which Brokerage do you use...why?

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bondsr4me
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which Brokerage do you use...why?

Post by bondsr4me »

[restarted thread from 2015. Check posting dates before replying - admin alex]

There are some old threads on this subject, but I wanted to get a fresh perspective and your opinions on this matter.
My question is two-fold: which brokerage firm do you use for "brokerage" accounts and why you use/like/dislike it?
If you use the old VG "mutual fund" account, I am not interested in that, but I am interested in hearing about VBS if you use it.
Thanks to all who respond; I sincerely appreciate your time and efforts.
Don
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in_reality
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Re: which Brokerage do you use...why?

Post by in_reality »

Schwab
#1 has good ETFs and I like the fundamental ETFs for a value tilt.
#2 is easy to use
#3 has relatively good Customer service
#4 hasn't made any errors in my statements (Vanguard gave me trouble)
#5 has a token system for online security
#6 doesn't ever bother me about changing my investments
livesoft
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Re: which Brokerage do you use...why?

Post by livesoft »

My opinions have not changed. I have 4 brokerage accounts. WellsTrade is the best by far and VBS is the worst by far. If you are interested in getting distributions in a timely manner, then this thread is informative: http://www.bogleheads.org/forum/viewtop ... =1&t=87742

My ranking

WellsTrade - best account updating including pending transactions, best 1099s, best straightforward web site, best linkage to checking, great executions, no commissions on anything, especially none on Vanguard ETFs and Vanguard funds for me, fastest firm to routinely get dividends into my WellsFargo checking account. One always knows where their money is, where it is coming from, and where it is going.

TDAmeritrade - best real-time level II quotes, great in-office service, no commissions on many Vanguard ETFs, good bonuses

Fidelity - too much fluff, good GPS and RIP software tools, good online chat (but you may wait tens of minutes), no commissions on Fidelity Spartan funds and many iShares ETFs, good bonuses

VanguardBS - you never know where your money is or how much you have because they do not update numbers instantly. No commissions on Vanguard products.
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lazyday
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Re: which Brokerage do you use...why?

Post by lazyday »

A few things that have changed since older threads:

- Interactive Brokers (IB) has eliminated a monthly minimum fee for accounts above $100,000

- Vanguard changed commissions tiers, cheaper for some people

- Wellstrade seems to have dropped the PMA free trades for new accounts

- More 2FA availability. For example, Vanguard can now text you a code.

- More free trading of ETFs. Fidelity and TD Ameritrade each have lists of ETFs that trade free with some restrictions. Of course you can trade Vg ETFs free at Vanguard, Fido at Fidelity, Schwab at Schwab, but these lists at Fido and TDA include funds from companies other than Fido and TDA.

- I've seen a few complaints about being bothered by salespeople at TD Ameritrade.

I think Vanguard is the default choice, because of reasonable prices and because Vg isn't out to profit; incentives are better aligned with the customer.

For some people it might make sense to also consider Fidelity, Schwab, Merrill Edge, Interactive Brokers, or others.
carolinaman
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Re: which Brokerage do you use...why?

Post by carolinaman »

I use Fidelity and Vanguard brokerages and previously used Schwab.

I prefer Fidelity for its ease of use and website. They also have other useful services like live market updates, bond desk, and ability to meet in person with an adviser. I have found their advisers to be well informed, not be pushy and will offer non Fidelity products as well as Fidelity products.

Vanguard is kind of klutzy but I only buy and sell etfs and funds, so it is not a big problem. I did buy tips at Vanguard and that went well, thanks to the hand holding of their bond desk.

I never really liked Schwab and only kept my money there for about a year.
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leonidas
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Re: which Brokerage do you use...why?

Post by leonidas »

Wells Fargo is my primary broker. With the PMA package everything is commission free. Unfortunately, this is closed to new investors.
I also have a Schwab account for my IRAs. They have a great list of commission free ETFs that I can choose from.
asif408
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Re: which Brokerage do you use...why?

