Currently I have my 401k and IRA with Fidelity. I have another $40k in an investment account at HSBC. Fidelity say they can invest for 0.5% fee. HSBC is charging me 1% until I hit $100k and then it gets cheaper. Is it advisable to diversify across institutions? Both have similar rates of return. My guess is they're both using similar upstream funds to do the actual investing.
Nope. Even if companies go under, you’re entitled to your stocks. Only things you can control are taxes, expenses, and risk. Hiring fidelity or HSBC helps you manage your risk (or at least what they determine to be your risk) so all you can do is minimize taxes and expenses
Thanks, appreciated.
No worries! If you’re looking for a managed service specifically, I’d look at wealthfront or betterment. The cost is 0.25% annually and the tools are comparative if not better than both Fidelity and HSBC. If you’re willing to put a little effort, managing yourself is easy