How do you 7 figure guys organize multiple accounts?

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Hulk
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How do you 7 figure guys organize multiple accounts?

Post by Hulk » Tue Aug 28, 2018 8:40 am

Dear wise bogleheads,

What are your thoughts on the security of financial tools to organize your various accounts, such as Personal Capital or Mint? Our money is spread in so many places now (His and her 401ks, old 401ks, IRAs, HSAs, checking, MM, brokerage etc) it is a total pain to log into 10 different accounts every month or so to track it. We are getting to the point now where new contributions are not sufficient to re-adjust back toward our goal AA and it seems like Personal Capital or some similar site would be very useful. However, I am quite nervous of some kind of security breach by having access to all this information and, I guess, passwords. What do you guys do?

Thanks!

edge
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Re: How do you 7 figure guys organize multiple accounts?

Post by edge » Tue Aug 28, 2018 8:43 am

I use a spreadsheet.

PFInterest
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Re: How do you 7 figure guys organize multiple accounts?

Post by PFInterest » Tue Aug 28, 2018 8:44 am

Hulk wrote:
Tue Aug 28, 2018 8:40 am
Dear wise bogleheads,

What are your thoughts on the security of financial tools to organize your various accounts, such as Personal Capital or Mint? Our money is spread in so many places now (His and her 401ks, old 401ks, IRAs, HSAs, checking, MM, brokerage etc) it is a total pain to log into 10 different accounts every month or so to track it. We are getting to the point now where new contributions are not sufficient to re-adjust back toward our goal AA and it seems like Personal Capital or some similar site would be very useful. However, I am quite nervous of some kind of security breach by having access to all this information and, I guess, passwords. What do you guys do?

Thanks!
i use mint but only for CC purchases.
i use excel otherwise.
so in answer: no i dont take that risk. but mainly because it doesnt serve a purpose for me.

KlangFool
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Re: How do you 7 figure guys organize multiple accounts?

Post by KlangFool » Tue Aug 28, 2018 8:47 am

Hulk wrote:
Tue Aug 28, 2018 8:40 am
Dear wise bogleheads,

What are your thoughts on the security of financial tools to organize your various accounts, such as Personal Capital or Mint? Our money is spread in so many places now (His and her 401ks, old 401ks, IRAs, HSAs, checking, MM, brokerage etc) it is a total pain to log into 10 different accounts every month or so to track it. We are getting to the point now where new contributions are not sufficient to re-adjust back toward our goal AA and it seems like Personal Capital or some similar site would be very useful. However, I am quite nervous of some kind of security breach by having access to all this information and, I guess, passwords. What do you guys do?

Thanks!
Hulk,

I think your problem has nothing to do with accounts. It has to with asset classes.

I only have 6:

A) Wellington fund

B) Small Cap Value

C) US Stock

D) International Stock

E) Total Bond Index

F) Short-term treasury

I have many accounts. But, all assets only fall into those 6 asset classes. So, I could use any account to rebalance that 6 asset classes.

KlangFool

P.S.: Almost all my accounts are with either Vanguard or Fidelity. So, only 2 logins.
Last edited by KlangFool on Tue Aug 28, 2018 8:48 am, edited 1 time in total.

SQRT
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Re: How do you 7 figure guys organize multiple accounts?

Post by SQRT » Tue Aug 28, 2018 8:48 am

I keep everything at one bank/broker. It shows up in totality when I login. Spreadsheets to track expenses/cash flow planning/anything else I need. Very simple is the way I like it.
Last edited by SQRT on Tue Aug 28, 2018 10:32 am, edited 1 time in total.

Northster
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Re: How do you 7 figure guys organize multiple accounts?

Post by Northster » Tue Aug 28, 2018 8:52 am

I have 8 accounts that I manage in a Google Sheet. Both Google and Excel have functions that let you call up yesterday's closing price for a fund or stock and calculate your balance based on the number of shares you have plugged into a formula. When you reinvest dividends I find that it keeps an accurate total. If you take the dividends it will drift a bit. I usually update these quarterly, though that is probably not necessary. At one time I even calculated my bands for reallocation and had the entry turn red if it exceeded the limit. Now I just eyeball the discrepancy between my target and my total for a given fund or class of funds. Admittedly this works best with a relatively small number of funds (I have 10). If you are trading a number of stocks this would not work.

rxv
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Re: How do you 7 figure guys organize multiple accounts?

Post by rxv » Tue Aug 28, 2018 8:52 am

I have financialengines thru work. We have added all our accounts and it gives us a consolidated view. Although we don't follow the recommendations it makes. Also use spreadsheet to track growth over time.

Big Dog
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Re: How do you 7 figure guys organize multiple accounts?

Post by Big Dog » Tue Aug 28, 2018 8:53 am

I keep everything at one bank/broker.
I keep nearly everything with two. And the stuff that I don't is not material, so I ignore it. (always nice to have a little extra in another electronic cookie jar.) But note, I essentially have a four fund portfolio, so tracking is rather easy.