Post by asif408 »

I use VBS for most of my investing primarily because I wanted to invest in their ETFs commission free. I opened my VBS account about a year ago. I also recently opened a TD Ameritrade SDBA through HSA Bank because my current HSA custodian has poor investment options. I plan to move some funds over periodically and start investing some of my HSA funds soon.

I haven't yet formed an opinion of TD Ameritrade but have been happy with VBS. I've heard others here complain about VBS but I've never had an issue. I pretty much do things myself and don't need a lot of hand holding. I'm also not constantly buying and selling things, so my transactions are typically infrequent. I rolled my old 401k funds to them without a problem, never had an issue buying or selling, had no issues since the account conversions, etc.
dirkronk
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Re: which Brokerage do you use...why?

Post by dirkronk »

TD Ameritrade. Started with them in the late 1990s (they were TD Waterhouse at the time) because they were about the best online broker then for newbie stock pickers like me...one of the lowest in trade costs and simplest in website usage. Others are now cheaper and probably with sites as easy or easier to navigate, but I've never had a buy/sell issue and the few times I've had questions or situations to be addressed, their online support has been helpful. Of course, I don't trade that often...maybe a handful of times per year. If I don't have enough confidence to buy and hold, I usually just don't buy. I have one taxable account (for my wife and myself) and a Roth IRA (went individual stock route for the Roth).

I've been toying with the idea of moving the brokerage accounts to Vanguard, but they get rather tepid reviews from users. Plus, brokerage holdings don't count toward Flagship status, unless they're actual Vanguard products (ETFs)...so I haven't rushed to vet the service yet.

Totally unfamiliar with the rest of the online brokerage world.

And then there are old fashioned brokers. This past year, I had an Edward Jones representative actually call at my door (he was going through the neighborhood, house by house, introducing himself) and I eventually let him take a pass at how he might reconfigure my portfolio. Nice guy. And it looks like EJ has some good research tools. But I fear I wasn't all that impressed with the "plan"...especially not with the costs (full loads on mutual funds unless you hold exceptionally large dollar accounts, and outrageous costs for simple stock trades...pre-internet kind of charges). And all the negative posts here on this forum make me even more leery. I'd like to find an advisor in case my wife needs help if I go first, but I rather doubt EJ is the answer.

Dirk
brad.clarkston
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Re: which Brokerage do you use...why?

Post by brad.clarkston »

Fidelity and VG.

Fidelity's website rocks I use it for my ETF's, Life Insurance, and work 401k.
VG is for my primary holdings (only two funds VTSMX and VBMFX).


Granted I only buy new/rebalance on my birthday and I haven't used very many brokers over the years.
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sunspotzsz
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Re: which Brokerage do you use...why?

Post by sunspotzsz »

robinhood, it is free
Postmon
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Re: which Brokerage do you use...why?

Post by Postmon »

One thing I like about Fidelity is that they have local offices and I know my rep and the support folks. Every so often it's much easier to run over to the office to take care of something rather than send things through the mail.
chaz
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Re: which Brokerage do you use...why?

Post by chaz »

VBS. 25 free trades.
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jonbois
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Re: which Brokerage do you use...why?

Post by jonbois »

Vanguard --Long Term Investments -- Low cost and trustworthy

TDAmeritrade -- Short term trading -- Very good trading tools,reasonable commissions
Angst
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Re: which Brokerage do you use...why?

Post by Angst »

I use Vanguard VBS b/c it's convenient to keep the majority of my accounts with Vanguard and I use their ETFs, all of which are commission free through VBS. And buying TIPS at auction through VBS is easy.

I also use TDAmeritrade b/c my HSABank account uses them, and they carry a good variety of commission free ETFs, including many from Vanguard. I love TDAM's resources and level2 quotes. Also, anytime I'm entering orders in VBS, I have TDAM open and monitor things there.

VBS is as "simple" as the rest of Vanguard when it comes to IT and data presentation; not very sophisticated, that is to say.
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Re: which Brokerage do you use...why?

Post by itstoomuch »

TDAmeritrade, who bought our locally owned, mostly full service, then deep discounter, whom I had since early 80''s.
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Morik
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Re: which Brokerage do you use...why?

