Who's your broker, and why?

[Jim]

I use Interactive Brokers.  2 things I like about them:

1. (Captain Obvious) $1.00 commission on a 200-share trade.  $1 option contracts.  Absolutely unbeatable unless you have totally free trades thru a bank or something.

2. They will gladly give you all the rope you want/need to hang yourself.  Not kidding.  Want to sell naked puts and calls?  Sure.  Short Apple?  No problem. Did somebody say Forex?  Have a ball.  But be aware, they are *ruthless* when it comes to margin calls.  In fact, there really are no "calls"; they will simply liquidate any position they feel like to cover any margin shortage, with no warning whatsoever.

Also, customer service is pretty minimal.  Do not expect any hand-holding whatsoever.  You are expected to know what you're doing.

 

 

[jfoxcpacfp]

Another point in favor of IB for DIYs is that they are very accommodating for international investors. Current regulations make it a bit difficult for ex-pats to find a brokerage for an account held internationally.

We use TDA for our clients and I believe they are a great firm all around. They are a champion for fee-only advisors.

[Zaphod]

I use Merrill Edge. It helps consolidate all my accounts with Bank of America. If you have 50 or 100k (cant remember exact #) across all BofA accounts, you get 100 trades per month free, so basically you never pay for trades. They also have excellent research and materials to read if you so desire with access to morningstar, sp capital iq, trefis among others.

I also have IBKR, but have yet to use it since their interface is atrocious. Although I have been offered a UI to go on top of their system from someone else, so I will probably use them some as well. Margin rates best in the business, will definitely let you hang yourself.

I think my HSA is through TD Ameritrade but havent contributed yet so have yet to use it.

I had Vanguard for a couple years but their site and way they break up accounts is odd, the site is just bad, but serves their purpose of having you not fiddle with investments.

[The White Coat Investor]

I use Vanguard for taxable, Schwab for 401(k), and TD Ameritrade for HSA. I find them all to be about the same. Any of the three would work for my purposes which are rare purchases, fairly rare tax loss harvesting, and mostly using Vanguard ETFs.

The Vanguard issue where they "break up accounts" is now resolved I believe as they have combined the brokerage accounts and mutual fund accounts.

[Raster]

Interactive Brokers gets by far the best trade executions in my experience.  Their tiny commissions are more than offset by the excellent price executions they get you.

 

Raster

[Lithium]

T. Rowe Price for current 401k/457b.  One of my least favorites, mainly because of high ERs, and I have to do orders over the phone since the website tries to charge unwarranted transaction fees.

old 401k/457 at Schwab.  IMO one of the best.  Schwab etfs are even cheaper than Vanguard (although spreads are often higher).

Roth IRA at Vanguard.  I've been with them so long that their web site comes naturally to me.  They also as far as I know are the only brokerage allowing Specific ID selling.

I moved my taxable accounts from Vanguard to four different brokerages last year for sign up bonuses.  So far I've made $2000 from it.

current taxable investments are in TD Ameritrade and Capital One Investing.  TD Ameritrade is great.  Capital One's website is absolutely awful, but the online chat for customer service is fantastic.

Also used Merrill Edge and Trade King briefly but then moved and closed the accounts.  Liked Merrill Edge, but no commission-free etf's.  About all Trade King has going for it are $4.95 trades.

[Zaphod]

Raster wrote:

Interactive Brokers gets by far the best trade executions in my experience.  Their tiny commissions are more than offset by the excellent price executions they get you.

 

Raster

Click to expand...

Can you give an example of what you mean, are they significantly lower than your limit orders?

[PhysicianOnFIRE]

Vanguard for taxable account and Roth IRA.  Why:  I prefere to invest in very low cost index funds.

Transamerica for employer 401(k) and 457(b), but with Vanguard funds.

Wells Fargo HSA, also through employer.

[Zaphod]

Lithium wrote:

T. Rowe Price for current 401k/457b.  One of my least favorites, mainly because of high ERs, and I have to do orders over the phone since the website tries to charge unwarranted transaction fees.

old 401k/457 at Schwab.  IMO one of the best.  Schwab etfs are even cheaper than Vanguard (although spreads are often higher).

Roth IRA at Vanguard.  I’ve been with them so long that their web site comes naturally to me.  They also as far as I know are the only brokerage allowing Specific ID selling.

I moved my taxable accounts from Vanguard to four different brokerages last year for sign up bonuses.  So far I’ve made $2000 from it.

current taxable investments are in TD Ameritrade and Capital One Investing.  TD Ameritrade is great.  Capital One’s website is absolutely awful, but the online chat for customer service is fantastic.

Also used Merrill Edge and Trade King briefly but then moved and closed the accounts.  Liked Merrill Edge, but no commission-free etf’s.  About all Trade King has going for it are $4.95 trades.

Click to expand...

Merrill has 100 free trades a month now. Cant beat that.

[Lithium]

Zaphod wrote:

Lithium wrote:

T. Rowe Price for current 401k/457b.  One of my least favorites, mainly because of high ERs, and I have to do orders over the phone since the website tries to charge unwarranted transaction fees.

old 401k/457 at Schwab.  IMO one of the best.  Schwab etfs are even cheaper than Vanguard (although spreads are often higher).

Roth IRA at Vanguard.  I’ve been with them so long that their web site comes naturally to me.  They also as far as I know are the only brokerage allowing Specific ID selling.

I moved my taxable accounts from Vanguard to four different brokerages last year for sign up bonuses.  So far I’ve made $2000 from it.

current taxable investments are in TD Ameritrade and Capital One Investing.  TD Ameritrade is great.  Capital One’s website is absolutely awful, but the online chat for customer service is fantastic.

Also used Merrill Edge and Trade King briefly but then moved and closed the accounts.  Liked Merrill Edge, but no commission-free etf’s.  About all Trade King has going for it are $4.95 trades.

Click to expand…

Merrill has 100 free trades a month now. Cant beat that.

Click to expand...

Do you have to keep the $50,000 in the checking account?  Or does a 50k balance in the brokerage qualify you for the free trades?

Annual interest on 50k in a high-yield money market (Ally) wouldn't be an insignificant thing to give up.  That's worth at least a few trades a month.