Diversify the investiment brokerage accounts across multiple firms

[zdy992932]

Hello Bogleheads,
As you might know the recent SVB firm bankrupt story, which made many of us think about diversifying the investment accounts to multiple finance firms since normally the brokerage account is protected by SIPC, up to $500K by each separate capacity. I have ~1M in one Vanguard account, and want to move one or two ETF fund to Fidelity. I did some research that looks like Fidelity accept the entire or partial asset transfer. Did anyone do the EFT fund transfer from Vanguard investment joined account to Fidelity joined account? what's the specific requirement from Vanguard? how much does Vanguard will charge? how long it takes?

Thank you very much in advance!

David

[mhalley]

I haven’t done this personally but vanguard does not charge to move assets to another brokerage. From vanguard,com

Vanguard doesn't charge fees for incoming or outgoing transfers

[rich126]

I'm a big believer in diversifying my money. I've seen enough problems where I want to mitigate the risk. I was probably a teenager when their was a S&L issue and one relative lost access to some money for nearly a year but eventually got it all. That has stuck with me.

While some will say it complicates things, it really doesn't make things hard IMO. Set up some links between accounts and you can always move money around. In my case I want to have 2 brokerages plus my TSP account and around 3 bank accounts. Usually one is the prime account and money is moved as needed.

When I moved some inherited money from Vanguard there were no issues.

[Dead Man Walking]

Although I have never encountered a problem with Vanguard, after reading threads here regarding Vanguard’s customer service, I chose to use another brokerage for some of my investments.

DMW

[WMK]

I spent most of the day trying to log into Vanguard (3/18) and kept getting "technical difficulties" messages.
This definitely did not happen back in 2008!

“The world is changing I feel it in the water, I feel it in the earth, and I smell it in the air.” (Lord of the Rings)

[student]

I don't think there is a need to worry about needing SIPC at Vanguard unless you worry about fraud as your securities are held by a separate firm. Here is a video that talks about it https://www.youtube.com/watch?v=wz64z1YuL0A However I still like to have more than one investment account as other issues may cause temporary accessibility problems.