This year I have noticed that more and more clients have holdings at multiple brokerage firms. Typically, you can squeeze a better deal on costs and fees, if one hold most or all of your assets.
I asked one gentleman why? He explained that while he makes most of his trade decision himself, the tools that each firm offers differ and he wants to use them all.
He also likes the literature that offers the firms perspective on stocks, bonds and the market in general.
So, he utilizes all of the perks offered to make sure he is best positioned to make the most of his investments.
Once I hear the logic behind the decision, I was impressed. Most people don’t utilize the tools offered let alone seek out the best tools and utilize them for your best benefit.
It now makes sense.