To me, chasing a few extra basis points on yield is not worth moving IRA's around the banking world. I'd rather have them simplified so, when I go, the heirs won't miss anything.
Last edited by Big Dog on Tue Aug 28, 2018 9:00 am, edited 1 time in total.

Hulk
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Re: How do you 7 figure guys organize multiple accounts?

Post by Hulk » Tue Aug 28, 2018 8:56 am

edge wrote:
Tue Aug 28, 2018 8:43 am
I use a spreadsheet.
Seriously? Thats such a pain. 5 different brokerage companies (with 7 different log ins between 2 spouses) and 3 banks. Blah :oops:

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jhfenton
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Re: How do you 7 figure guys organize multiple accounts?

Post by jhfenton » Tue Aug 28, 2018 8:58 am

edge wrote:
Tue Aug 28, 2018 8:43 am
I use a spreadsheet.
+1 I use a spreadsheet that I've built up over 15+ years. It pulls in live quotes whenever I open it or hit the refresh button. I track it against the portfolio that I maintain manually at M*. One worksheet tracks expected cash flows into holdings through the current and next calendar year. I can use that to see where our allocation is now and where it will be at year-end and next-year-end assuming no price changes and expected investment flows.
KlangFool wrote:
Tue Aug 28, 2018 8:47 am
I have many accounts. But, all assets only fall into those 6 asset classes. So, I could use any account to rebalance that 6 asset classes.

KlangFool

P.S.: Almost all my accounts are with either Vanguard or Fidelity. So, only 2 logins.
I have different asset classes, but I basically use the same strategy. I can tweak new contributions in our 401(k)s between US and bonds (mine) and between ex-US and bonds (my wife's), but almost all of our active rebalancing occurs in our largest account (my wife's rollover IRA). That makes things simpler. All of our other tax-advantaged accounts have only one or two asset classes. Taxable does have three (US, ex-US, muni bond), but I don't often rebalance there except with new money.

onourway
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Re: How do you 7 figure guys organize multiple accounts?

Post by onourway » Tue Aug 28, 2018 9:00 am

I use Personal Capital but find it's mostly worthless other than the pretty graphs it makes. Excel is where I actually manage this. Between two professional adults, kids, etc we have a ton of accounts. The reality is that you don't need to review this more than perhaps once per quarter and once per year would probably not make any meaningful difference. I can log into all of our accounts and update the spreadsheet in well under half an hour - probably less than 20 minutes.

KlangFools' advice is also excellent. We strive to hold the absolute minimum number of funds in each account. Thus we have ~10 different accounts, but also only about 10 different total funds. With the exception of my 401k which is by far the largest account, every other account owns 1 single fund. Thus all rebalancing can be done in the 401k usually with a single transaction.

Hulk
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Re: How do you 7 figure guys organize multiple accounts?

Post by Hulk » Tue Aug 28, 2018 9:01 am

KlangFool wrote:
Tue Aug 28, 2018 8:47 am
Hulk wrote:
Tue Aug 28, 2018 8:40 am
Dear wise bogleheads,

What are your thoughts on the security of financial tools to organize your various accounts, such as Personal Capital or Mint? Our money is spread in so many places now (His and her 401ks, old 401ks, IRAs, HSAs, checking, MM, brokerage etc) it is a total pain to log into 10 different accounts every month or so to track it. We are getting to the point now where new contributions are not sufficient to re-adjust back toward our goal AA and it seems like Personal Capital or some similar site would be very useful. However, I am quite nervous of some kind of security breach by having access to all this information and, I guess, passwords. What do you guys do?

Thanks!
Hulk,

I think your problem has nothing to do with accounts. It has to with asset classes.

KlangFool

P.S.: Almost all my accounts are with either Vanguard or Fidelity. So, only 2 logins.
I attempt a 4 fund portfolio across 5 brokerage companies and 3 banks. Would love to simplify but not so easy

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3wood
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Re: How do you 7 figure guys organize multiple accounts?

Post by 3wood » Tue Aug 28, 2018 9:01 am

I use Vanguard. They have the option to enter outside accounts. Every month or so I manually update them.

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FlyAF
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Re: How do you 7 figure guys organize multiple accounts?

Post by FlyAF » Tue Aug 28, 2018 9:01 am

I had the same thing going on and have spent the last year getting everything rolled into 1 brokerage house. Life is much simpler now. 1 Spreadsheet and 1 website login.

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randomizer
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Re: How do you 7 figure guys organize multiple accounts?

Post by randomizer » Tue Aug 28, 2018 9:02 am

I added some ETFs held at other brokers as external holdings in my Vanguard account so I see them when I log in there.

I also have a spreadsheet.
87.5:12.5, EM tilt — HODL the course!

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damjam
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Re: How do you 7 figure guys organize multiple accounts?

