best brokerage house(s)

[Lbin]

We are about to receive stock from a relative, and need to open a brokerage account to do so. Any suggestions on which house? I am looking at Schwab and Fidelity, but Merrill Lynch is owned by a bank, so more secure? (BofA)

[artemis]

No, Merrill Lynch isn't any more secure; what it probably is is more expensive.  I'd go with either Fidelity or Schwab.

[Dr. Mom]

We've been very happy at Schwab for over 15 years.

[Zaphod]

Merrill lynch is one of my brokers, and if its 100k or more across accounts there, things are basically free (trades, etc...). They, like everyone else have their own free to trade etfs and you can choose anything you want, vanguard, fidelity, schwab, etc...I have accounts at TDA, fidelity, and ibkr as well and for regular day to day fees merrill seems best, but fidelity also has a bunch of free to trade etfs that are very low ER which will essentially mimic the free everything at merrill.

[StarTrekDoc]

Agreed -  We keep 100k in ML index vanguard fund to get the Platinum Honors Bonus for reward points and reduced fees -

Our primary Brokerage remains Fidelity since our 403b/457/DCP are with them.

We're thinking of moving 250k to Chase Index funds though to get Private Client status for their reduced banking fees since we have an account with them and most convenient ATMs in our usage area.

If you're not an active trader, it's about the service and access more than anything IMHO.

[Zaphod]

StarTrekDoc wrote:

Agreed –  We keep 100k in ML index vanguard fund to get the Platinum Honors Bonus for reward points and reduced fees –

Our primary Brokerage remains Fidelity since our 403b/457/DCP are with them.

We’re thinking of moving 250k to Chase Index funds though to get Private Client status for their reduced banking fees since we have an account with them and most convenient ATMs in our usage area.

If you’re not an active trader, it’s about the service and access more than anything IMHO.

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If you're platinum honors with bofa they reimburse you for any atm fee charged anywhere, but of course you need a debit card/account with them.

[Hatton]

I use vanguard.

[CM]

Fidelity and Schwab are in a race to the bottom (now even ahead of Vanguard as of this month, I believe) in both ETF expense ratios and trading commissions. I've always found Fidelity's service to be very good.

Vanguard has nice index funds and ETFs but it has a reputation for bare bones (i.e., poor) service, including mistakes with routine brokerage functions. I haven't used Vanguard for almost 20 years, but I read the complaints on bogleheads.org.

[VagabondMD]

I have been happy with Fidelity since the late 1990's.

[Zaphod]

CM wrote:

Fidelity and Schwab are in a race to the bottom (now even ahead of Vanguard as of this month, I believe) in both ETF expense ratios and trading commissions. I’ve always found Fidelity’s service to be very good.

Vanguard has nice index funds and ETFs but it has a reputation for bare bones (i.e., poor) service, including mistakes with routine brokerage functions. I haven’t used Vanguard for almost 20 years, but I read the complaints on bogleheads.org.

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I havent used vg for several years but their website and functionality are pretty terrible. I dont get why people flock to them as their custodian, you can get their funds if you wish elsewhere, most often in a simpler and cheaper fashion as well. ETFs are basically trending towards free nowadays.

[CM]

Zaphod wrote:

CM wrote:

Fidelity and Schwab are in a race to the bottom (now even ahead of Vanguard as of this month, I believe) in both ETF expense ratios and trading commissions. I’ve always found Fidelity’s service to be very good.

Vanguard has nice index funds and ETFs but it has a reputation for bare bones (i.e., poor) service, including mistakes with routine brokerage functions. I haven’t used Vanguard for almost 20 years, but I read the complaints on bogleheads.org.

Click to expand…

I havent used vg for several years but their website and functionality are pretty terrible. I dont get why people flock to them as their custodian, you can get their funds if you wish elsewhere, most often in a simpler and cheaper fashion as well. ETFs are basically trending towards free nowadays.

Click to expand...

I agree. You can't get Admiral class Vanguard mutual funds everywhere, but you can get equivalent ETFs with even lower expense ratios for most of the mutual fund products.

[Craigy]

I have had a lot of experience dealing with Vanguard for clients and was impressed with their service.

For my accounts personally I've had one or two less-than-stellar calls where I had to call back to get a better rep, but the rest of the time it's been fantastic.  I don't feel like I'm getting nickel and dimed at all.  Zero commissions on their ETFs is also really nice, makes a big difference on accounts with small balances for kids, etc.

While you might be able to find competitive index funds elsewhere, Vanguard pioneered the low-cost index fund, as well as the low-cost 401(k) and opened up a lot of opportunities for smaller employers.  All of the competition is just trying to keep up with Vanguard, and would have been plenty happy continuing to charge you 10x the fees before Vanguard forced their hand.

However I have clients with very large balances at most firms, Vanguard, Morgan Stanley, Schwab, Fidelity, Ed Jones, Raymond James, Stifel, UBS, Merrill, Wells Fargo, you name it.  Smart people with seven and eight figure balances.  They all do well.

[CM]

Craigy wrote:

I have had a lot of experience dealing with Vanguard for clients and was impressed with their service.

For my accounts personally I’ve had one or two less-than-stellar calls where I had to call back to get a better rep, but the rest of the time it’s been fantastic.  I don’t feel like I’m getting nickel and dimed at all.  Zero commissions on their ETFs is also really nice, makes a big difference on accounts with small balances for kids, etc.

While you might be able to find competitive index funds elsewhere, Vanguard pioneered the low-cost index fund, as well as the low-cost 401(k) and opened up a lot of opportunities for smaller employers.  All of the competition is just trying to keep up with Vanguard, and would have been plenty happy continuing to charge you 10x the fees before Vanguard forced their hand.

However I have clients with very large balances at most firms, Vanguard, Morgan Stanley, Schwab, Fidelity, Ed Jones, Raymond James, Stifel, UBS, Merrill, Wells Fargo, you name it.  Smart people with seven and eight figure balances.  They all do well.

Click to expand...

Then you must be doing well also. Congratulations. Are you a financial advisor?

[Craigy]

CM wrote:

Craigy wrote:

I have had a lot of experience dealing with Vanguard for clients and was impressed with their service.

For my accounts personally I’ve had one or two less-than-stellar calls where I had to call back to get a better rep, but the rest of the time it’s been fantastic.  I don’t feel like I’m getting nickel and dimed at all.  Zero commissions on their ETFs is also really nice, makes a big difference on accounts with small balances for kids, etc.

While you might be able to find competitive index funds elsewhere, Vanguard pioneered the low-cost index fund, as well as the low-cost 401(k) and opened up a lot of opportunities for smaller employers.  All of the competition is just trying to keep up with Vanguard, and would have been plenty happy continuing to charge you 10x the fees before Vanguard forced their hand.

However I have clients with very large balances at most firms, Vanguard, Morgan Stanley, Schwab, Fidelity, Ed Jones, Raymond James, Stifel, UBS, Merrill, Wells Fargo, you name it.  Smart people with seven and eight figure balances.  They all do well.

Click to expand…

Then you must be doing well also. Congratulations. Are you a financial advisor?

Click to expand...

Negative ghost rider

I am an estate planner.