Talk of The Villages Florida - Rentals, Entertainment & More
Talk of The Villages Florida - Rentals, Entertainment & More
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#31
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Anyone who wants to learn more about the different kinds of financial services companies and kinds of risk each one has might read the outline at the link below, which is pretty good overall.
Moral of the story: Don’t compare apples and turnips. It’s complicate. Financial Services Risks |
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#32
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__________________
"No one is more hated than he who speaks the truth." Plato “To argue with a person who has renounced the use of reason is like administering medicine to the dead.” Thomas Paine |
#33
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Online Options Trading | Charles Schwab
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"No one is more hated than he who speaks the truth." Plato “To argue with a person who has renounced the use of reason is like administering medicine to the dead.” Thomas Paine |
#34
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I concur completely. Fidelity's systems and flexibility with trading orders make it far superior to Vanguard. Vanguard has a few less expensive and broader index options but FIdelity has been quite competitive in this category. As a plug to Schwab, I have all three and find Schwab and Fidelity basically tied in almost all categories. Do NOT accept Schwab's fee-based Robo-Adviser program. They recently had to pay a fine for providing advice not in the customer's best interest. It's not that complicated to do yourself. For most client needs, set your allocation, then come back annually to see whether it's still in balance. Switch some from stocks to cash or bonds if Stocks become more than 5% more than target allocation. Do the reverse after a major selloff, invest some cash to buy stock. Holding lowest-cost index funds is definitely the best way to go. |
#35
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Over the years I've had an investment account with Schwab, a separate IRA account with Schwab, and another investment account with TD Ameritrade. Schwab recently bought out TD Ameritrade, so now I have all my eggs in one basket again. Guess I'll start looking for another alternative.
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#36
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Beyond that diversification is about various types of investments not necessarily the differing institutions. That mix is personal and certainly ebbs and flows with the economy. No one (not even WB) is likely to get it right all the time. Good luck and reasonable ROI! |
#37
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We have been with Schwab for years and really think they are one of the best. We can use online or talk with our personal or any adviser. They have always been very good with their advise depending on our needs. I would recommend them.
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#38
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#39
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This link will help explain your question and many of the other posts in this thread. If a Brokerage Firm Closes Its Doors | FINRA.org |
#40
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I know that regulators have greatly increased oversight and regulation since the 1987 crash. Larger financial institutions now have risk management departments and risk management is even an established profession which is quite technical. Regardless, diversify holdings across financial institutions if concerned. |
#41
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The laws vary by state, so you should do some more research if what you read wasn’t specific to FL. I think you’ll find that the laws here protect both types of accounts in most situations.
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#42
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Don't put all your eggs in one basket.
[QUOTE=manaboutown;2255821]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.[/QUOTE Given all the big corporate hacks, and the risk of getting locked out of a single company, I decided to pull 20 percent of my savings at Vanguard and move them to Schwab. Not that I love Schwab. Both companies are fine. I just want to make sure I can get money out when I need it. |
#43
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People don’t realize and a lot of posters here are confused thinking you have sign up to vanguard to purchase vanguard funds, same for fidelity. This is not true. There might be unique funds at vanguard, fidelity, Schwab, and other brokerage houses that you might not be able to buy if you don’t have an account with that broker. I’m sure you can buy a like fund with the brokerage house you belong too.
Instead of worrying about if your funds are safe, read how each broker handles each fund for ownership. In my Schwab money market fund, Schwab doesn’t actually own it, a 3rd party does so if Schwab would go under, my funds would still be accessible by me |
#44
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But that wouldn't be the determining factor for me. Being able to manage my own assets in an IRA is more important. |
#45
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https://money.usnews.com/money/retir...1k-withdrawals Also, if you have Roth 401k and have not opened up and contributed to a Roth IRA, the growth of the money in the Roth IRA will not be able to withdrawn for 5 years without penalty. |
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