Choosing a Broker

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bluewalls
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Choosing a Broker

Post by bluewalls » Mon Mar 23, 2020 10:29 pm

I have some retirement money I want to rollover into an IRA. I was thinking of M1 Finance because it would be so automated that I would never have to look at it if I don't want to. I found out that M1 Finance does market orders only, and this made me start researching brokers. I found out Vanguard charges $20 fee per year which I don't like so much. Fidelity seems pretty good. They claimed on their website, something like they get the best order prices for like 96% of trades or something along those lines. I'm interested in Avantis's ETFs, AVDV and AVUV. I'm not sure if I can buy those at Fidelity, and if you can, I'm not sure if there is a commission involved.

Webull might not be a terrible option either. So I'm thinking, either M1 Finance, Fidelity, or Webull. What do you guys think?

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David Jay
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Re: Choosing a Broker

Post by David Jay » Tue Mar 24, 2020 2:37 pm

Welcome to the forum!

The three large, low-cost, full service brokers that get mentioned here on a regular basis are Fidelity, Vanguard and Schwab. The Vanguard annual fee is only for accounts with less than $10,000.

No way I would use one of those tiny web brokers like M1 or Webull.
Prediction is very difficult, especially about the future - Niels Bohr | To get the "risk premium", you really do have to take the risk - nisiprius

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David Jay
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Re: Choosing a Broker

Post by David Jay » Tue Mar 24, 2020 2:40 pm

And if you want something “automated”, each of the “Big 3” have an array of Target Date all-in-one funds that do all the rebalancing for you so one really don’t have to do anything until retirement.
Prediction is very difficult, especially about the future - Niels Bohr | To get the "risk premium", you really do have to take the risk - nisiprius

retired@50
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Re: Choosing a Broker

Post by retired@50 » Tue Mar 24, 2020 2:41 pm

David Jay wrote:
Tue Mar 24, 2020 2:37 pm
The Vanguard annual fee is only for accounts with less than $10,000.

No way I would use one of those tiny web brokers like M1 or Webull.
I think the Vanguard fee can also be avoided if you sign up for e-delivery (email) of all documents. They practically teach you how to avoid the fee on their website.

https://investor.vanguard.com/investing/account-fees

Regards,
Boggle - a game from Parker Brothers. Bogle - investor, founder of Vanguard.

dbr
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Re: Choosing a Broker

Post by dbr » Tue Mar 24, 2020 3:28 pm

What do you want them to automate?

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bluewalls
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Re: Choosing a Broker

Post by bluewalls » Wed Mar 25, 2020 5:46 am

dbr wrote:
Tue Mar 24, 2020 3:28 pm
What do you want them to automate?
Reinvesting dividends and rebalancing.

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bluewalls
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Re: Choosing a Broker

Post by bluewalls » Wed Mar 25, 2020 5:46 am

I think I’m going to go with Fidelity.

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David Jay
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Re: Choosing a Broker

Post by David Jay » Wed Mar 25, 2020 8:41 am

bluewalls wrote:
Wed Mar 25, 2020 5:46 am
I think I’m going to go with Fidelity.
good plan
Prediction is very difficult, especially about the future - Niels Bohr | To get the "risk premium", you really do have to take the risk - nisiprius

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Sandtrap
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Re: Choosing a Broker

Post by Sandtrap » Wed Mar 25, 2020 8:46 am

bluewalls wrote:
Wed Mar 25, 2020 5:46 am
I think I’m going to go with Fidelity.
Fidelity. . . Yes.
Great!
Do it today!

Fidelity has an outstanding stable of low cost "house funds" to choose from as you need them. (Schwab has much less)
The web/digital interface is one of the most user friendly. (Schwab's site can be. . . fickle)
Outstanding customer service if you have to call them for something.

Be sure to set up your ACH transfer links between your bank and other financial institutions and Fidelity.

j :happy
Wiki Bogleheads Wiki: Everything You Need to Know

HomeStretch
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Re: Choosing a Broker

Post by HomeStretch » Wed Mar 25, 2020 9:03 am

Good choice. Once you are setup, try the Fidelity app. A Fidelity Cash Management Account can be useful (bill pay, etc.) and easy to fund from your brokerage account. If you use the Fidelity 2% cash back Visa, you can autopay from your Fidelity account and have the cash back auto deposited into your Fidelity account.

dbr
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Re: Choosing a Broker

Post by dbr » Wed Mar 25, 2020 9:03 am

Just be careful to not let them sign you up for something that costs money or let someone sell you their more costly funds.

They are not going to rebalance for you without paying someone to manage your account.

That said I think Fidelity is a very good choice.

retired@50
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Re: Choosing a Broker

Post by retired@50 » Wed Mar 25, 2020 10:24 am

bluewalls wrote:
Wed Mar 25, 2020 5:46 am
dbr wrote:
Tue Mar 24, 2020 3:28 pm
What do you want them to automate?
Reinvesting dividends and rebalancing.
If you choose Fidelity, you might look into FFNOX, the Fidelity 4-in-1 index fund. It would achieve your goals of auto-re-balancing and auto-dividend investing. Whether or not the asset allocation suits you is up to you. Currently 60% US equity / 25% International equity / 15% US bonds.

See link.

https://fundresearch.fidelity.com/mutua ... =sq-NavBar

Regards,
Boggle - a game from Parker Brothers. Bogle - investor, founder of Vanguard.

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