Post by damjam » Tue Aug 28, 2018 9:03 am

I'm doing it old school. Mostly because I'm worried about security around my financial accounts.

I use an old copy of Quicken to track my everyday bank accounts and CCs. I don't download transactions but enter them by typing them in myself. Why? I don't want to give my passwords to another entity. (Quicken needs your login info to automatically download transactions).

I track my brokerage accounts using a couple of spreadsheets I made up. I use specific id for my taxable accounts and track that as well. Tracking tax sheltered accounts is simpler. I aggregate the info from separate spreadsheets to a master spreadsheet for tracking and rebalancing the whole portfolio.

Is this a bit of work? Of course, but I'm simply not comfortable using some aggregation application that would require my login info.

Despite all of this, I do use LastPass for my password manager. Which is contradictory to my general stance on computer security (which is: keep as much info as possible under my direct control and don't trust an outside provider to keep my stuff secure). But it's a concession I made when I got an iPhone (didn't want to manually sync password files between computer and phone using Keepass), since I want to be able to get to my bank account and CC info when away from my desk.

Edit to add: To echo other posters. I also keep it as simple as possible with basically a Three-fund portfolio.
Last edited by damjam on Tue Aug 28, 2018 9:06 am, edited 1 time in total.

Money Market
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Re: How do you 7 figure guys organize multiple accounts?

Post by Money Market » Tue Aug 28, 2018 9:03 am

jhfenton wrote:
Tue Aug 28, 2018 8:58 am
edge wrote:
Tue Aug 28, 2018 8:43 am
I use a spreadsheet.
+1 I use a spreadsheet that I've built up over 15+ years. It pulls in live quotes whenever I open it or hit the refresh button. I track it against the portfolio that I maintain manually at M*. One worksheet tracks expected cash flows into holdings through the current and next calendar year. I can use that to see where our allocation is now and where it will be at year-end and next-year-end assuming no price changes and expected investment flows.
That is brilliant. Did you code it in VBA to call M* APIs? I would love to do something similar except use a Python Office plugin.

Hulk
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Re: How do you 7 figure guys organize multiple accounts?

Post by Hulk » Tue Aug 28, 2018 9:04 am

Northster wrote:
Tue Aug 28, 2018 8:52 am
I have 8 accounts that I manage in a Google Sheet. Both Google and Excel have functions that let you call up yesterday's closing price for a fund or stock and calculate your balance based on the number of shares you have plugged into a formula. When you reinvest dividends I find that it keeps an accurate total. If you take the dividends it will drift a bit. I usually update these quarterly, though that is probably not necessary. At one time I even calculated my bands for reallocation and had the entry turn red if it exceeded the limit. Now I just eyeball the discrepancy between my target and my total for a given fund or class of funds. Admittedly this works best with a relatively small number of funds (I have 10). If you are trading a number of stocks this would not work.
:shock:

KlangFool
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Re: How do you 7 figure guys organize multiple accounts?

Post by KlangFool » Tue Aug 28, 2018 9:05 am

Hulk wrote:
Tue Aug 28, 2018 8:56 am
edge wrote:
Tue Aug 28, 2018 8:43 am
I use a spreadsheet.
Seriously? Thats such a pain. 5 different brokerage companies (with 7 different log ins between 2 spouses) and 3 banks. Blah :oops:
Hulk,

1) Why? My Quicken update all accounts.

2) My spreadsheet updates all stock/mutual fund quote automatically.

KlangFool

soccerrules
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Re: How do you 7 figure guys organize multiple accounts?

Post by soccerrules » Tue Aug 28, 2018 9:06 am

I keep track in 2 places-- on a spreadsheet and then our Vanguard account.

We have connected between us at Vanguard -- Joint Taxable, His tIRA, Her tIRA, and Her403B -- we each have Roth's now but they are not connected (need to fill out paperwork)

For the other "outside" accounts I have added them to our Vanguard Account under the "Other Accounts" -- you can indicate retirement/non-retirement. You list the ticker symbol and the number of shares and Vanguard tracks for you and includes the amounts in the AA pie chart and totals. If you are making additional contributions in these accounts you would need to manually update the share quantity periodically and then Vanguard pulls the current share price to give you your daily balance. For us these "other" accounts are: His 401K, His Roth, HSA.
Don't let your outflow exceed your income or your upkeep will be your downfall.

BuckyBadger
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Re: How do you 7 figure guys organize multiple accounts?

Post by BuckyBadger » Tue Aug 28, 2018 9:06 am

I simplify.

I don't chase checking account bonus things, so I have one checking and one savings at one bank.

I don't chase credit card bonuses, so I have a limited number of cards and primarily use the 2% cashback Citi card.

I roll everything into whatever I can. So - one 403b for me with all old ones rolled in. One 401k for the husband with all old ones rolled in. Keep IRAs (and only have 2 Roths and 2 "empty" traditionals for back door purposes) at the same place - Vanguard. If I used a MM account it would be at Vanguard. Taxable account is at Vanguard.

