Combining multiple accounts -which brokerage?

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Combining multiple accounts -which brokerage?

Post by sp226 » Thu Jan 10, 2019 4:51 pm

Currently, I have about 20 different accounts in 5 different brokerages - Fidelity, Vanguard, ML, Chase, TD Ameritrade, plus workplace accounts and HSAs and 529s.
Opened at various times and for various reasons, they all made sense at some point but don't any more.
I'd like to combine them all at one brokerage.
I don't trade and don't sell. I buy my funds at Vanguard twice a month, so I would leave some money there to retain Admiral status.
But I can't leave it all at VG because it doesn't have BillPay which is important to me.

Altogether transferable funds come up to about $2.5M.
I'd like to pick a brokerage that gives the best bonuses for in-transfers, and the best service.

Fidelity, TD Ameritrade, or E-Trade could give me $3-5K ( ... e-bonuses/ ).

Are any of these brokerages better or worse for $1-5M net worth client? I can't think of any reasons I might call them, but is any of them more responsive / has better customer service?


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Re: Combining multiple accounts -which brokerage?

Post by brad.clarkston » Thu Jan 10, 2019 4:58 pm

I did the same thing a couple of years ago. I found Fidelity to be the most robust and easiest to work with.
I keep my 3-fund port at Vanguard for the same reason you do but everything else 401k/secondary IRA/ROTH/HSA/Life Insurance/Billpay is at Fed.

It was a obvious plus that my employer uses Fed which colored my choice but I never liked dealing with TD or E-Trade reps. Dealing with Vanguard is a necessary evil at times but nothing really changes on that account other than I add money to it and then allocate.

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Re: Combining multiple accounts -which brokerage?

Post by SlowMovingInvestor » Thu Jan 10, 2019 5:04 pm

All of these brokerages have their pluses and minuses. I would go with Fidelity (zero fee HSAs, excellent custome service, large collection of no-fee ETFs) too. Etrade would be my 2nd choice.

You should see which is willing to offer you the bigger bonus.

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Re: Combining multiple accounts -which brokerage?

Post by sp226 » Fri Jan 11, 2019 12:24 pm

Thanks for your thoughts.

I was going to go with Fidelity and put in the first transfer request last night, to take advantage of their $5k offer ($2500 for $1m each, for wife and I).
This morning I got a call from my local TD Ameritrade rep (who told me I have a local TD Ameritrade rep :happy ), who offered $5300 to consolidate with them...and Fidelity offered $5400...looks like I've got a bidding war going here.

I do like Fidelity more, seems like with TD Ameritrade, more things need to be done via paper forms, and with Fidelity everything is online...but with TD Ameritrade, I have fewer accounts to move...

But I guess the moral of the story is not to take "yes" for the answer :D

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Re: Combining multiple accounts -which brokerage?

Post by ResearchMed » Fri Jan 11, 2019 12:42 pm

We use several different vendors now, due to various IRA's and 403b's.

But once DH retires, we'll probably consolidate, but we'll never use only one.
Just in case of software glitches (or something more nefarious), we'd prefer to have more than one way to access at least short term funding.

If most/all financial institutions have a "problem" for any length of time, then there are a lot of other things to worry about, too.
We do keep some emergency cash on hand, more than we used to, but it's still not a huge amount.

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