Post by Morik »

I have two:
- Betterment for taxable. I have over 100k here so I get the .15% management fee. I like the automated TLH (I don't want to bother with it), the ability to save for different goals without having to track an overall weight myself (so slightly less bother), ability to deposit regularly with no commisions, and the fact that they can make those regular deposits cost less by netting out some of the bid ask spread. (I could do something very similar with Vanguard mutual funds or something, but it would be more of a pain, I wouldn't be able to TLH as well, etc etc.) Plus I'm still in my large free period (something like 7 months free).

- Vanguard for retirement accounts. I use all vanguard funds for these accounts anyway, so no commission, admiral shares, etc.
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CABob
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Re: which Brokerage do you use...why?

Post by CABob »

I have had a Scottrade account for a number of years going back to my pre Boglehead days. At one time I thought they were a leader in the discount broker field with good service, low commissions, etc. With the passage of time I don't think they have kept up with their competition and probably would not select them if I were looking currently. Why do I stay with them? Probably mostly procrastination on my part and they still do what I want them to do for a few individual stocks and ETFs and I don't do very much trading in the account. If I decided to close the account I would probably transfer to VBS so everything would be at one institution.
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WalterMitty
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Re: which Brokerage do you use...why?

Post by WalterMitty »

E*TRADE

I started with them in the 1990's and they continue to offer a decent product at a decent price. So far, they haven't given me any reason to leave. Since my initial sign up, I've moved a previous employer's 401K there as well. Also, their live/real person on the phone help has always been good.

Only negative is that I have had some issues using the automatic dumping of my annual trade data into my Turbo Tax and had go back and do some manual clean up.
DFrank
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Re: which Brokerage do you use...why?

Post by DFrank »

I use Schwab. The primary reason for going there in the first place was that my megacorp used them for our stock awards plans. Over time they've proven to be a reasonable place to hold my money, their on-line access is convenient and generally easy to use, and they've provided good service on those occasions when I needed them.

We're about 18 months from retirement, and I had planned on moving away from Schwab when that happens. I have a slight preference for some of Vangaurd's index funds vs. Schwab, so that would be the reason to move there. Recently, our stock awards programs were moved to Fidelity, which is also where my 401k is held. So I think Fidelity may be in the mix for the long term now.
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FelixTheCat
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Re: which Brokerage do you use...why?

Post by FelixTheCat »

I know you said you didn't want to hear it but.... I only invest in Vanguard index funds. The best place for them is in a Vanguard mutual fund only account.
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bondsr4me
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Re: which Brokerage do you use...why?

Post by bondsr4me »

Thank You to everyone who responded.
A very good variety of choices and reasons.
I appreciate everyones' time in responding!
Thank You,
Don
itstoomuch
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Re: which Brokerage do you use...why?

Post by itstoomuch »

I tend to stay with a firm (any firm) until I need something that it doesnt offer.
For instance, SmithBarney didnt really want me (small acct). Current discount Broker only offered annuities through a FA that I am not enthusiastic about. ML wanted AUM account. Went to another broker next to my gym who had an interesting annuity, with no strings attached.

You may have to use several companies/people to eventually get what you want/need.
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ac8238
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Re: which Brokerage do you use...why?

Post by ac8238 »

I know that BoA doesn't have the best customer service...but does anyone use Merrill Edge?

I just opened up with them recently but haven't made any trades yet...their UI looks pretty good and you get 90days of free trades then $6.95 per trade after. I mainly chose them because I can link my BofA checking account directly and you can do transfers between accounts instantaneously.
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indexfundfan
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Re: which Brokerage do you use...why?

Post by indexfundfan »

ac8238 wrote:I know that BoA doesn't have the best customer service...but does anyone use Merrill Edge?