One HSA.

To check all my accounts monthly I have to log in exactly 3 times - one to husband's HSA, once to my Vanguard, and one to his Vanguard (because I can't link his 401k to my login, so I can't see his numbers. Everything else is joint. I've got everything set up so that I can balance across one single account.

(Soon my 403b will be moved to Fidelity, so I'll have one more login. And I have to log into the 529 account separately, but I don't even bother with that one monthly...)

Just because I have 7 (low, though) figures doesn't mean it has to be complicated. Mine is very simple.

Image

KlangFool
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Re: How do you 7 figure guys organize multiple accounts?

Post by KlangFool » Tue Aug 28, 2018 9:08 am

Hulk wrote:
Tue Aug 28, 2018 9:01 am
KlangFool wrote:
Tue Aug 28, 2018 8:47 am
Hulk wrote:
Tue Aug 28, 2018 8:40 am
Dear wise bogleheads,

What are your thoughts on the security of financial tools to organize your various accounts, such as Personal Capital or Mint? Our money is spread in so many places now (His and her 401ks, old 401ks, IRAs, HSAs, checking, MM, brokerage etc) it is a total pain to log into 10 different accounts every month or so to track it. We are getting to the point now where new contributions are not sufficient to re-adjust back toward our goal AA and it seems like Personal Capital or some similar site would be very useful. However, I am quite nervous of some kind of security breach by having access to all this information and, I guess, passwords. What do you guys do?

Thanks!
Hulk,

I think your problem has nothing to do with accounts. It has to with asset classes.

KlangFool

P.S.: Almost all my accounts are with either Vanguard or Fidelity. So, only 2 logins.
I attempt a 4 fund portfolio across 5 brokerage companies and 3 banks. Would love to simplify but not so easy
Hulk,

I have one brokerage account and one bank.

<<Would love to simplify but not so easy>>

It is easier than dealing with multiple accounts. Consolidate...

KlangFool

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wander
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Re: How do you 7 figure guys organize multiple accounts?

Post by wander » Tue Aug 28, 2018 9:09 am

I use Google spreadsheet to manage our accounts with 6 different financial firms. I keep all the numbers on the spreadsheet and let it updates by itself. Every month, I update with new purchased shares and re rebalance as needed. It is very simple as all the formulas do the work for me. I am thinking to use Microsoft Excel instead. :D
Last edited by wander on Tue Aug 28, 2018 9:09 am, edited 1 time in total.

Broken Man 1999
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Re: How do you 7 figure guys organize multiple accounts?

Post by Broken Man 1999 » Tue Aug 28, 2018 9:09 am

Three accounts:

Banking: Credit Union
Investing: Vanguard, Treasury Direct (no active investing, just holding a few EE and I bonds)

Easy to organize, easy to use. No need to use aggregator accounts. I periodically update savings bond info under the Outside investments tab on my Balances and Holdings screen at Vanguard.

Broken Man 1999
“If I cannot drink Bourbon and smoke cigars in Heaven than I shall not go. " -Mark Twain

MnD
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Re: How do you 7 figure guys organize multiple accounts?

Post by MnD » Tue Aug 28, 2018 9:09 am

I use an aggregator for 10 accounts which works great.
Reducing your positions helps but given legacy funds with tax basis and suboptimal choices in 401-K's, 529's, ESOP's etc. doesn't make it as simple as one might hope. Consolidating with a single brokerage to the extent possible is also helpful.

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Ged
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Re: How do you 7 figure guys organize multiple accounts?

Post by Ged » Tue Aug 28, 2018 9:11 am

I organize my multiple accounts by consolidating them as the opportunity presents into the fewest number of accounts possible.

Right now I have just a local bank account with 4 figures and a brokerage account with 7 figures.

dcabler
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Re: How do you 7 figure guys organize multiple accounts?

Post by dcabler » Tue Aug 28, 2018 9:15 am

edge wrote:
Tue Aug 28, 2018 8:43 am
I use a spreadsheet.
I use MINT mainly to look at where spending goes - only connected to my checking account.

Otherwise, I use a spreadsheet as I have a similar setup.
Rollover IRA at Fidelity
Taxable account at Fidelity
Taxable account at Fidelity
His and Hers Treasury Direct accounts with some Ibonds
HSA account at HealthEquity
Current 401K at Vanguard
Deferred compensation account at Prudential.

I update totals in each account a few times per week into my spreadsheet during my "me time" before everybody wakes up.
On Saturday morning (also "me time"), I also update the amount in each fund across the accounts to check my asset allocation.

Maybe takes about 10 minutes on Saturday, maybe 5 minutes during the week.

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JoMoney
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Re: How do you 7 figure guys organize multiple accounts?

Post by JoMoney » Tue Aug 28, 2018 9:17 am

I have accounts with Vanguard, Fidelity, Treasury Direct, and Capital One.
I haven't found it at all difficult to 'organize'. I have a spreadsheet, but I could get by without it.
"To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks." - Benjamin Graham

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TomatoTomahto
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Re: How do you 7 figure guys organize multiple accounts?

