How many brokerage firms are you using?

General Discussion on the Permanent Portfolio Strategy

Moderator: Global Moderator

User avatar
vnatale
Junior Member
Junior Member
Posts: 17
Joined: Fri Apr 12, 2019 8:56 pm

Re: How many brokerage firms are you using?

Post by vnatale » Thu Sep 12, 2019 7:54 pm

Thanks for your full response.

In regards to the last sentence you wrote, it is clear that you do not believe that you do need to be in more than one brokerage for diversification purposes.

Craig Rowland's book definitely emphasized using more than one.

Vinny
dualstow wrote:
Thu Sep 12, 2019 9:12 am
Two.

I only meant to have Vanguard, but they weren’t doing solo 401k’s when I set mine up, so I used Fidelity for that. I had a rough beginning with Fidelity, but then it smoothed out. Friendly service at their physical branches. There was one guy one year who took my annual contribution out of my hand, processed it and tossed the receipt to me without a word, but that was one guy.

Vanguard certainly has growing pains. I had good service over the phone and online for the most part.
+ I had some directly held shares of this and that from when I was a kid, and Vanguard made it easy to transfer those over.
+ I got out of a smaller brokerage that I should have never been in. That was also from when I was young and didn’t have control over my investments. Vanguard got that done with no problems.

- I was disappointed in the beneficiary thing detailed by mathjak above. My dad and I had a joint account from my childhood, and for me it had never mattered that his name was attached. One day, I noticed that my wife’s name was no longer mentioned as my beneficiary. Or, I may have learned it when mathjak mentioned it in the past.

Vanguard had never told me about it. I had to ask them. And, almost my entire savings was in this joint account. We had to jump through some hoops to get the account in my name only so i could restore my wife as the named beneficiary. Not the end of the world, but...they should have told me.
- A few other headaches. No one’s perfect.

I do like that Vanguard is like a co-op where every shareholder is kind of a co-owner. I think about that when I buy shares of a corporate bond fund with a purchase fee. Fidelity, as good as they are, are not like that. I remember asking them how much money I had to have in my account to get free trades like I do at Vanguard (US$2 if I run out of free trades each year). The answer: they don’t have different levels. Everyone has to pay for trading.

I like both firms and would not want to diversify any further. Even one firm would be enough for me, plus a checking account elsewhere.
User avatar
dualstow
Executive Member
Executive Member
Posts: 8368
Joined: Wed Oct 27, 2010 10:18 am
Location: next to emotional support peacock
Contact:

Re: How many brokerage firms are you using?

Post by dualstow » Thu Sep 12, 2019 8:03 pm

vnatale wrote:
Thu Sep 12, 2019 7:54 pm
Thanks for your full response.

In regards to the last sentence you wrote, it is clear that you do not believe that you do need to be in more than one brokerage for diversification purposes.

Craig Rowland's book definitely emphasized using more than one.
It’s a fine book, but I’ll take my chances.
big day for oil today
User avatar
mathjak107
Executive Member
Executive Member
Posts: 1903
Joined: Fri Jun 19, 2015 2:54 am
Location: bayside queens ny
Contact:

Re: How many brokerage firms are you using?

Post by mathjak107 » Fri Sep 13, 2019 5:56 am

2 years ago we had our fidelity account locked tight when their team of hackers found my wifes account info on the dark web ..

they scan for fidelity related stuff and even though she never logs in at all they got her info .

so fidelity locked the account and it took about two weeks to re-establish the accounts , get new cards and checks and move the money .

luckily we keep a local bank account where we have money to keep things going since fidelity is our cma account for paying all bills
User avatar
sophie
Executive Member
Executive Member
Posts: 3072
Joined: Mon Apr 23, 2012 7:15 pm

Re: How many brokerage firms are you using?

Post by sophie » Fri Sep 13, 2019 7:52 am

Good, instructive story, mathjak.

I use both Vanguard and Fidelity, along with a conventional brick and mortar bank (Chase). I originally was all in Fidelity, but ended up opening an individual brokerage at Vanguard to go along with my employer retirement accounts there, and to take advantage of some Vanguard funds that are far superior to their counterparts at Fidelity (treasury money market and small cap value). If either of them were to be locked up, I'd be able to manage with funds in the other brokerage plus the Chase account.

Fidelity and Vanguard complement each other nicely, I find. Fidelity wins on customer service, the HSA, the powerful cash management and multiple-account setup, and investing in individual Treasuries. Vanguard wins on fees.
User avatar
shekels
Full Member
Full Member
Posts: 63
Joined: Sun Jun 02, 2019 9:01 am

Re: How many brokerage firms are you using?

Post by shekels » Fri Sep 13, 2019 9:38 am

Fidelity has a Money transfer lockdown that is available to
Lock your accounts instantly:
Block electronic money movement out of your accounts, protecting your balances from unauthorized transfers.
EDITing to make a little more sense from post
https://www.fidelity.com/security/overview
Attachments
Vanguardvs.Fidelity-5c61b9cfc9e77c0001d321d4.png
i will take both. Pat
Vanguardvs.Fidelity-5c61b9cfc9e77c0001d321d4.png (26.64 KiB) Viewed 104 times
Last edited by shekels on Fri Sep 13, 2019 4:08 pm, edited 1 time in total.
User avatar
Kriegsspiel
Executive Member
Executive Member
Posts: 1697
Joined: Sun Sep 16, 2012 5:28 pm

Re: How many brokerage firms are you using?