I just opened up with them recently but haven't made any trades yet...their UI looks pretty good and you get 90days of free trades then $6.95 per trade after. I mainly chose them because I can link my BofA checking account directly and you can do transfers between accounts instantaneously.
I opened an account with Merrill Edge to get their bonus. No complaints with their interface. No unsolicited calls from advisors. I like it that you can have dividends automatically deposited to your linked 3rd party checking account. With the free trades I am getting, I am probably going to keep the account even after the requirement holding period (to get the bonus) expires.
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powermega
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Re: which Brokerage do you use...why?

Post by powermega »

I have inherited IRAs at Vanguard, and the rest of our investments with Schwab. My wife and I both have our IRAs and our joint taxable account there, along with our primary checking account. I love Schwab's ETF selection, customer service, and the ability to go to a branch office. I kept my inherited IRAs at Vanguard for some diversity of account custodians and I love the target date funds offered by Vanguard too.
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G-Force
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Re: which Brokerage do you use...why?

Post by G-Force »

indexfundfan wrote:
ac8238 wrote:I know that BoA doesn't have the best customer service...but does anyone use Merrill Edge?

I just opened up with them recently but haven't made any trades yet...their UI looks pretty good and you get 90days of free trades then $6.95 per trade after. I mainly chose them because I can link my BofA checking account directly and you can do transfers between accounts instantaneously.
I opened an account with Merrill Edge to get their bonus. No complaints with their interface. No unsolicited calls from advisors. I like it that you can have dividends automatically deposited to your linked 3rd party checking account. With the free trades I am getting, I am probably going to keep the account even after the requirement holding period (to get the bonus) expires.
I also opened a Merrill Edge account for the bonus. I moved my taxable brokerage and ROTH IRA from Vanguard there using a complete in-kind transfer. Other than a few delays with the account transfers, I'm pretty happy with it. The biggest benefit is the integrated banking and the benefits you get with preferred rewards. If all goes well, I will likely stay with them as well, even after my bonuses post. I'm planning on posting a review on here after 6 months or so.
angelescrest
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Re: which Brokerage do you use...why?

Post by angelescrest »

What matters to me:
1) fees
2) interactive design and mobile services

TD Ameritrade is competitive in the first (particularly for ETFs, which I started with when I was a poor young man), and imho they have the best designed website and trading platforms, mobile included. For me, it matters. I'm amazed at how awful other platforms can be.
OutInThirteen
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Re: which Brokerage do you use...why?

Post by OutInThirteen »

Fidelity - my former employer's 403(b)/457(b) went over to them many years ago. My spouse and I have our brokerage and IRA accounts there for ease and simplicity.
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beyou
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Re: which Brokerage do you use...why?

Post by beyou »

I use etrade, They have an excellent website, great banking integration with brokerage.
High bonuses to move assets there. Commissions reasonable but not free.
Not the best for fund traders, top ETFs are not free, nor is this cheap for open end funds.
Built more for individual stock traders, but I have bought ETFs and don't mind
paying < $10 a trade as I trade infrequently.
cornbread85
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Re: which Brokerage do you use...why?

Post by cornbread85 »

I use Schwab and Vanguard. I have a taxable account with Schwab with one share of BRK/B (another Boglehead informed me that if you own one share of of Berkshire, you can save on GEICO care insurance). I keep it with Schwab so that I can have their free checking. Best checking account around with ATM reimbursement for any ATM in the world, interest (albeit small) on their checking, free checks, and good user interface.
IowaFarmBoy
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Re: which Brokerage do you use...why?

Post by IowaFarmBoy »

Vanguard and Fidelity

My Vanguard brokerage is within my IRA. I hold mainly mutual funds in my IRA but use the brokerage account for things like individual TIPS, brokered CDs and ETFs. I've used the Vanguard account for years.

Fidelity is used for my taxable account. I chose Fidelity because of the their donor advised fund. The minimums were a lot better for me than Vanguard's donor advised fund. I can transfer appreciated assets to the donor advised fund to make my charitable donations. I've only had the Fidelity account for 4 months but have been happy with it. I hold some Fidelity Spartan funds and some iShares ETFs in it.

I'm happy with both accounts but I do minimal trading so I really don't need that much out of them.
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Uncle Pennybags
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Re: which Brokerage do you use...why?