Post by TomatoTomahto » Tue Aug 28, 2018 9:21 am

KlangFool wrote:
Tue Aug 28, 2018 9:05 am
Hulk wrote:
Tue Aug 28, 2018 8:56 am
edge wrote:
Tue Aug 28, 2018 8:43 am
I use a spreadsheet.
Seriously? Thats such a pain. 5 different brokerage companies (with 7 different log ins between 2 spouses) and 3 banks. Blah :oops:
Hulk,

1) Why? My Quicken update all accounts
KlangFool
For once, KlangFool and I agree. I have been using quicken for more than a decade. Easy Peasy. NB: I don’t update quicken.com. And, I backup automatically to the cloud, with versioning.
Zero Net Carbon by 2019.

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Sandtrap
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Re: How do you 7 figure guys organize multiple accounts?

Post by Sandtrap » Tue Aug 28, 2018 9:27 am

2 brokerages, 2 banks.
DW uses Quicken.
I use the back of an envelope.
(what "klang" and "tomato" says.)
Simplify.
j

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HomerJ
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Re: How do you 7 figure guys organize multiple accounts?

Post by HomerJ » Tue Aug 28, 2018 9:35 am

Hulk wrote:
Tue Aug 28, 2018 8:40 am
old 401ks
We roll over all old 401ks into our IRAs
5 different brokerage companies (with 7 different log ins between 2 spouses) and 3 banks. Blah
We have one bank with one log in that we share that shows all our bank accounts in one page.

We each have a 401k from work.

We each have an IRA at Vanguard, and joint account at Vanguard.

So 5 accounts total

Bank
his 401k
her 401k
his Vanguard login (which shows his IRA and joint account)
her Vanguard login (which shows her IRA and joint account)
The J stands for Jay

chicagoan23
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Re: How do you 7 figure guys organize multiple accounts?

Post by chicagoan23 » Tue Aug 28, 2018 9:42 am

Very surprised by some of these responses. A custodian’s website (or a link to that website using an aggregator) shows you what assets you actually have with that custodian. A spreadsheet or a quicken statement shows you nothing more than the numbers that you have entered. In the unlikely event of fraud, couldn’t you be happily watching your balances go up on your spreadsheet while someone cleaned out your account months ago?

With a low seven-figure portfolio I have every dime to my name (other than ~$200 in currency) reflected in Mint and I check it daily. Also do a manual portfolio at Morningstar. Rarely make any changes but Mint alerts me whenever something happens in one of my accounts. I’ve also put a hold on any transfers out at Merrill Edge in case of fraud. No money can go out unless it goes through a multi-step process.

jdb
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Re: How do you 7 figure guys organize multiple accounts?

Post by jdb » Tue Aug 28, 2018 9:42 am

One bank, BofA, and one broker, Vanguard. When we each turned 60 wife and I transferred our respective 401(k) accounts to Vanguard so now our taxable and tax deferred accounts in one location. Our individual stocks and bond ladders also on Vanguard platform. Power of simplicity. Good luck.

aristotelian
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Re: How do you 7 figure guys organize multiple accounts?

Post by aristotelian » Tue Aug 28, 2018 9:45 am

+1 for the spreadsheet. Updates in real time using =GoogleFinance quotes. Customized to my needs without relying on Personalcapital for security.

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jhfenton
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Re: How do you 7 figure guys organize multiple accounts?

Post by jhfenton » Tue Aug 28, 2018 9:55 am

Money Market wrote:
Tue Aug 28, 2018 9:03 am
jhfenton wrote:
Tue Aug 28, 2018 8:58 am
edge wrote:
Tue Aug 28, 2018 8:43 am
I use a spreadsheet.
+1 I use a spreadsheet that I've built up over 15+ years. It pulls in live quotes whenever I open it or hit the refresh button. I track it against the portfolio that I maintain manually at M*. One worksheet tracks expected cash flows into holdings through the current and next calendar year. I can use that to see where our allocation is now and where it will be at year-end and next-year-end assuming no price changes and expected investment flows.
That is brilliant. Did you code it in VBA to call M* APIs? I would love to do something similar except use a Python Office plugin.
I should have split the M* reference into a separate paragraph. The spreadsheet doesn't talk to M*. I manually maintain a consolidated version of the portfolio at M* for a manual comparison with my spreadsheet, mostly because I like to look at the M* x-ray numbers. (If you maintain the portfolio on the web, you can see the x-ray summary on the iPad app, even without a M* premium subscription. A screenshot from the iPad app is where I get the style box I use as my avatar.)

