Consolidating to Fidelity

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Topic Author
ulladulla28
Posts: 67
Joined: Sat Jan 14, 2017 9:26 am

Consolidating to Fidelity

Post by ulladulla28 » Tue May 21, 2019 9:40 am

Hi all,

Looking for some advice and insight from anyone who has moved and/or consolidated accounts to Fidelity. I am spending way too much time on managing our finances each month and really looking for a way to simplify. Currently we bank with Wells, have online savings with capital one, retirement accounts and brokerage with vanguard, HSA and custodial with Fidelity, credit cards with Chase, and my 401k is with empower retirement.

I am debating on moving everything (except 401k of course) to Fidelity since they have the ability to offer all of these services. In the back of my head, I think we will keep credit cards at Chase because we enjoy the travel rewards program. Then I wonder about leaving wells fargo alone so we have a brick and mortar bank for cashiers checks, safe deposit boxes, and cash deposits, and then I think about leaving IRA's at Vanguard and moving only the taxable brokerage at Fidelity because I have a couple of vanguard funds that I do not want to part with....as you can see, I seem to go back to keeping it complicated!

Wondering if anyone has any advice or experience with simplifying/consolidating....

Thanks!

GrowthSeeker
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Joined: Tue May 15, 2018 10:14 pm

Re: Consolidating to Fidelity

Post by GrowthSeeker » Tue May 21, 2019 9:46 am

ulladulla28 wrote:
Tue May 21, 2019 9:40 am
I am spending way too much time on managing our finances each month and really looking for a way to simplify.
Part of the answer lies in how much time would be saved after the consolidation.

Questions to ask yourself (you don't necessarily have to answer here):
- Would you be spending the same amount of time except it would be at fewer or different websites?
- What if you were to pick the one institution where moving out of it would save the most time?
- Which institution would that be, and why?
Just because you're paranoid doesn't mean they're NOT out to get you.

crg11
Posts: 468
Joined: Sat Jan 04, 2014 8:16 am

Re: Consolidating to Fidelity

Post by crg11 » Tue May 21, 2019 9:48 am

The Fidelity as a one stop shop thread is probably something you should read.

MotoTrojan
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Re: Consolidating to Fidelity

Post by MotoTrojan » Tue May 21, 2019 9:52 am

I still maintain my Wells Fargo for things like small denomination bill withdrawal, cash deposit, etc... but the ability to combine my savings/checking at Fidelity has been awesome. Increased yield, and no stressing over transferring to/from savings.

No urge to transfer my brokerage from Vanguard for equities though.

grokzilla
Posts: 93
Joined: Tue Aug 16, 2011 8:25 am

Re: Consolidating to Fidelity

Post by grokzilla » Tue May 21, 2019 11:24 am

We semi-consolidated to Fidelity, but it was before our finances got as complex as they are today. So, maybe more of an example of growing into Fidelity. They have been perfectly capable of handling all of our new complexity -- probably no need to worry about them being able to offer you just about anything you need.

That said, we still have Vanguard and other retirement accounts. One thing that has helped tremendously with that extra complexity is Fidelity's Full View which basically lets you monitor those accounts outside of Fidelity while you are in your Fidelity account. They used to use Mint, but I think they're using someone else now or have gone in-house with the service. Regardless, it is very helpful and saves time. You'll still need to manage those exterior accounts remotely, but all of the monitoring can happen in Full View. You also could consider just using a service of this nature without moving to Fidelity.

One recent note, is the monitoring services like Full View do appear to be struggling with all of the various two-factor authentication schemes every institution is implementing differently. So, of late, things have gotten a bit wonky.

Jack FFR1846
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Re: Consolidating to Fidelity

Post by Jack FFR1846 » Tue May 21, 2019 11:29 am

I'm curious what time you're spending managing and what exactly you're doing. I've got at least a dozen active credit cards, 10 or so accounts at 3 different brokerages and several online bank accounts and a credit union. All my bills that are possible are auto pay from my credit union checking account. The retirement accounts require rebalance maybe once every 5 years. The online savings.....if I need some money for an upcoming bill, I'll transfer over $5k to the credit union. If I consolidated to Fidelity, I'd save maybe 5 minutes a year.
Bogle: Smart Beta is stupid

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ruralavalon
Posts: 18479
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Location: Illinois

Re: Consolidating to Fidelity

Post by ruralavalon » Tue May 21, 2019 11:41 am

ulladulla28 wrote:
Tue May 21, 2019 9:40 am
Hi all,

Looking for some advice and insight from anyone who has moved and/or consolidated accounts to Fidelity. I am spending way too much time on managing our finances each month and really looking for a way to simplify. Currently we bank with Wells, have online savings with capital one, retirement accounts and brokerage with vanguard, HSA and custodial with Fidelity, credit cards with Chase, and my 401k is with empower retirement.