Post by Uncle Pennybags »

Why do you need a broker?
IowaFarmBoy
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Re: which Brokerage do you use...why?

Post by IowaFarmBoy »

Uncle Pennybags wrote:Why do you need a broker?
No broker, just brokerage accounts. At Vanguard, a brokerage account is needed to buy stocks, ETF's, individual bonds, etc., even if they are being held within an IRA. If I remember correctly, at Fidelity all taxable accounts are treated as brokerage accounts, even if you just hold Fidelity mutual funds. I do all transactions online but you could probably call the 800 number and do them too. But I have no broker....
AlwaysaQ
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Re: which Brokerage do you use...why?

Post by AlwaysaQ »

I have Fidelity taxable and IRA accounts. Fidelity administered my 401K before I transferred it. After I transferred the IRA I opened the taxable account. I have not had any complaints so far and there are two branch offices near my home if I do.
lisaneedsbraces
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Re: which Brokerage do you use...why?

Post by lisaneedsbraces »

[restarted thread from 2015. Check posting dates before replying - admin alex]
indexfundfan wrote: Wed Jan 14, 2015 4:59 pm
ac8238 wrote:I know that BoA doesn't have the best customer service...but does anyone use Merrill Edge?

I just opened up with them recently but haven't made any trades yet...their UI looks pretty good and you get 90days of free trades then $6.95 per trade after. I mainly chose them because I can link my BofA checking account directly and you can do transfers between accounts instantaneously.
I opened an account with Merrill Edge to get their bonus. No complaints with their interface. No unsolicited calls from advisors. I like it that you can have dividends automatically deposited to your linked 3rd party checking account. With the free trades I am getting, I am probably going to keep the account even after the requirement holding period (to get the bonus) expires.
I'm glad you mentioned dividends going to an external bank account. I'm looking at switching to Merrill Edge and this is a feature I want. Does anyone know how common this is among brokerages? I know Vanguard can do it with mutual funds but I don't think they can with an ETF.
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Re: which Brokerage do you use...why?

Post by livesoft »

lisaneedsbraces wrote: Thu Jan 18, 2018 12:27 pmI'm glad you mentioned dividends going to an external bank account. I'm looking at switching to Merrill Edge and this is a feature I want. Does anyone know how common this is among brokerages? I know Vanguard can do it with mutual funds but I don't think they can with an ETF.
I have my Fidelity taxable account send distributions to my WellsFargo checking account automatically. I even got a $0.01 (one cent) distribution sent over automatically this way.
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gvsucavie03
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Re: which Brokerage do you use...why?

Post by gvsucavie03 »

I had TD Ameritrade taxable for the commission-free Vanguard ETF's, but after they dumped Vanguard, I transferred it to Vanguard, so now it's all there.
deltaneutral83
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Re: which Brokerage do you use...why?

Post by deltaneutral83 »

Switched taxable to Merrill when TDA discontinued or "updated" their commission free list. Have HSA and Roth still at TDA. Merrill is fine, free trades, sign up bonus, will get good BofA credit card too. I used to be able to whiz through the TDA app when I had spare cash to purchase ETFs, Merrill app is not as easy but not impossible either. The TDA app is great.
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Re: which Brokerage do you use...why?

Post by ruralavalon »

bondsr4me wrote: Wed Jan 14, 2015 6:46 am There are some old threads on this subject, but I wanted to get a fresh perspective and your opinions on this matter.
My question is two-fold: which brokerage firm do you use for "brokerage" accounts and why you use/like/dislike it?
If you use the old VG "mutual fund" account, I am not interested in that, but I am interested in hearing about VBS if you use it.
Thanks to all who respond; I sincerely appreciate your time and efforts.
Don
I have a Vanguard brokerage account with my rollover IRA, the brokerage only used for Treasury bonds (sold the last one last November), it works fine. The Vanguard Concierge Service was very helpful in moving the bonds there "in kind" from my 401k, and their bond desk has been good throughout. I don't use ETFs or trade stocks of individual companies.

I have no experience with brokerage accounts elsewhere.
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Re: which Brokerage do you use...why?