I do use some VBA in the spreadsheet, but a lot of it is just cascading formulas. I previously used some direct web calls to Yahoo Finance, but when they turned those off last year, I swapped in an add-in (smfGetYahooPortfolioView function) that can pull data into a array of tickers in an Excel spreadsheet. I keep the worksheet with that array hidden except when I am adding or deleting a ticker. Other sheets can pull quotes and other data (bid, ask, change, etc.) from the hidden sheet via VLOOKUP. It's actually faster and more efficient than the old API calls.

The spreadsheet is an outlet for me to tinker with my portfolio without really tinkering with my portfolio. If US has become overweight a bit I can tweak my 401(k) investment elections by a percent or two toward bonds, and boom, the overweight disappears at year-end even though I haven't actually traded anything.

KlangFool
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Re: How do you 7 figure guys organize multiple accounts?

Post by KlangFool » Tue Aug 28, 2018 10:03 am

chicagoan23 wrote:
Tue Aug 28, 2018 9:42 am
Very surprised by some of these responses. A custodian’s website (or a link to that website using an aggregator) shows you what assets you actually have with that custodian. A spreadsheet or a quicken statement shows you nothing more than the numbers that you have entered. In the unlikely event of fraud, couldn’t you be happily watching your balances go up on your spreadsheet while someone cleaned out your account months ago?

With a low seven-figure portfolio I have every dime to my name (other than ~$200 in currency) reflected in Mint and I check it daily. Also do a manual portfolio at Morningstar. Rarely make any changes but Mint alerts me whenever something happens in one of my accounts. I’ve also put a hold on any transfers out at Merrill Edge in case of fraud. No money can go out unless it goes through a multi-step process.
chicagoan23,

<< a quicken statement shows you nothing more than the numbers that you have entered. >>

Quicken auto-login to all the accounts and download the latest numbers and transactions. So, why do we need to enter those numbers into the quicken?

KlangFool

jimishooch
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Re: How do you 7 figure guys organize multiple accounts?

Post by jimishooch » Tue Aug 28, 2018 10:18 am

www.sigfig.com

free portfolio analysis...

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tuningfork
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Re: How do you 7 figure guys organize multiple accounts?

Post by tuningfork » Tue Aug 28, 2018 10:21 am

I use Moneydance (similar to Quicken). It downloads security prices and transactions from all my accounts every day, so I've always got an up-to-date view of all my accounts. Moneydance is software on my computer and does not store my data or passwords anywhere except on my computer, encrypted.

Separately, I keep a spreadsheet with all my account balances that I update on the first day of each quarter. I populate it by running a Moneydance report and copying the numbers. The only reason to do this is that I want to track a quarter-by-quarter history of my account balances and display it better than MD, and occasionally run some calculations that can't be customized in MD. I started it the day I retired so I could see what happened since retirement. I don't know how long I will continue doing this. It's interesting but not particularly useful.

Jack FFR1846
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Re: How do you 7 figure guys organize multiple accounts?

Post by Jack FFR1846 » Tue Aug 28, 2018 10:21 am

Hulk wrote:
Tue Aug 28, 2018 8:56 am
edge wrote:
Tue Aug 28, 2018 8:43 am
I use a spreadsheet.
Seriously? Thats such a pain. 5 different brokerage companies (with 7 different log ins between 2 spouses) and 3 banks. Blah :oops:
Excel spreadsheet. 10 brokerage accounts over 4 brokers and 1 stack of US savings bonds between the wife and me. Credit union, a few online banks that I actively use. I only keep the file on flash drives. Nothing online, nothing on my hard drive. Simple to log in. I have authorized access to all of her accounts so they show up on my page anyways.

Keeping track of $2.3MM is really pretty simple.
Bogle: Smart Beta is stupid

chicagoan23
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Re: How do you 7 figure guys organize multiple accounts?

Post by chicagoan23 » Tue Aug 28, 2018 10:27 am

KlangFool wrote:
Tue Aug 28, 2018 10:03 am
chicagoan23 wrote:
Tue Aug 28, 2018 9:42 am
Very surprised by some of these responses. A custodian’s website (or a link to that website using an aggregator) shows you what assets you actually have with that custodian. A spreadsheet or a quicken statement shows you nothing more than the numbers that you have entered. In the unlikely event of fraud, couldn’t you be happily watching your balances go up on your spreadsheet while someone cleaned out your account months ago?

With a low seven-figure portfolio I have every dime to my name (other than ~$200 in currency) reflected in Mint and I check it daily. Also do a manual portfolio at Morningstar. Rarely make any changes but Mint alerts me whenever something happens in one of my accounts. I’ve also put a hold on any transfers out at Merrill Edge in case of fraud. No money can go out unless it goes through a multi-step process.
chicagoan23,

<< a quicken statement shows you nothing more than the numbers that you have entered. >>

Quicken auto-login to all the accounts and download the latest numbers and transactions. So, why do we need to enter those numbers into the quicken?

KlangFool
OK, so it is an aggregator. My mistake.

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damjam
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Re: How do you 7 figure guys organize multiple accounts?

