POLL: May leave VBS. Which brokerage(s) do you invest with?

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Which brokerage(s) do you invest with?

Vanguard
75
41%
Schwab
28
15%
Fidelity
51
28%
TD Ameritrade
15
8%
Other (please specify)
16
9%
 
Total votes: 185

Topic Author
Cuatro
Posts: 11
Joined: Mon Oct 07, 2013 12:52 pm

POLL: May leave VBS. Which brokerage(s) do you invest with?

Post by Cuatro »

I'm considering leaving Vanguard Brokerage Services, where all of my taxable and tax-sheltered investments are held (all ETFs with a handful of individual stocks). So I'm wondering which brokerage(s) Bogleheads tend to lean toward, if any. If you invest with more than one, please select multiple ones (including "Other" if not listed). Any comments about why you choose to invest with a particular brokerage(s) would also be welcomed and appreciated. Lastly, I realize there are additional popular brokerages I could/should have listed, but the ones I've listed are those that I'm looking at (but still open to others).

Thanks!
livesoft
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Re: POLL: May leave VBS. Which brokerage(s) do you invest wi

Post by livesoft »

Thanks for the opportunity to tell everyone about WellsTrade/PMA which is the best brokerage I have ever used. I have accounts at Vanguard, TDAmeritrade, Fidelity, TIAA-CREF, and WellsTrade/PMA. Lots of folks on this forum use WellsTrade/PMA because one can purchase almost all Vanguard funds there with no commission if one is grandfathered into their system there. For folks not grandfathered in, the commissions are very low.

However, I don't think they pay bonuses for folks who sign up for new accounts like other brokers pay. If WellsTrade/PMA was not available to me, I would use TDAmeritrade where many Vanguard ETFs are no-commission if one follows the rules. My Fidelity accounts are inferior to both WellsTrade and TDAmeritrade.

See this on the topic of brokers as well: http://www.bogleheads.org/forum/viewtop ... 4#p1931344
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Sally
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Re: POLL: May leave VBS. Which brokerage(s) do you invest wi

Post by Sally »

I have accounts at:

Fidelity: chosen because of their customer service, index funds, and the nice bonus they give annually for new $$

USAA: chosen because of the USAA holdings and analyses (free) that they provide annually including monte carlo runs

Dodge&Cox: chosen because of their management team approach and history, and retained because of the (now) 12 year returns as well as their excellent customer service.

TSP: chosen and retained because of the G fund as well as all minimal fee index funds (non-taxable account)

I considered moving away from USAA when I ended my banking business with them (previous thread), but the funds owned are USAA or Fidelity index funds, the amounts provide access to no-cost advisory services, and they have provided excellent service to date.

I considered opening account at Vanguard but chose Fidelity instead because of the customer service ratings--yes, I am willing to pay, if necessary, for great customer service--but, I haven't found that the Fidelity account is costing me more than VG would have so I am happy---maybe happily ignorant, who knows… :D
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in_reality
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Re: POLL: May leave VBS. Which brokerage(s) do you invest wi

Post by in_reality »

Be sure to have updated copies of your holdings before transferring out. Account history is removed pretty quickly and you'll want to be able to show any recent changes ... such as dividend payments the day before it gets transferred out.

+1 for Schwab

I'm etf only and use Schwab core funds plus a few others to tilt. VOE (Vanguards midcap value) is the only fund I pay $8.95 commission on.

For viewing, I like Morningstar better than Schwab or Vanguard although Schwab's portfolio view is the best for seeing how holdings break down by a global sector comparison. Yeah I know French Fama 9 boss is more relevant but I don't want to tilt away from the global economy that much and find reassurance seeing that I have the market covered.

I like how Schwab reports performance.

I haven't set up two factor authorization, though I should.

