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    Brokerage Picker

    Where your retirement money lives. Pick wisely.

    For most retirees

    Pick ONE big broker (Vanguard, Fidelity, or Schwab) and consolidate. They\'re all SIPC-insured, all charge $0 commissions on stocks/ETFs, all offer help over the phone. You don\'t need accounts at three different places.

    Vanguard

    Best: Best for "buy and hold" investors. Inventor of the index fund. Lowest fund expense ratios in the industry.

    Cons: Older, slower app. Phone support is hit-or-miss.

    Fidelity

    Best: Best all-around. Excellent app, strong research, free phone support, free identity protection. Great for retirees.

    Cons: None major.

    Charles Schwab

    Best: Best customer service. ATMs reimburse worldwide (free for international travelers). Strong research and education.

    Cons: Few — top pick for service-focused users.

    TD Ameritrade (now Schwab)

    Best: Merged into Schwab in 2023. Existing accounts unchanged.

    Cons: Just use Schwab.

    Robinhood

    Best: Sleek app. Free trades. Aggressive marketing.

    Cons: Designed to make trading addictive. Hidden costs in "payment for order flow". For investing, not for retirement.

    E*TRADE

    Best: Solid old-school broker. Now owned by Morgan Stanley.

    Cons: Apps not as polished as Fidelity/Schwab.

    Interactive Brokers

    Best: Best for active traders. Tightest spreads. Best international stock access.

    Cons: Complex for beginners.

    Should you consolidate?

    If you have accounts at 3-4 brokers from old jobs and IRA rollovers — consolidating to ONE saves headaches:

    • One statement, one tax form.
    • Easier RMD calculations.
    • One login for spouse/heirs to learn.
    • Sometimes better client tier (Fidelity Premium, Schwab Pinnacle) at higher balances.

    To consolidate: at the receiving broker, fill out an "ACAT transfer" form. Brokers move the assets in 5-10 days. No tax event for "in-kind" transfers.

    A word of warning on advisor fees

    If a "financial advisor" charges 1% of assets per year — on a $1M portfolio that\'s $10,000/year. Over 20 years of retirement: $200,000+ to that advisor. Often you can do better with a fee-only fiduciary (one-time $300-1000 plan) plus self-managing simple index funds.

    Fee-only fiduciaries: search NAPFA.org. Vanguard Personal Advisor at 0.30%/year is also popular and much cheaper than the typical advisor.

    Where to start

    If you don\'t have a broker — open a free Schwab or Fidelity account. Both are excellent for retirees. Vanguard if you\'re happy holding a few index funds and don\'t need much hand-holding.