I am debating on moving everything (except 401k of course) to Fidelity since they have the ability to offer all of these services. In the back of my head, I think we will keep credit cards at Chase because we enjoy the travel rewards program. Then I wonder about leaving wells fargo alone so we have a brick and mortar bank for cashiers checks, safe deposit boxes, and cash deposits, and then I think about leaving IRA's at Vanguard and moving only the taxable brokerage at Fidelity because I have a couple of vanguard funds that I do not want to part with....as you can see, I seem to go back to keeping it complicated!

Wondering if anyone has any advice or experience with simplifying/consolidating....

Thanks!
We have all investing accounts (joint taxable account, 2 Roth IRAs, and my rollover IRA) with Vanguard, and use a branch bank near our home for banking services (Chase United credit cards, debit card, joint checking account). This works fine for us.
"Everything should be as simple as it is, but not simpler." - Albert Einstein | Wiki article link:Getting Started

gpburdell
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Re: Consolidating to Fidelity

Post by gpburdell » Tue May 21, 2019 3:10 pm

I consolidated to Fidelity from Vanguard, T Rowe Price, and Amertirade several years ago and couldn't be happier. The core of my portfolio is made up of Vanguard ETFs. I just moved my HSA there as well. It's nice to have it all in one place.

Also, I use Fidelity for my primary checking, billpay and credit card. I do still keep an account at a local bank for safety deposit box and for my Zelle, Venmo, and Paypal payments

Topic Author
ulladulla28
Posts: 67
Joined: Sat Jan 14, 2017 9:26 am

Re: Consolidating to Fidelity

Post by ulladulla28 » Tue May 21, 2019 7:00 pm

Jack FFR1846 wrote:
Tue May 21, 2019 11:29 am
I'm curious what time you're spending managing and what exactly you're doing. I've got at least a dozen active credit cards, 10 or so accounts at 3 different brokerages and several online bank accounts and a credit union. All my bills that are possible are auto pay from my credit union checking account. The retirement accounts require rebalance maybe once every 5 years. The online savings.....if I need some money for an upcoming bill, I'll transfer over $5k to the credit union. If I consolidated to Fidelity, I'd save maybe 5 minutes a year.
Its the transferring from savings to checking.... I keep our checking balance low to maximize the yield of online savings.

Plus, a consolidated statement saves time of downloading those, tax forms, trade confirmations, etc... and filing away.

Topic Author
ulladulla28
Posts: 67
Joined: Sat Jan 14, 2017 9:26 am

Re: Consolidating to Fidelity

Post by ulladulla28 » Tue May 21, 2019 7:01 pm

Thanks to all for the advice here. Going to chew on it for a bit and make a decision. I like all of the benefits of Fidelity, but I do hate to leave Vanguard. Especially the Healthcare and Real Estate Index Funds!

gpburdell
Posts: 208
Joined: Sun Jun 17, 2012 9:01 pm

Re: Consolidating to Fidelity

Post by gpburdell » Wed May 22, 2019 11:50 am

ulladulla28 wrote:
Tue May 21, 2019 7:01 pm
Thanks to all for the advice here. Going to chew on it for a bit and make a decision. I like all of the benefits of Fidelity, but I do hate to leave Vanguard. Especially the Healthcare and Real Estate Index Funds!
You don't have to. Open a Fidelity account, and buy Vanguard ETFs. VNQ is the real-estate one and VHT is health care. Vanguard ETFs are just another share class of a fund. Most of my Fidelity portfolio is comprised of Vanguard ETFs: VTI, VB, VNQ, VEA, VWO, VCSH and VGIT.

PatrickA5
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Re: Consolidating to Fidelity

Post by PatrickA5 » Wed May 22, 2019 12:26 pm

We currently have the following setup and (Like OP) looking to further simplify. The main reason being to make things easier for heirs.

Local B&M Bank (checking)
Vanguard (his/hers IRAs and mutual fund account)
Work 401K
State 529 plan (TIAA)
Credit Cards (all Chase at the moment)

I'm getting ready to open a Fidelity CMA and will play around with that for awhile. It's possible we go all in with Fidelity within the next couple of years by moving the TIAA 529 and retirement/brokerage accounts from Vanguard.

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peterinjapan
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Location: Japan!

