a low priority item - contrary to what we may think as users.
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Post by retiredat48 on Mar 29, 2024 14:52:56 GMT
habsui: what's wrong w/ the johnson family? r48: i do a bit of trading. the main advantage to schwab, over fidelity, is more access to more funds. for example, my 2nd largest single holding at the moment requires like a $1.5+ mil minimum initial buy-in at fidelity, while at schwab it's $2k. i transferred a few shares from S to F so i could buy the fund at F but it's a pain to do that. i guess i'll keep everything the way it is, just to be on the safe side in case of unforeseen disasters ... flipperxxx ,...Abigail Johnson, the daughter of the original founder, was a billionaire as a child, before she took over. Fido has NOT decreased MF fees like others have done, even when fund sizes reached billions. simple matter is, Vanguard runs entire operation at cost, no profits to owners. Fund shareholders are the owners. Its like servicing your car. I go to lower cost service places for much of maintenance and repairs; but sometimes use the more expensive ones if certain things needed. Schwab to me is a ripoff to many less knowing investors. I helped a lady in my community with her portfolio. Turns out her advisor/schwab had about $75,000 of a $200,000 portfolio sitting in a cash management asset earning 0%...not the 5% typical in MM funds today. This is routinely done, and is how advisors and schwab earn fees...indirectly. She complained mightely to them. WSJ had writeups about such hidden fees. Yes, each brokerage house incl fido and vangd have certain mutual funds where high entry fees exist, getting you in at small initial investment sizes. Not special to schwab. R48
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Post by yogibearbull on Mar 29, 2024 14:58:37 GMT
Schwab affiliated advisors only use Schwab platform for client accounts, the same with Fido affiliated advisors. So, be careful in linking those issues to the firms themselves. Both offer in-house portfolio managements too, and if the issues were with those, then fault the firms.
Schwab did start this discount brokerage revolution, and Fido and others won't be here without that.
I have accounts both at Fido and Schwab (and, regrettably, at Vanguard too), and they have their pros and cons.
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Post by win1177 on Mar 29, 2024 20:52:13 GMT
habsui: what's wrong w/ the johnson family? r48: i do a bit of trading. the main advantage to schwab, over fidelity, is more access to more funds. for example, my 2nd largest single holding at the moment requires like a $1.5+ mil minimum initial buy-in at fidelity, while at schwab it's $2k. i transferred a few shares from S to F so i could buy the fund at F but it's a pain to do that. i guess i'll keep everything the way it is, just to be on the safe side in case of unforeseen disasters ... flipperxxx ,...Abigail Johnson, the daughter of the original founder, was a billionaire as a child, before she took over. Fido has NOT decreased MF fees like others have done, even when fund sizes reached billions. simple matter is, Vanguard runs entire operation at cost, no profits to owners. Fund shareholders are the owners. Its like servicing your car. I go to lower cost service places for much of maintenance and repairs; but sometimes use the more expensive ones if certain things needed. Schwab to me is a ripoff to many less knowing investors. I helped a lady in my community with her portfolio. Turns out her advisor/schwab had about $75,000 of a $200,000 portfolio sitting in a cash management asset earning 0%...not the 5% typical in MM funds today. This is routinely done, and is how advisors and schwab earn fees...indirectly. She complained mightely to them. WSJ had writeups about such hidden fees. Yes, each brokerage house incl fido and vangd have certain mutual funds where high entry fees exist, getting you in at small initial investment sizes. Not special to schwab. R48 This bothered the crap out of me when we had accounts at Fidelity, and later with my mother’s trust at Schwab. Schwab will put cash in a VERY low yield fund if you’re not careful, pay you a pittance while they are probably making a small fortune loaning it out. I went round and round with Schwab, finally just threw my hands up and quit arguing with them. I pulled ALL our accounts from Schwab, switched to Vanguard back in around 2008, been happier there. Yes, their website is “clunky”, research tools not nearly as good, but IMHO at least I’m not getting “ripped off”. Schwab was real unhappy when I swiched, but it was their loss. Unfortunately, my mother’s Trust account, is “locked in” at Schwab, as she has passed away and I am co-guardian with her worthless bum of a third husband. We had to go to court over it, so it’s there until he passes away, then gets distributed to the four heirs (myself and 3 siblings). At least Vanguard seems honest, not out to rip people off. Win
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Post by flipperxxx on Mar 29, 2024 21:03:18 GMT
okay, all, thanks for your help. not exactly thrilled with my current arrangements but i guess i'll stick with them. onward and upward (with luck).
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Post by Fearchar on Mar 30, 2024 0:30:46 GMT
I'm working towards consolidation myself.
At one time, I was managing accounts at ETrade, Fidelity, Schwab, TDA, USAA and Vanguard. Diversity of brokerage providers may seem safer, but dealing with all the nuances of each platform is time consuming.
My plan is to work towards just ETrade and Vanguard.