Post by damjam » Tue Aug 28, 2018 10:32 am

chicagoan23 wrote:
Tue Aug 28, 2018 9:42 am
Very surprised by some of these responses. A custodian’s website (or a link to that website using an aggregator) shows you what assets you actually have with that custodian. A spreadsheet or a quicken statement shows you nothing more than the numbers that you have entered. In the unlikely event of fraud, couldn’t you be happily watching your balances go up on your spreadsheet while someone cleaned out your account months ago?

With a low seven-figure portfolio I have every dime to my name (other than ~$200 in currency) reflected in Mint and I check it daily. Also do a manual portfolio at Morningstar. Rarely make any changes but Mint alerts me whenever something happens in one of my accounts. I’ve also put a hold on any transfers out at Merrill Edge in case of fraud. No money can go out unless it goes through a multi-step process.
You can also log into the custodian's website directly and check your balances. No aggregator needed.

As for fraud, most financial firms allow for notifications to be sent via email/text/phone when transactions are initiated or completed. So you can be aware of activity on your accounts quickly. Yes, their are ways to redirect them... Everyone needs to be aware of their brokerage/bank's policies re security and act accordingly. Reasonable precautions taken, etc.

I understand the desire for convenience and have bowed to it myself by using LastPass as my password manager. I investigated the security the company uses and have secured the account to the best of my ability (using a long password for one thing, hashing the account 100,000 times for another). I chose to keep points of attack to a minimum by not dispersing the information further. YMMV :-)

Call_Me_Op
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Re: How do you 7 figure guys organize multiple accounts?

Post by Call_Me_Op » Tue Aug 28, 2018 10:39 am

Hulk wrote:
Tue Aug 28, 2018 8:56 am
edge wrote:
Tue Aug 28, 2018 8:43 am
I use a spreadsheet.
Seriously? Thats such a pain. 5 different brokerage companies (with 7 different log ins between 2 spouses) and 3 banks. Blah :oops:
Not much pain compared to the anxiety of a single custodian.
Last edited by Call_Me_Op on Tue Aug 28, 2018 10:40 am, edited 1 time in total.
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H-Town
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Re: How do you 7 figure guys organize multiple accounts?

Post by H-Town » Tue Aug 28, 2018 10:40 am

Hulk wrote:
Tue Aug 28, 2018 8:40 am
Dear wise bogleheads,

What are your thoughts on the security of financial tools to organize your various accounts, such as Personal Capital or Mint? Our money is spread in so many places now (His and her 401ks, old 401ks, IRAs, HSAs, checking, MM, brokerage etc) it is a total pain to log into 10 different accounts every month or so to track it. We are getting to the point now where new contributions are not sufficient to re-adjust back toward our goal AA and it seems like Personal Capital or some similar site would be very useful. However, I am quite nervous of some kind of security breach by having access to all this information and, I guess, passwords. What do you guys do?

Thanks!
A good problem to have. :beer

I would roll old 401ks, IRAs, HSAs, MM, brokerage to Vanguard. Keep it simple. Especially at tax time as well. You don't need to deal with 10 different consolidated 1099 statements.

chuppi
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Re: How do you 7 figure guys organize multiple accounts?

Post by chuppi » Tue Aug 28, 2018 10:57 am

I use personal capital for managing my checking, savings and credit card accounts. I really like the cash flow and budgeting tools. It also makes easy for me to check my CC transactions every once in a while. It works very well.
I used to have my 401K and brokerage accounts added in there as well but decided to remove them for security reasons. Also there is no reason to check my vanguard, fidelity (brokerage and 401K) often.
I have a net worth spreadsheet that I maintain on google sheets. I update it every year at the end of the year.

latesaver
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Re: How do you 7 figure guys organize multiple accounts?

Post by latesaver » Tue Aug 28, 2018 10:59 am

jhfenton wrote:
Tue Aug 28, 2018 8:58 am
edge wrote:
Tue Aug 28, 2018 8:43 am
I use a spreadsheet.
+1 I use a spreadsheet that I've built up over 15+ years. It pulls in live quotes whenever I open it or hit the refresh button. I track it against the portfolio that I maintain manually at M*. One worksheet tracks expected cash flows into holdings through the current and next calendar year. I can use that to see where our allocation is now and where it will be at year-end and next-year-end assuming no price changes and expected investment flows.
KlangFool wrote:
Tue Aug 28, 2018 8:47 am
I have many accounts. But, all assets only fall into those 6 asset classes. So, I could use any account to rebalance that 6 asset classes.

KlangFool

P.S.: Almost all my accounts are with either Vanguard or Fidelity. So, only 2 logins.
I have different asset classes, but I basically use the same strategy. I can tweak new contributions in our 401(k)s between US and bonds (mine) and between ex-US and bonds (my wife's), but almost all of our active rebalancing occurs in our largest account (my wife's rollover IRA). That makes things simpler. All of our other tax-advantaged accounts have only one or two asset classes. Taxable does have three (US, ex-US, muni bond), but I don't often rebalance there except with new money.
WHat do you use to get live quotes in excel? Is this an excel file on your drive or on a google drive? as i life long excel user i can't get used to google docs...

