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.
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Have always used only two, Fidelity and Vanguard, lately "thinking" of adding another, possibly Schwab. I do NOT like the "pushy" tendency they are ALL developing in the last few years, to "advise me". I have always explained, in a pleasant manner, not angry or insulting, but when they tell me they can "assist me" in making good decisions for my money, that they are fiduciaries only interested in doing the best for me, I just explain that might be true, but in my opinion, NO BODY, NO ONE at any brokerage, cares quite as much about ME and my money as I DO. I don't doubt at all they care about doing "right" for me, but they have a lot of customers and they simply CAN NOT care as much a about my portfolio as I do ! So, I always make that clear as they get more and more "intrusive", the word I use for how they have changed in the last few years... btw, ever read the biography of Jessie Livermore by Richard Smitten ?