Re: Consolidating to Fidelity

Post by peterinjapan » Wed May 22, 2019 12:40 pm

I moved to Fidelity (from Wells Fargo and Scottrade) and love it. Their website is great and their apps for iOS are great. That said, you should understand their business model. Fidelity (and TD Ameritrade) "have no choice but to charge you $75 to trade mutual funds from cheap companies like Vanguard" in favor of their expensive target date funds that "just happen" to charge you 1% a year instead of .15%.

It's frankly disgusting, and I've been moving my kids' Roth IRAs to Vanguard. If Vanguard weren't so hostile to horrible Americans who dare to have passports and live abroad, I'd like to move my own stuff over.

Sleepless
Posts: 118
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Re: Consolidating to Fidelity

Post by Sleepless » Fri Jul 05, 2019 8:18 am

peterinjapan wrote:
Wed May 22, 2019 12:40 pm
I moved to Fidelity (from Wells Fargo and Scottrade) and love it. Their website is great and their apps for iOS are great. That said, you should understand their business model. Fidelity (and TD Ameritrade) "have no choice but to charge you $75 to trade mutual funds from cheap companies like Vanguard" in favor of their expensive target date funds that "just happen" to charge you 1% a year instead of .15%.

It's frankly disgusting, and I've been moving my kids' Roth IRAs to Vanguard. If Vanguard weren't so hostile to horrible Americans who dare to have passports and live abroad, I'd like to move my own stuff over.
How are Vanguard hostile to expats? In fact, how do they know and why do they care?
I was tired yesterday and I'm tired again today. I'm retired.

zrail
Posts: 81
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Re: Consolidating to Fidelity

Post by zrail » Fri Jul 05, 2019 8:23 am

peterinjapan wrote:
Wed May 22, 2019 12:40 pm
I moved to Fidelity (from Wells Fargo and Scottrade) and love it. Their website is great and their apps for iOS are great. That said, you should understand their business model. Fidelity (and TD Ameritrade) "have no choice but to charge you $75 to trade mutual funds from cheap companies like Vanguard" in favor of their expensive target date funds that "just happen" to charge you 1% a year instead of .15%.

It's frankly disgusting, and I've been moving my kids' Roth IRAs to Vanguard. If Vanguard weren't so hostile to horrible Americans who dare to have passports and live abroad, I'd like to move my own stuff over.
Fidelity has a large range of index funds that are competitive with Vanguard, including the Fidelity Freedom Index series of target date funds that charge 0.12% ER. They also have a series of funds that charge 0% expense ratios and all of their retail funds have a $0 minimum investment, unlike Vanguard’s customary $3,000 minimum.

Freedom Index annual report. To get to the detail pages search Google for “Fidelity Freedom Index 2060” or whatever year you want.

TN_Boy
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Re: Consolidating to Fidelity

Post by TN_Boy » Fri Jul 05, 2019 8:40 am

zrail wrote:
Fri Jul 05, 2019 8:23 am
peterinjapan wrote:
Wed May 22, 2019 12:40 pm
I moved to Fidelity (from Wells Fargo and Scottrade) and love it. Their website is great and their apps for iOS are great. That said, you should understand their business model. Fidelity (and TD Ameritrade) "have no choice but to charge you $75 to trade mutual funds from cheap companies like Vanguard" in favor of their expensive target date funds that "just happen" to charge you 1% a year instead of .15%.

It's frankly disgusting, and I've been moving my kids' Roth IRAs to Vanguard. If Vanguard weren't so hostile to horrible Americans who dare to have passports and live abroad, I'd like to move my own stuff over.
Fidelity has a large range of index funds that are competitive with Vanguard, including the Fidelity Freedom Index series of target date funds that charge 0.12% ER. They also have a series of funds that charge 0% expense ratios and all of their retail funds have a $0 minimum investment, unlike Vanguard’s customary $3,000 minimum.

Freedom Index annual report. To get to the detail pages search Google for “Fidelity Freedom Index 2060” or whatever year you want.
Right, Fidelity has a number of low-cost index funds. Or you can buy vanguard ETFs for a very low commission. A bunch of high-quality iShares ETFs can be bought commission-free.

That said, if I insisted on using ONLY mutual funds (no ETFs) AND wanted a variety of asset classes (REITs, emerging markets, small cap value), vanguard might still be the best choice. (A smaller investor making monthly contributions might fall into this category).

But if you use a three fund portfolio and/or are comfortable with ETFs, I don't see a reason to use Vanguard. I vastly prefer Fidelity's website and customer service.

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