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Post by fritzo489 on Mar 30, 2024 2:40:28 GMT
mnfish, I was wondering if you use an ATM to get cash ? I have two banks one online & one a few blocks away. On second thought I guess some businesses will give you cash back when making a purchase with credit or debit cards. Which probably incurs a fee ? Thanks for your time, fritzo489
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Post by mnfish on Mar 30, 2024 11:17:39 GMT
mnfish , I was wondering if you use an ATM to get cash ? I have two banks one online & one a few blocks away. On second thought I guess some businesses will give you cash back when making a purchase with credit or debit cards. Which probably incurs a fee ? Thanks for your time, fritzo489
Yes, I use an ATM anywhere using my Wells Debit card and accept the $3 fee. Wells then credits me the fee in a couple of days. I use my Wells Visa credit card for most purchases and usually get $25 cash back every month.
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Post by mozart522 on Mar 30, 2024 14:36:42 GMT
100% Vanguard since 1985. Vanguard the corporation and my investments are separate. If Vanguard went bankrupt (never going to happen) my funds and ETF would still be worth the value of the stocks and bonds in them. They are only the custodian. I'm not worried at all.
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Post by anovice on Mar 30, 2024 15:40:14 GMT
flipperxxx ,...Abigail Johnson, the daughter of the original founder, was a billionaire as a child, before she took over. Fido has NOT decreased MF fees like others have done, even when fund sizes reached billions. simple matter is, Vanguard runs entire operation at cost, no profits to owners. Fund shareholders are the owners. Its like servicing your car. I go to lower cost service places for much of maintenance and repairs; but sometimes use the more expensive ones if certain things needed. Schwab to me is a ripoff to many less knowing investors. I helped a lady in my community with her portfolio. Turns out her advisor/schwab had about $75,000 of a $200,000 portfolio sitting in a cash management asset earning 0%...not the 5% typical in MM funds today. This is routinely done, and is how advisors and schwab earn fees...indirectly. She complained mightely to them. WSJ had writeups about such hidden fees. Yes, each brokerage house incl fido and vangd have certain mutual funds where high entry fees exist, getting you in at small initial investment sizes. Not special to schwab. R48 This bothered the crap out of me when we had accounts at Fidelity, and later with my mother’s trust at Schwab. Schwab will put cash in a VERY low yield fund if you’re not careful, pay you a pittance while they are probably making a small fortune loaning it out. I went round and round with Schwab, finally just threw my hands up and quit arguing with them. I pulled ALL our accounts from Schwab, switched to Vanguard back in around 2008, been happier there. Yes, their website is “clunky”, research tools not nearly as good, but IMHO at least I’m not getting “ripped off”. Schwab was real unhappy when I swiched, but it was their loss. Unfortunately, my mother’s Trust account, is “locked in” at Schwab, as she has passed away and I am co-guardian with her worthless bum of a third husband. We had to go to court over it, so it’s there until he passes away, then gets distributed to the four heirs (myself and 3 siblings). At least Vanguard seems honest, not out to rip people off. Win "her worthless bum of a third husband" Win, I thought the third time's the charm!
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Post by win1177 on Mar 30, 2024 17:36:16 GMT
This bothered the crap out of me when we had accounts at Fidelity, and later with my mother’s trust at Schwab. Schwab will put cash in a VERY low yield fund if you’re not careful, pay you a pittance while they are probably making a small fortune loaning it out. I went round and round with Schwab, finally just threw my hands up and quit arguing with them. I pulled ALL our accounts from Schwab, switched to Vanguard back in around 2008, been happier there. Yes, their website is “clunky”, research tools not nearly as good, but IMHO at least I’m not getting “ripped off”. Schwab was real unhappy when I swiched, but it was their loss. Unfortunately, my mother’s Trust account, is “locked in” at Schwab, as she has passed away and I am co-guardian with her worthless bum of a third husband. We had to go to court over it, so it’s there until he passes away, then gets distributed to the four heirs (myself and 3 siblings). At least Vanguard seems honest, not out to rip people off. Win "her worthless bum of a third husband" Win, I thought the third time's the charm! It was NOT with him! As she was in final stages of dying from severe AODM, he was having an affair, and also had her change her will where I had to manage her investments AND ALL dividends/ income went to him. He even had the gall to take a date to her funeral! Didn't find out until after her death, took it to court and it wound up being set in a trust, where he gets the income/ dividends but no principal. He’s still alive in his mid 90’s with moderate dementia, and I’ve turned over management to Schwab. She died in 2007, so we’ve had to deal with this for 17 years! I could go on, but it’s a very frustrating outcome! Win
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Post by fred495 on Mar 30, 2024 18:33:24 GMT
I would never have an account at Vanguard because of the poor customer service I have experienced there managing a friend's account and, secondly, I prefer to deal with a company that has brick and mortar offices available. It increases my comfort level to know that I can, if necessary, straighten out any problems face to face. Yes, better customer service and certain conveniences may cost a bit more, but I am gladly willing to pay for that.
Good luck,
Fred
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Post by retiredat48 on Mar 30, 2024 18:49:24 GMT
Not many people live close too fidelity brick and mortar offices. Of course, I do, about 40 miles away, because I live in high net worth client areas! I agree re Vangd poor service in last half decade. Perhaps why CEO is leaving. It is top complaint at vangd. Stop advertising and put that money towards more service. Who need more in assets...you're a non-profit? BTW on fido forum lots of complaints also. But vangd very poor for now. R48
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