RetireBy55
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Re: How do you 7 figure guys organize multiple accounts?

Post by RetireBy55 » Tue Aug 28, 2018 11:05 am

Fund Manager (Windows-based vs. being a cloud solution with all the security implications that has) is a great solution for Portfolio Management, no matter how many accounts you have at how many brokerages or fund companies. And a good password manager to make logging in to multiple accounts less painful.

Fund Manager can connect directly to brokerages, fund companies, etc if I remember right. I don't use that feature as I have an inherent distrust of putting all my account passwords in any one place (including Yodlee-based services like at Fido) so actually enter all transactions manually in FM and check share balances often in every account.

FM blows Quicken out of the water and works the way you expect software to work (quick, simple, clean). I keep hoping the guy who wrote FM would make a Quicken killer. Q* just continues to be a bloated, overpriced and frustrating piece of software with no good alternatives (and I've looked at most of them).

bikechuck
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Re: How do you 7 figure guys organize multiple accounts?

Post by bikechuck » Tue Aug 28, 2018 11:10 am

KlangFool wrote:
Tue Aug 28, 2018 9:08 am
Hulk,

I have one brokerage account and one bank.

<<Would love to simplify but not so easy>>

It is easier than dealing with multiple accounts. Consolidate...

KlangFool
Too risky for me in this age of cyber attacks and occasional systems failures.

JBTX
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Re: How do you 7 figure guys organize multiple accounts?

Post by JBTX » Tue Aug 28, 2018 11:11 am

damjam wrote:
Tue Aug 28, 2018 9:03 am
I'm doing it old school. Mostly because I'm worried about security around my financial accounts.

I use an old copy of Quicken to track my everyday bank accounts and CCs. I don't download transactions but enter them by typing them in myself. Why? I don't want to give my passwords to another entity. (Quicken needs your login info to automatically download transactions).

I track my brokerage accounts using a couple of spreadsheets I made up. I use specific id for my taxable accounts and track that as well. Tracking tax sheltered accounts is simpler. I aggregate the info from separate spreadsheets to a master spreadsheet for tracking and rebalancing the whole portfolio.

Is this a bit of work? Of course, but I'm simply not comfortable using some aggregation application that would require my login info.

Despite all of this, I do use LastPass for my password manager. Which is contradictory to my general stance on computer security (which is: keep as much info as possible under my direct control and don't trust an outside provider to keep my stuff secure). But it's a concession I made when I got an iPhone (didn't want to manually sync password files between computer and phone using Keepass), since I want to be able to get to my bank account and CC info when away from my desk.

Edit to add: To echo other posters. I also keep it as simple as possible with basically a Three-fund portfolio.
Why don't you just log into the websites and manually download the transactions?

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jharkin
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Re: How do you 7 figure guys organize multiple accounts?

Post by jharkin » Tue Aug 28, 2018 11:13 am

I'd like to point out that you don't have to be "a 7 figure guy" to have this problem.

We are still a ways off from 7 figures and have lots of accounts. I have my employers 401k vendor. My wife has 3 different vendors just for work (457, 403b, pension). None of those 4 vendors is Vanguard (who we use for our Roth's). THen there is the HSA, and the 529s (we use our state plan to get a tax break) , the checking account at a local brick and mortar, high yield online savings account, etc. Oh and one of my wifes old 403b's we left behind at TIAA to take advantage of using some traditional to diversify our bond position.

All told I count 9 vendors currently, and there is not much room to consolidate much less than about 6 without giving up some perks.

I don't want to use yet another login to mint or such so once a year I copy all the holding values into a spreadsheet that I use to rebalance across the entire portfolio. Across all those accounts I hold only 4 asset classes, no individual account holds more than 2 or 3 funds.
Last edited by jharkin on Tue Aug 28, 2018 11:27 am, edited 1 time in total.

JBTX
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Re: How do you 7 figure guys organize multiple accounts?

Post by JBTX » Tue Aug 28, 2018 11:15 am

Hulk wrote:
Tue Aug 28, 2018 8:40 am
Dear wise bogleheads,

What are your thoughts on the security of financial tools to organize your various accounts, such as Personal Capital or Mint? Our money is spread in so many places now (His and her 401ks, old 401ks, IRAs, HSAs, checking, MM, brokerage etc) it is a total pain to log into 10 different accounts every month or so to track it. We are getting to the point now where new contributions are not sufficient to re-adjust back toward our goal AA and it seems like Personal Capital or some similar site would be very useful. However, I am quite nervous of some kind of security breach by having access to all this information and, I guess, passwords. What do you guys do?

Thanks!
I use quicken for everything and just the one step update. I'm making the judgement that the benefits outweigh the risks. I have a lot of different accounts including probably a dozen or more retirement accounts between spouse and I.

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