I know this is overkill 100%, but because of the suddenness of what happened with SVIB, I’m gonna move about 25% of my money to another broker, it will be my bond account. Maybe another account which is mostly buy and hold dividend stocks. I’m thinking either Fidelity or E*Trade. I’m not a day trader so I don’t need craziness in a platform, but I do use charts. So questions….. 1. can anybody talk about the trading/charting platforms of Fidelity and/or E*Trade vs TD Ameritrade Think or Swim. 2. Any other firms I should look at (retail discount firms) I don’t use margin. And even though these accounts are not trading accounts, I might as well go with the best charting capabilities. any help appreciated.
Bro, with 7 trillion in customer asset they are too big to fail. You are increasing risk by adding broker, not decreasing.
That’s what they said about SVIB. And WAMU. And LEHMAN, and Bear Like I said, I know it’s probably overkill, but one thing I learned from 20 years in the business, is that anything is possible. in what way am I increasing risks.
SIPC! 250K Cask, 500K assets. That being said, your account structures should be setup to take full advantage.
A bit of nitpicking, but by having your money in several brokers you will be increasing the risk of one of them going belly up. However, you will be decreasing the risk of losing all your money from one broker failing.
If I were you I'd use Interactive Brokers for some or all of you money. We went through this back in 2008. At the time some futures brokers went bust. We also had some money market funds "break the buck". What I like about the account at IB is that in terms of cash they keep $250K in the account. Anything above that they transfer to a bank of your choice where you earn interest. No problem using it for investments, they simply transfer it back. It all work seamlessly. I believe SIPC covers $250K in cash, $500K in assets. It used to be that IB insured up to $5Million I believe I recollect at Lloyds of London. Don't know if they're still doing it or not. They have a substantial bond offering at IB. I think you could buy anything worldwide. Personally I have a substantial investment in T-Bills which I acquire via IB. Generally I'm holding 6 months to 12 month maturities. Other products are stocks world wide, futures, forex, gold bullion, bitcoin, etc, all traded at low commissions, and in a univeral account where money is shifted automatically between stocks and futures depending on what you're investing in. As far as the platform, I can't compare to other offerings. But you can use it with either MAC or PC. I think they offer nearly everything you need, although I probably would say they're platform is mediocre. However, it's useable in my opinion. I'm a fan. OldTrader