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right forum? two brokerages? (update: which new brokerage)

Posted: Sat Oct 17, 2020 9:54 am
by egrets
I added an update, namely if I stay with Schwab and replace Vanguard with another brokerage, I am wondering which brokerage to add? 24/7 customer service and knowledgeable customer service reps would be a requirement. Thank you.

I have accounts at Vanguard and Schwab, under the theory that when Zombies Attack one may be inaccessible for a while or worse. Same reason I have more than one credit union.

Vanguard drives me crazy. Last time I set up a transfer to them from a cu, they sat on it for a month doing nothing and I finally drove to the cu, got a check made out to schwab FBO me and took it to Schwab.

Now Vanguard is sitting on a transfer again, but the cu lady says those FBO checks are no longer allowed by the feds, that if I get one from the cu it will be like an IRA distribution.

Am I making a mistake thinking of trying to stop Vanguard from doing the transfer and then having Schwab move everything from the cu and Vanguard to Schwab and closing the Vanguard account?

Re: right forum? two brokerages?

Posted: Sat Oct 17, 2020 10:27 am
by Cheez-It Guy
From which side are you initiating the transfers, and for what types of assets? It's not clear to me who's sitting on. I don't doubt you're having difficulties, but this isn't consistent with my transfer experiences, so perhaps something is different here beyond the typical "poor customer service" refrain.

Re: right forum? two brokerages?

Posted: Sat Oct 17, 2020 10:44 am
by CABob
Cheez-It Guy wrote: Sat Oct 17, 2020 10:27 am From which side are you initiating the transfers, and for what types of assets? It's not clear to me who's sitting on. I don't doubt you're having difficulties, but this isn't consistent with my transfer experiences, so perhaps something is different here beyond the typical "poor customer service" refrain.
+1
Is you credit union account an IRA?

Re: right forum? two brokerages?

Posted: Sat Oct 17, 2020 10:59 am
by egrets
I give Vanguard the paperwork to pull the funds from the other institution. Both accounts are Roths. What they are to pull was first time a CD at maturity this time cash.

Re: right forum? two brokerages?

Posted: Sat Oct 17, 2020 11:20 am
by terran
If you're not happy with Vanguard then definitely leave them. There are plenty of options now. Fidelity would be a good one to try if you want to keep two brokerages.

Re: right forum? two brokerages?

Posted: Sat Oct 17, 2020 12:01 pm
by Cheez-It Guy
egrets wrote: Sat Oct 17, 2020 10:59 am I give Vanguard the paperwork to pull the funds from the other institution. Both accounts are Roths. What they are to pull was first time a CD at maturity this time cash.
Does your credit union account have routing and account numbers? If so and for cash, why not just link it and transfer via ACH with a pull from the Vanguard side?

Re: right forum? two brokerages?

Posted: Sat Oct 17, 2020 2:09 pm
by egrets
Cheez-It Guy wrote: Sat Oct 17, 2020 12:01 pm
egrets wrote: Sat Oct 17, 2020 10:59 am I give Vanguard the paperwork to pull the funds from the other institution. Both accounts are Roths. What they are to pull was first time a CD at maturity this time cash.
Does your credit union account have routing and account numbers? If so and for cash, why not just link it and transfer via ACH with a pull from the Vanguard side?
Does that work for an IRA to IRA transfer? I think the owner's hands are not supposed to touch the money. Anyway, my basic question has to do with one brokerage or two? And I guess, if two, which one besides Schwab?

Re: right forum? two brokerages?

Posted: Sat Oct 17, 2020 2:11 pm
by stan1
egrets wrote: Sat Oct 17, 2020 2:09 pm And I guess, if two, which one besides Schwab?
If you want two I'd do Schwab and Fidelity (that's what I'd say right now, might say something different in 2021 or 2030).

Re: right forum? two brokerages? (update: which new brokerage)

Posted: Sat Oct 17, 2020 2:19 pm
by KeepItSimple78
Of the brokerage houses I utilize, I've been most happy with Fidelity.

Re: right forum? two brokerages? (update: which new brokerage)

Posted: Sat Oct 17, 2020 2:30 pm
by HomeStretch
I really like Fidelity which has 24/7 support for most accounts (IIRC workplace retirement plan and DAF support are not 24/7). I added a CMA account so Fidelity functions as both a secondary brokerage to my main brokerage firm and backup to my local B&M bank for bill pay, ATM, etc.