Post by indexfundfan »

lisaneedsbraces wrote: Thu Jan 18, 2018 12:27 pm I'm glad you mentioned dividends going to an external bank account. I'm looking at switching to Merrill Edge and this is a feature I want. Does anyone know how common this is among brokerages?
Schwab can do that too.
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GoFish
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Re: which Brokerage do you use...why?

Post by GoFish »

Fidelity and Vanguard.

Fidelity is much, much better as a brokerage. I hold a mix of individual stocks, Vanguard ETF’s, BlackRock ETF’s, Fido funds, and a little cash at Fido. I really value a nearby brick and mortar location where “my” rep has an office.

I keep the Vanguard account open only to hold VWIAX and some cash and CD’s to cover ~2 years spending money.

I like having some cash in two brokerages, just in case ...
bling
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Re: which Brokerage do you use...why?

Post by bling »

i was at TDAmeritrade for the longest time because of their large selection of free ETFs. no complaints the entire time i was there.

then Merrill Edge came around with their Preferred Rewards which grants you free trades if you have over $50k with them (much easier to tax loss harvest when you can trade any ETF you want). i transferred all my assets over in-kind, grabbed the sign up bonus, and have stayed with them ever since.

no real complaints except it's slightly more annoying to trade on ME because they require you to actually type out the price before you trade. on TDA you can just click on the asking price and it'll auto-populate. i've since just put in market orders instead of limit orders because i'm paranoid i might type out the wrong thing.
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bondsr4me
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Re: which Brokerage do you use...why?

Post by bondsr4me »

Here is a link to another good discussion.

viewtopic.php?f=1&t=232975&p=3632232#p3632232

I haven’t made any changes yet to my investments.
Primarily still using Schwab, Fidelity, Vanguard and a small account at TDA (for the tools only).

All these posts are quite interesting.
I’m really hesitant to close my VG account.
I want to see how things go with the new CEO before I do anything.

Don
jcf
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Re: which Brokerage do you use...why?

Post by jcf »

TDA - best tools and website, good selections, but recently trying to change the available ETFs etc.
Ally Invest - hate the website look and feel and the fact that it's impossible to get information in one place, thought they would improve it after the start, but nobody seems to be paying attention.
Schwab - new user, would count them as good so far in terms of website/TDA (worse than TDA though), but opened account for larger selection of investments
Planning to use TDA and Schwab as going forward.
lisaneedsbraces
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Re: which Brokerage do you use...why?

Post by lisaneedsbraces »

The reason I bumped this three year old thread: I have most of my assets at Vanguard mutual funds, and I really like using Vanguard mutual funds, but a couple things have been nagging me:

Everything, both taxable and retirement, is invested in the same fund, VTWSX - Total World Investor Shares. Admiral shares still aren't available, and the expenses versus the ETF are growing as my portfolio grows, to the point where I now want to do something about it.

Secondly, my primary credit card is the Fidelity Visa at 2% cashback on everything. I no longer play too many games with credit cards for either signup bonuses or category cashback and have generally been happy with the Fidelity card, but I travel a lot and the 1% foreign transaction fee has become a nuisance.

So if I'm going to convert all of the Total World mutual fund to the ETF version (and I think that's my only option, at least for taxable, or I'd be looking at a large capital gain tax bill), then maybe I should move everything over to Merrill Edge, then with their highest level of Preferred Rewards and their Premium credit card get 2.6% cashback on everything and 3.5% on travel and dining with no foreign transaction fees.

Just doesn't feel right moving over investment accounts to get a credit card, especially at Bank of America.

I also just finished setting up a new Schwab checking and brokerage account. I did this as a backup to my Fidelity Cash management account for foreign ATM withdrawals. Like Fidelity, Schwab reimburses all ATM fees, and I keep my primary bank ATM card from being exposed. This has given me a chance to play around with their site and interface (albeit with no money yet in the account) and so far I'm liking it.
inbox788
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Joined: Thu Mar 15, 2012 5:24 pm

Re: which Brokerage do you use...why?

