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Best taxable brokerage account for new attending?

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  • Doctor Money Matters
    replied
    As another poster said already, I switched out of Vanguard partially to collect some bonuses. I dont trade frequently so trading costs are not an issue. If you have Vanguard Mutual Funds at the Admiral level, it can be problematic to switch as many of the other places dont offer those. I have converted my stuff to Vanguard ETFs which are easily transferrable to other brokerages. These moves have allowed me to collect around $3000 for essentially some paper work.

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  • adventure
    replied
    I've used Fidelity and TDAmeritrade. Both are good. If you're a stock junky, TD is wayyyy better for finding endless graphs and charts.

    I'm not, I just want a low ER fund. I stay away from the target date funds, because I think bonds are silly. (I have time until I get old, ergo my lean towards equities).

    I like low cost, and fewer passwords too.

     

     

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  • pdoc
    replied
    Vanguard can never be a wrong answer as things stand right now- I have my IRAs with vanguard. I use interactive brokers for my taxable account just because a good friend recommended it. A trade costs about 1$. You will have to pay unto 120$ a year until your account has $100 k in it.

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  • VagabondMD
    replied
    I use Fidelity and Vanguard and have used both for at least 15 years. My wife and I both have company retirement accounts at Fidelity, and about 2/3 of our nest egg sits there (including taxable accounts, IRAs, UTMAs, etc.).

    On a day-to-day basis, either is fine. I think that the web interface is more user friendly at Fidelity, but not enough to sway me. If you have a problem, need to talk to someone, etc., Fidelity is superior. I would not fault anyone for using either, both, or Schwab.

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  • Rotish
    replied
    Try getting a medallion signature on 3 separate occasions to transfer 900 freaking dollars

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  • janettebournes
    replied




    Vanguard is fine, but if you are a belt-and-suspenders sort of person, you might want to consider opening an account with Fidelity or Charles Schwab instead.  That way any problems that might arise at one institution wouldn’t affect ALL your money.
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    Our taxable, Roth IRAs, and 529s are all at Vanguard

    Haven't had any of the security-related issues that others have noted. The website is a little on the dated side but is still functional. We do like it because it allows us to see virtually all of our investments at one site rather than having to feed it into an aggregator like Personal Capital

    We do worry occasionally about what would happen if a problem were to arise within Vanguard with so much of our net worth stored there.....

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  • Lithium
    replied
    Vanguard was fine when I had accounts with them.  I've moved all my money out the last couple of years to collect bonuses at TDA, Merrill, Scottrade, Capital One, and E*Trade and haven't looked back.  The way I see it, passing up bonuses of $1000 or more at Vanguard's competitors isn't that different than paying fees to Vanguard.  The bonuses just take a little more work.

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  • Craigy
    replied




    Vanguard fees are fine. It’s the pain in the ****************** issues that come up with having an account with them. My account locked up for no reason, it took 6 weeks and 20 notary signatures to unlock it (because apparently we still live in 1950 and a notary is the only way to verify your identity)

    My wife is having a similar issue with them trying to transfer a negligible amount of money into her vanguard account.
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    I definitely can understand that.

    In my experience, Vanguard is pretty much a brick wall in general unless they have verification of your identity and access/permission to access or discuss an account.  Personally I find this very admirable but it can occasionally be very aggravating and frustrating.  They now have voice verification which has been very nice and easy the couple of times I have used it.

    I recall one client of mine had an issue where Vanguard insisted upon obtaining a medallion signature guarantee, which was a real PIA to obtain, given that the client was infirmed.  However, we were changing title to one of his accounts with several million dollars of value, so I can understand the concern.

    I also had a personal issue where I was opening a custodial account for my son which was hung up for weeks, only to call and find out that it hadn't processed since I put my middle initial on the application and my account didn't have my middle initial.   :P   It was cleared up immediately, but the idea that it was sitting out there processing for weeks because of an extra middle initial was ridiculous.

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  • Rotish
    replied
    Vanguard fees are fine. It's the pain in the ****************** issues that come up with having an account with them. My account locked up for no reason, it took 6 weeks and 20 notary signatures to unlock it (because apparently we still live in 1950 and a notary is the only way to verify your identity)

    My wife is having a similar issue with them trying to transfer a negligible amount of money into her vanguard account.

    Leave a comment:


  • Craigy
    replied
    I love Vanguard.

    I don't understand those complaining about fees.  I think I have seven or eight different accounts with them (all of my family's accounts under just one login, very convenient), and I have yet to pay any fees to Vanguard.

    When I rolled over my roth to Vanguard my old bank charged a fee, and my firm 401k plan charges a fee which goes to our 3rd party advisor, but I have yet to make a trade or click a button that incurs some fee with Vanguard.  Perhaps like hatton mentioned above, if you're doing options, margin, etc. other brokerages are better on that, but the fact is, none of those other firms would have anything resembling low fees if it were not for brokerage firms like Vanguard, Scottrade, etc. who pioneered low-fee investing.  I'm a relative youngster, but I remember getting shafted by Merrill on huge load and fee funds, $50 commissions when buying or selling a few shares of stock, etc.  If it wasn't for Vanguard grabbing everyone's market share, all those other firms would still be bending everyone over.

    As far as benefits go, it's pretty extensive.  https://investor.vanguard.com/investing/benefits/voyager  And once you're a flagship client, I believe you get a free dedicated CFP and access to other professionals.  Before you're flagship you can get a dedicated CFP for a small fee.

     

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  • hightower
    replied
    Wow, a lot of Vanguard haters here  I use Vanguard for my Roth's and Taxable.  I have a self directed 401k through TDAmeritrade.  My wife's 401k is at Fidelity.  I personally like Vanguard a lot.  I use it to track all of our investments.  I don't see any advantage over one or the other though.  I just buy and hold shares of Vanguard funds, so I don't really need anything fancy.

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  • childay
    replied
    I am at Vanguard.  But I think Fidelity has a nicer website.  I have otehr accts there.  They also have good customer service.

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  • Hatton
    replied
    Now if you are planning on trading and writing options, shorting etc I would not go to Vanguard.  I did all that at Merrill, Payne-webber, Legg Mason etc.  When you get that out of your system then Vanguard, Fidelity, Schwab.

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  • Lithium
    replied
    There are a lot of perks to parking 100k at Merrill Edge and getting in their preferred rewards program (though I think you can qualify at a lower level for as little as 25k).  You get 30 commission-free trades a month and a boost to the rewards earned by BOA credit cards.  They also have good customer service.

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  • jtse106
    replied
    Yes, I'm aware of the dilemma between aggressively paying off loans vs opening taxable accounts. Ideally I'm going to channel whatever extra funds I have and put half towards loans and half towards taxable account. Just thought it might be better (and reap more benefits long term) if I start earlier rather than waiting to pay off all my loans. At my current rate I do hope to pay them off within 3-4 years, while simultaneously saving up for house (I put 15% of all earnings into side account as house fund).

     

    I'll make sure and check out Fidelity (old moonlighting job used Fidelity for 401k) as well as Charles Schwab (which current job uses), TDA, and IBKR (which I admit I haven't heard of yet) before I commit to one.

     

    Thanks everyone!

     

     

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