Quote:
Originally Posted by manaboutown
Recently I picked up a book by Charles Schwab, 'Invested'.
To say it was an eye opener is an understatement. It starts with why and how he got into discount brokerage as one of its pioneers. It then goes on to report the ups, downs and very scary times his company went through. I had no idea!
I know many people, particularly those who trade a lot, use Schwab. Although I have kept a small account at Schwab for years I rarely used it. Then last year and earlier this year I sold a couple commercial real estate properties and deposited the proceeds into Schwab, primarily because I wanted to put it into T-bills. Schwab allows a retail investor to buy and sell them whereas the other two brokerages where I have historically kept most of my securities do not.
Then, surprise, surprise, I started getting phone calls from a Schwab 'Advisor' which I ignored for a time. Eventually I returned a call just to let him know I existed. When he discovered I was not a newbie and had other accounts he urged, just short of insisted, I transfer them to Schwab. I declined and told him I had a pretty good memory and remember Lehman Bros. and others which he seemed to grasp. I thereafter discovered Schwab at that time held some long term treasuries which were destined to go down as interest were rising so I still feel a little skittish about it all.
Anyway after reading this book to sleep at night I feel I need to continue to keep my securities distributed among several wirehouses and wonder if others feel the same.
|
I've not bought T bills in years. As much as all the brokerages love us they are a business and so are in business to make money. It is simple to set up an account with the treasury and save those fees.
As far as accounts with several brokerages. Competition is good for the consumer. Vanguard has Admiralty shares and for years Fidelity said they do not exist. T Rowe has similar offerings. For us, I like Fidelity. You can call 24 hours a day seven days a week and find a HUMAN to talk too. There people are good. They will, if they don't know tell you so and tell you who you need to speak with and time they are reachable. Also a big plus with forms etc we can drive to their office and find a HUMAN to talk to.