Author Topic: Should I Combine My Brokerage Accounts (TD and Robinhood)?  (Read 942 times)

PJS

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Should I Combine My Brokerage Accounts (TD and Robinhood)?
« on: April 18, 2018, 01:57:29 PM »
I currently have two brokerage accounts, one with TD Ameritrade and one with Robinhood. I invest very little in individual stocks, all of which was in my TD account until recently. A few weeks ago I opened up a Robinhood account on a whim (and to get the free referral share). Now I'm debating if I should combine my two accounts on a single platform and close the other account.

Robinhood has a lot of benefits: no commission trading, easy to use app, etc. but is pretty bare-bones and doesn't allow automatic dividend reinvestment (yet).

TD is more robust, feature-wise and includes a dividend reinvestment program, but charges $7/trade (approximately).

I don't do a ton of trading, but I do own some dividend stocks.

Has anyone combined accounts or moved their portfolios to Robinhood?

Bill_

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Re: Should I Combine My Brokerage Accounts (TD and Robinhood)?
« Reply #1 on: April 18, 2018, 05:22:31 PM »
I would run as fast as you can away from Robinhood, not toward it.

Vanguard doesn't charge commissions on their ETFs.  TD Ameritrade, Schwab and Fidelity all have dozens of free, low cost ETFs.

ramengurl

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Re: Should I Combine My Brokerage Accounts (TD and Robinhood)?
« Reply #2 on: April 18, 2018, 06:33:42 PM »
Even if you don't trade frequently, opening an account in this regulatory environment is a hassle.  If you have both open and funding all setup and there are no inactivity fees I would keep both open.  Especially if I can recall correctly TD has really good research and options analyzing tool.  I used to keep my acct open with a penny just to access that tool.  Additionally, even if you don't trade frequently if something crazy should happen in market and you make some decisions that put your acct in a trade restriction you can easily just move to trade in the other account.  Even if you have really basic trading strategy and needs, each brokerage firm allows only one margin acct per SSN.  So if you want to divide accts up by strategy, having more than one brokerage firm acct is useful.
I don't have robinhood, but my guess its cheap because its bare bones aka bad customer service, potential IT issues that could be potentially a nightmare.  But if you trade very infrequently with no time sensitivity then it might not be an issue.  I just find from experience valuable to have backup acct.

PJS

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Re: Should I Combine My Brokerage Accounts (TD and Robinhood)?
« Reply #3 on: April 19, 2018, 07:27:12 AM »
I would run as fast as you can away from Robinhood, not toward it.

Vanguard doesn't charge commissions on their ETFs.  TD Ameritrade, Schwab and Fidelity all have dozens of free, low cost ETFs.

Robinhood seems pretty popular around here, what concerns do you have about it?

I'm familiar with Vanguard (it's where I have my Roth IRA) and I'm aware of the commission-free ETFs with TD (I own a few of them). I just don't understand the logic in paying commissions for individual stocks elsewhere, when I can do it on Robinhood for free.

If you're arguing against individual stock ownership as a whole, I understand that, but I don't understand concerns about the platform.

Aunt Petunia

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Re: Should I Combine My Brokerage Accounts (TD and Robinhood)?
« Reply #4 on: April 19, 2018, 02:13:11 PM »
I moved my individual stocks to Robinhood so that I could sell them off without paying commissions and move the money to Vanguard.  I haven't had any problems so far, still have about 14k in there because I don't want to realize the gains yet.