brokerage accounts – how many is to many
Hi Terry!
I have an account with Fidelity ($700K) that I control and one with Apollon Wealth ($500K) that they control. I am freakish that I do not want all my money with in the same bank just in case something happens. Is this wise? I am thinking that I want Fidelity to control what they have is it ok to have two different advisers?
Thank you, love to listen to you!
Terry Says
Let me approach this from a different perspective. What are you paying for those accounts?? Do you have a different advisor at each firm? Are you paying annual management fees? Are you sure you’re in the lowest-cost investments? Are these advisors FIDUCIARIES?
It strikes me that you need an overall review of your assets and costs, from a fee-only FIDUCIARY advisor. That’s a lot of money to just “divide” into two accounts. Yes, you are over the SIPC insurance limit which is $500,000 for a firm. But I think that’s the least of your problems.
Here’s a link to find a fee-only fiduciary you can trust. Please write back even if you just have one meeting. I’m betting you’ll have quite a story to tell!
https://www.terrysavage.com/pam-krueger-wealthramp/