P.S. Isn't the Wells site really slow? I was a WF advisor's client which I think uses the same system as Wells Trade. I liked the brokerage(clear reporting - no troubles) , but didn't like the advisors' fees or fund selection and so went the indexing route someplace else...
livesoft
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Re: POLL: May leave VBS. Which brokerage(s) do you invest wi

Post by livesoft »

in_reality wrote:P.S. Isn't the Wells site really slow? I was a WF advisor's client which I think uses the same system as Wells Trade. I liked the brokerage(clear reporting - no troubles) , but didn't like the advisors' fees or fund selection and so went the indexing route someplace else...
Nope. Here's why I write that:

When I place a trade, I start by opening up my TDAmeritrade account and their Level II real-time interface. I can see the order-book and when my order appears there. Then I go to my WellsTrade account and enter the trade. The web site is fast and easy, but after I click on "Confirm", I click over to the real-time display and see if my order has been entered. In 9 times out of 10, my order is already showing. That is, the order gets submitted before I can switch windows on my computer. And I do not have a slow internet connection. In contrast, a place like Fidelity seems to hold the order internally to trade with its other customers. At least, I have never seen a Fidelity order show up. I posted several screen captures of trading on the forum for folks to look at.

Also, on May 6, flash-crash I was able to use WellsTrade to make a particular lucrative trade. Others had trouble logging in to their popular brokerage websites.

Also at WellsTrade, I routinely get price improvement on limit orders. Plus I have had a couple of trades where I got a better buy price than the reported low of the day.
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in_reality
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Re: POLL: May leave VBS. Which brokerage(s) do you invest wi

Post by in_reality »

livesoft wrote:
in_reality wrote:P.S. Isn't the Wells site really slow? I was a WF advisor's client which I think uses the same system as Wells Trade. I liked the brokerage(clear reporting - no troubles) , but didn't like the advisors' fees or fund selection and so went the indexing route someplace else...
Nope.
Thanks for clarifying. I never saw the WellsTrade trading interface. Looking at stuff under brokerage such as account values or getting a statement online was really slow. Guess it's a separate subsystem.
slick_dealer_05
Posts: 415
Joined: Tue Jul 24, 2007 8:16 pm

Re: POLL: May leave VBS. Which brokerage(s) do you invest wi

Post by slick_dealer_05 »

Using all three now - Schwab, TD, and Fidelity and swapping accounts every year.
Fidelity has 50k miles for 100K deposit, TD has $500, and Schwab has $300.
If you have around 500K in your brokerage accounts for you and wife, its easy enough to genereate several thousand dollars of income + 100k airmiles each year from account swapping.
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Peter Foley
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Re: POLL: May leave VBS. Which brokerage(s) do you invest wi

Post by Peter Foley »

I use Schwab and have been very satisfied. We use their proprietary funds almost exclusively in all our accounts. I do use Vanguard funds in my 457 account as does my wife in her 403b.
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grabiner
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Re: POLL: May leave VBS. Which brokerage(s) do you invest wi

Post by grabiner »

I use Vanguard for convenience and integration with the rest of my Vanguard accounts. I did this even when Vanguard wasn't competitive on price, because I make about two trades per year. (Most of my money is in mutual funds, not ETFs, and I don't even have a brokerage account in my Roth IRA.)

I also have a small account at TDAmeritrade because I use HSA Bank for my HSA. I am in my sixth year with the HSA, and will make only my second trade in that account later this year, when I have enough shares to make it worth buying more of an ETF there. (My sole holding at TDAmeritrade is RZV, Guggenheim S&P 600 Pure Value.)
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Rob5TCP
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Location: New York, NY

Re: POLL: May leave VBS. Which brokerage(s) do you invest wi

Post by Rob5TCP »

When Vanguard was more expensive I kept a small amount in Fidelity for my "play trades".
When Vanguard dropped it's price, I moved that to VG for the convenience.
It's only about 5% of my equity portfolio and getting a few trades free a year, is not worth switching to
another service.
pradador
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Re: POLL: May leave VBS. Which brokerage(s) do you invest wi

Post by pradador »

I like Merrill Edge with their 30 free monthly Stock/ETF trades if you have $50K+ in assets with them.
stan1
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Joined: Mon Oct 08, 2007 4:35 pm

Re: POLL: May leave VBS. Which brokerage(s) do you invest wi

Post by stan1 »

I have never had a problem with VBS but I only buy ETFs online about twice per year. I've always been afraid that if I ask them to do anything more complicated than that there would be problems: errors, slow response. Two weeks ago I mailed Vanguard a letter directing them to transfer 60 shares of IJS bought in 2008 (highly appreciated) into a newly established donor advised fund at Fidelity Charitable. To make matters worse I use Specific Identification cost accounting and had to research Vanguard's overly complex process to comply with IRS requirements. I have seen no sign of any activity since and I expect I am now engaging in high risk human-in-the-loop activities with VBS that will prove frustrating. I've already had Fidelity Charitable call once asking where the securities are. I told them I use Vanguard, and that they are known to be slow so they will have to be patient with me.