Re: right forum? two brokerages? (update: which new brokerage)

Posted: Sat Oct 17, 2020 2:34 pm
by galawdawg
Do you hold Vanguard mutual funds, ETFs or both?

Re: right forum? two brokerages? (update: which new brokerage)

Posted: Sat Oct 17, 2020 2:39 pm
by CABob
the cu lady says those FBO checks are no longer allowed by the feds, that if I get one from the cu it will be like an IRA distribution.
Look for another custodian if you wish, but I think this issue should be pursued. ASFAIK the FBO check process should work and if there is something new prohibiting it I have not heard about it. Can someone else confirm? Maybe you need a new "cu lady".

Re: right forum? two brokerages? (update: which new brokerage)

Posted: Sat Oct 17, 2020 2:50 pm
by egrets
galawdawg wrote: Sat Oct 17, 2020 2:34 pm Do you hold Vanguard mutual funds, ETFs or both?
In the brokerage firms Roth accounts: three Vanguard mutual funds, CDs. In the cus Roth and Traditional IRAs: IRA CDs. I have pretty much gone through my taxable stuff as I get ancient.

Re: right forum? two brokerages? (update: which new brokerage)

Posted: Sat Oct 17, 2020 2:53 pm
by egrets
CABob wrote: Sat Oct 17, 2020 2:39 pm
the cu lady says those FBO checks are no longer allowed by the feds, that if I get one from the cu it will be like an IRA distribution.
Look for another custodian if you wish, but I think this issue should be pursued. ASFAIK the FBO check process should work and if there is something new prohibiting it I have not heard about it. Can someone else confirm? Maybe you need a new "cu lady".
I would like to be sure about this as well. She said it was a recent ruling. She handles the IRA stuff for a cu with about $400 million in assets.

Re: right forum? two brokerages? (update: which new brokerage)

Posted: Sat Oct 17, 2020 3:06 pm
by galawdawg
egrets wrote: Sat Oct 17, 2020 2:50 pm
galawdawg wrote: Sat Oct 17, 2020 2:34 pm Do you hold Vanguard mutual funds, ETFs or both?
In the brokerage firms Roth accounts: three Vanguard mutual funds, CDs. In the cus Roth and Traditional IRAs: IRA CDs. I have pretty much gone through my taxable stuff as I get ancient.
Unlike Fidelity and Schwab, E*TRADE charges no transaction fees on most Vanguard mutual funds. You can take a look here at a list I compiled of the NTF Vanguard mutual funds: https://drive.google.com/file/d/1OpHwVx ... sp=sharing

I don't know how often their list of Vanguard NTF funds changes, so for the most current information , you can use their fund screener tool (which is readily available even for those without an account): https://www.etrade.wallst.com/Research/ ... ct&env=PRD. There you can use the advanced screener to narrow down the fund family and you can select only no load NTF funds as well.

Or if you already know the symbol of the fund you are interested in, you can go here (https://www.etrade.wallst.com/v1/stocks ... lookup.asp) to directly enter that symbol in the snapshot search box.

E*TRADE will also pay you a bonus to move your funds there, here is their current offer: https://us.etrade.com/what-we-offer/how-it-works/promo

I switched to E*TRADE a year ago after thirty years at Vanguard and couldn't be happier. (One of the issues I experienced with Vanguard was a lack of competence when it came to rolling over funds from my 401k and my wife's TIAA account when we retired in 2018. It was as if they couldn't care less whether we moved our money to Vanguard. So it isn't just you.)

Re: right forum? two brokerages? (update: which new brokerage)

Posted: Sat Oct 17, 2020 8:26 pm
by softwaregeek
In the past two years I've had:

Schwab
Fidelity
Chase YouInvest
Etrade
Ally
Merrill Edge

_______________
Schwab has the best banking and service, bar none. Global free ATM wtih global rebates with good rate

Ally has the best rates on linked checking and high yield savings.

Merrill Edge counts towards assets at BofA, which gives higher cash back on credit cards. Also, larger amounts of assets get cheap mortgages, which is how I ended up with a mortgage way below market. Bank service is terrible, low rates, and brokerage support is above average but a cut below Schwab.

Etrade is good in most areas, almost as good as Schwab but I don't see a rationale to move there except bonuses. I ended up there because of a stock plan.

Chase YouInvest I ended up with because other family had accounts there. It actually was the worst. Frankly even their high tier banking service was terrible from my perspective.