Post by inbox788 »

The .21 EF on VTWSX on $1M is about $2k, while the ETF is .11, so around $1k and $1k difference. I'd be looking to convert to ETF too. I've been trying to reduce the companies I do business, but my optimizer side keeps looking for the best lowest cost product, and that often means different companies. Wish there was one that excelled at everything or most things. The cash back on $10k spending at 2% is $200, so getting an extra $60 may not be worth it. (several 3% travel cards, so $50 over those on travel expenses). If the BoA Preferred Rewards is the one with the $95 annual I saw, then that's a further annual spending barrier to consider. On the plus side, it's the only BM bank you've mentioned and you might qualify for a free safe deposit box if you need one. Anyway, in an effort to reduce the number of accounts, I'm looking for at least 2 or 3 reasons to use a financial institution. If it's a single reason, I often pick a less ideal compromise.

I have too many account, but like you, was on the verge of opening a Schwab account. I have resisted opening up a Schwab mainly for the foreign ATM for now. Their $100 bonus isn't helping.

https://www.schwab.com/public/schwab/nn ... spect.html

I don't trust the banks and traditional full service brokerages(BOA/ME, MS, etc.). They've got too many incentives to try manage your money. Even Schwab and Fidelity are not immune, and there have been complaints about Vanguard. But I believe they're better at Schwab and Fidelity and best at Vanguard as far as leaving you alone.

http://www.thinkadvisor.com/2017/04/06/ ... 1516477570

Vanguard Advisor Bullied Me
viewtopic.php?f=1&t=238384
lisaneedsbraces
Posts: 67
Joined: Sun Jan 16, 2011 12:23 pm

Re: which Brokerage do you use...why?

Post by lisaneedsbraces »

Schwab appears to be a good choice for a one stop shop. APY on their checking is the same as Ally checking, and money market rates are becoming competitive with Ally savings. They also have a decent consolidated view of external accounts, and it includes banks. Fidelitys FullView wouldn't allow me to link to Ally or HSA Bank.

I haven't pulled the trigger on any changes yet, but my current plan is to send $100,000 to Merrill Edge to try their platform and start the 3-month countdown towards Platinum Honors, and convert my Total World mutual funds to ETFs. Those ETFs could be transferred over later to ME, although at this point Schwab is in the running as well.
WhyAmeriprise
Posts: 52
Joined: Fri Jan 05, 2018 1:52 pm

Re: which Brokerage do you use...why?

Post by WhyAmeriprise »

I'm a little confused by Schwab. It seems I was able to open the brokerage account, but not the checking that I thought they'd open at the same time. Their chat rep said that there are two options, one that is tied to the brokerage, and the other one is Schwab Bank. What do folks use, if you use Schwab?
Schwab rep also made it sound like I'd have to have separate Roth Contributory IRA versus Roth Converted IRAs, which would mean extra fees for them, if not now, in the withdrawal and ultimate closing during retirement. I would hope that whomever I end up with, that they'd be able to consolidate the multiple small accounts into single account(s).

I may keep Fidelity in the mix; I have two old employer 401ks that are in Target funds, and neither employer is asking me to leave their 401k.

I'm thinking of Merill Edge, at least for $50k. If I read it right, I can get some good benefits out of that level. The funds going to them have been sitting at Ameriprise for years, so 30 trades should be more than enough. Don't get 75% additional on the credit card rewards, but 50% is nice also. I'm also about to refinance, and if I can swing a discount on the refinance, using ME seems like a 100% win, more than justifies the $49.95 account closeout fee, should I ever feel ME isn't for me.
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Garco
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Location: U.S.A.

Re: which Brokerage do you use...why?

Post by Garco »

I use Fidelity because:

a) As a brokerage, it's plenty good, I like their web interface, they're responsive when I have questions.

b) I have tax deferred accounts at Fidelity, and this makes it easy for me to make certain kinds of transfers.

c) The interface with my bank works well when I need to transfer cash.

Based on what I've read and info from investors whom I know, the only other brokerage I'd consider is Schwab.
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