Maybe Vanguards long promised integration of their brokerage record keeping system with their mutual fund record keeping system will solve some of these issues (after the glitches are worked out), but Vanguard always seems to be a few years behind their competitors on brokerage and IT systems. Personally I wish they would impose a 1 basis point levy on every mutual fund and ETF to pay for back office IT modernization.
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Labrat
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Re: POLL: May leave VBS. Which brokerage(s) do you invest wi

Post by Labrat »

WellsTrade is great for me.
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Nowizard
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Joined: Tue Oct 23, 2007 5:33 pm

Re: POLL: May leave VBS. Which brokerage(s) do you invest wi

Post by Nowizard »

Scottrade. I like to have investments in more than one place since no fund family has all the best funds, though the perks with Flagship are nice.

Tim
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CyberBob
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Re: POLL: May leave VBS. Which brokerage(s) do you invest wi

Post by CyberBob »

Cuatro wrote:I'm considering leaving Vanguard Brokerage Services...
What is it that you don't like at Vanguard or are looking for elsewhere?

Bob
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jfn111
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Re: POLL: May leave VBS. Which brokerage(s) do you invest wi

Post by jfn111 »

Fidelity has most of my money since I'm trapped there until I turn 59 1/2.
Schwab has the rest but Unless they drop the fees for Vanguard funds I might transfer 1 of my Schwab accounts to Vanguard.
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Ged
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Re: POLL: May leave VBS. Which brokerage(s) do you invest wi

Post by Ged »

I use Fidelity. I started there about 35 years ago with my first employer's 401K program. I've also tried Vanguard which I find very primitive by comparison.

I had a really good experience with Fidelity customer service when my father passed away and I was the executor. It's hard to put a value on the good will that experience created.

I use ETFs to access Vanguard funds, Fidelity charges me $7.95 for trades. Sometime I may do the math to see how much I'd save by doing mutual funds at Vanguard, but I certainly have no interest in using Vanguard's brokerage service.

Since there is a good chance my wife will take over managing family finances when I pass, I would much rather have her dealing with Fidelity's customer service and user interface than Vanguard's.
bondsr4me
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Re: POLL: May leave VBS. Which brokerage(s) do you invest wi

Post by bondsr4me »

I am about to leave VBS also. Just waiting on an issue to be resolved....heading back to Fidelity.
island
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Joined: Tue Jul 23, 2013 1:45 pm

Re: POLL: May leave VBS. Which brokerage(s) do you invest wi

Post by island »

CyberBob wrote:
Cuatro wrote:I'm considering leaving Vanguard Brokerage Services...
What is it that you don't like at Vanguard or are looking for elsewhere?

Bob
I'm wondering the same thing. Thinking of opening a taxable account at Vanguard, but hearing of so many Bogleheads going elsewhere makes me pause.
kerplunk
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Joined: Sun Apr 17, 2011 9:58 pm

Re: POLL: May leave VBS. Which brokerage(s) do you invest wi

Post by kerplunk »

Don't use Scottrade.

They do a hard credit pull/check when you first sign up. It hurts your credit, and is unnecessary as no other brokerage requires this.
pinecrest
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Joined: Fri Feb 15, 2013 10:51 pm

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pinecrest
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ruralavalon
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Re: POLL: May leave VBS. Which brokerage(s) do you invest wi

Post by ruralavalon »

VBS.

We hold only bonds with VBS in a rollover IRA, which we hold to maturity and don't trade. Everything else is in Vanguard mutual funds also in IRAs at Vanguard.
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Operator Error
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Re: POLL: May leave VBS. Which brokerage(s) do you invest wi

Post by Operator Error »

pradador wrote:I like Merrill Edge with their 30 free monthly Stock/ETF trades if you have $50K+ in assets with them.
Same here. I've only been using Merrill for six months, but so far I'm very happy with it.
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frugaltype
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Re: POLL: May leave VBS. Which brokerage(s) do you invest wi

Post by frugaltype »

I'm fine with Vanguard for my only brokerage accounts. I buy and hold mostly.