Post by Kriegsspiel » Fri Sep 13, 2019 11:09 am

shekels wrote:
Fri Sep 13, 2019 9:38 am
Fidelity has a Money transfer lockdown
Lock your accounts instantly:
Block electronic money movement out of your accounts, protecting your balances from unauthorized transfers.
Vanguardvs.Fidelity-5c61b9cfc9e77c0001d321d4.png
?
To die, to sleep
To sleep, perchance to dream; ay, there's the rub
For in that sleep of death what dreams may come
User avatar
shekels
Full Member
Full Member
Posts: 63
Joined: Sun Jun 02, 2019 9:01 am

Re: How many brokerage firms are you using?

Post by shekels » Fri Sep 13, 2019 2:38 pm

Kriegsspiel wrote:
Fri Sep 13, 2019 11:09 am
shekels wrote:
Fri Sep 13, 2019 9:38 am
Fidelity has a Money transfer lockdown
Lock your accounts instantly:
Block electronic money movement out of your accounts, protecting your balances from unauthorized transfers.
?
Not sure if it is a great thing or not. The blocking feature can be turned on or off.
https://www.fidelity.com/security/overview
User avatar
Kriegsspiel
Executive Member
Executive Member
Posts: 1697
Joined: Sun Sep 16, 2012 5:28 pm

Re: How many brokerage firms are you using?

Post by Kriegsspiel » Fri Sep 13, 2019 3:11 pm

Oh I see. I thought you were letting everyone know there was some kind of security situation...
To die, to sleep
To sleep, perchance to dream; ay, there's the rub
For in that sleep of death what dreams may come
User avatar
shekels
Full Member
Full Member
Posts: 63
Joined: Sun Jun 02, 2019 9:01 am

Re: How many brokerage firms are you using?

Post by shekels » Fri Sep 13, 2019 4:05 pm

Kriegsspiel wrote:
Fri Sep 13, 2019 3:11 pm
Oh I see. I thought you were letting everyone know there was some kind of security situation...
Looking back over the post. I see your point. Sorry for that.
User avatar
Xan
Administrator
Administrator
Posts: 2243
Joined: Tue Mar 13, 2012 1:51 pm

Re: How many brokerage firms are you using?

Post by Xan » Fri Sep 13, 2019 4:09 pm

I sometimes wonder about that. Police cars have plastered on their side "Call 911!" We have alert thingies on the highway that give a license plate of a child abductor or missing old person or something that will say "Missing elderly, blue Honda, license XYZ. Call 911!"

I'm always tempted to call 911 and say, "Yes? What can I do for you?" Never have though.
User avatar
Kriegsspiel
Executive Member
Executive Member
Posts: 1697
Joined: Sun Sep 16, 2012 5:28 pm

Re: How many brokerage firms are you using?

Post by Kriegsspiel » Fri Sep 13, 2019 8:08 pm

How many of you dialed 1-800-5-FRANCE

Age test.
To die, to sleep
To sleep, perchance to dream; ay, there's the rub
For in that sleep of death what dreams may come
User avatar
mathjak107
Executive Member
Executive Member
Posts: 1903
Joined: Fri Jun 19, 2015 2:54 am
Location: bayside queens ny
Contact:

Re: How many brokerage firms are you using?

Post by mathjak107 » Sat Sep 14, 2019 2:36 am

sophie wrote:
Fri Sep 13, 2019 7:52 am
Good, instructive story, mathjak.

I use both Vanguard and Fidelity, along with a conventional brick and mortar bank (Chase). I originally was all in Fidelity, but ended up opening an individual brokerage at Vanguard to go along with my employer retirement accounts there, and to take advantage of some Vanguard funds that are far superior to their counterparts at Fidelity (treasury money market and small cap value). If either of them were to be locked up, I'd be able to manage with funds in the other brokerage plus the Chase account.

Fidelity and Vanguard complement each other nicely, I find. Fidelity wins on customer service, the HSA, the powerful cash management and multiple-account setup, and investing in individual Treasuries. Vanguard wins on fees.
actually i have fidelity index funds that are zero fees .. that beats vanguards low fee.

jack bogle and vanguard have said a lot of things and then contradicted themselves ... first the grand pappy of do it yourself investing sold us on how anyone can invest like the pro's and get better results ...then vanguard gets in to money mgmt and releases a study that shows the typical investor can earn as 3% more by letting a money manager handle their money keeping them away from it .
then they deleted all our beneficiaries from joint accounts and told us we would be better served by trusts ... yep vanguard was promoting its trust dept they now had .
but wait , now vanguard is telling us how their managed funds out perform ---yep you guessed it , now they are promoting actively managed funds ...
https://investor.vanguard.com/mutual-fu ... ly-managed

and this is why i cut them out .
Post Reply