I used to have accounts at Schwab, but when I moved one to Vanguard, Schwab dinged me with a $50 closing fee. so I moved all mine to Vanguard.
Caduceus
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Re: POLL: May leave VBS. Which brokerage(s) do you invest wi

Post by Caduceus »

Also at WellsTrade, I routinely get price improvement on limit orders. Plus I have had a couple of trades where I got a better buy price than the reported low of the day.
That's interesting - how does that happen? Does the trade escape reporting?
livesoft
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Re: POLL: May leave VBS. Which brokerage(s) do you invest wi

Post by livesoft »

I am not sure how it happens. When it happened I had entered limit orders to purchase a small number of shares. For example, if I received a quarterly dividend of $80 in an IRA and wanted to reinvest it, I might submit a limit order for 2 shares at $40. If the investment had a low of the day of $40.05, I should not have had my order filled. Perhaps someone wanted to buy 100 shares with a limit order of $40.05 near the close, but 98 shares were for sale with a market order, so the perhaps the market maker just added my 2 shares. But I really don't know.
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BreakfastTaco
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Re: POLL: May leave VBS. Which brokerage(s) do you invest wi

Post by BreakfastTaco »

Whats your beef with VBS? I do fit it clunky but I just bought a few ETF and left it there. I'm trying to wean myself from fidelity.
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leonidas
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Re: POLL: May leave VBS. Which brokerage(s) do you invest wi

Post by leonidas »

I use both Schwab and WellsTrade. I love Wells since I am grandfathered into the 100 free trades with the PMA package. That 100 includes mutual funds if that is your preference. MerrillEdge is only stock and etfs. I have my IRA's and banking with Schwab and only use their free ETF's.
placeholder
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Re: POLL: May leave VBS. Which brokerage(s) do you invest wi

Post by placeholder »

I have used most of the major and some not so in the past years but right now it's Capital One Sharebuilder/Scottrade/Merrill Edge because of recent bonus programs for bonuses see:

http://www.hustlermoneyblog.com/best-brokerage-bonuses/
Topic Author
Cuatro
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Re: POLL: May leave VBS. Which brokerage(s) do you invest wi

Post by Cuatro »

Some of you have asked why I'm considering leaving VBS. It's a combination of personal experiences with VBS and complaints I've seen here in the Bogleheads forum. The common thread between my experiences and those reported in these forums is account information integrity. I've had a couple issues with Vanguard having the wrong account information; i.e., their information doesn't match my archived account documents. And then recently there was this incident: I was suddenly unable to get past my security questions when trying to log in to my account, the problem being they were the wrong security questions! For some reason, my account had reverted to old security questions that I had changed years ago (this change also documented), and even then the answers were wrong! While they acknowledged the problem and got me past it (by resetting my security questions), VBS was never able to come up with an explanation.
pinecrest
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Post by pinecrest »

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stlutz
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Re: POLL: May leave VBS. Which brokerage(s) do you invest wi

Post by stlutz »

Some of you have asked why I'm considering leaving VBS. It's a combination of personal experiences with VBS and complaints I've seen here in the Bogleheads forum. The common thread between my experiences and those reported in these forums is account information integrity.
That is a very concise summary of a lot of threads and posts. Nicely put!
snowman
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Re: POLL: May leave VBS. Which brokerage(s) do you invest wi

Post by snowman »

We have multiple accounts at TDA and a solo 401k at Fidelity. I would recommend them both, although I do prefer TDA because it offers commission free Vanguard ETFs.
Code Commit
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Re: POLL: May leave VBS. Which brokerage(s) do you invest wi

Post by Code Commit »

For brokerage (including IRA's), mostly TD Ameritrade. Small account at VBS (excluding mutual fund accounts + Individual 401k at Vanguard). Also, a minimal amount at Fidelity (mostly for cash management).
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sunnywindy
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Re: POLL: May leave VBS. Which brokerage(s) do you invest wi

Post by sunnywindy »

I use Schwab because if there's trouble, I can walk into a nearby office and talk to a real live flesh and blood breathing person. Also, they have banking services including an ATM card that is free worldwide. (I have considered Vanguard because most of my money is in Vanguard ETFs and I would save on commissions, but I think Schwab is better set up for overall customer service and that isn't Vanguard's forte. Thus, I don't mind paying $8.95 a trade because the service and website is great.)
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