With the recent news that Capital One Investing will be sold and migrated to E-Trade, I've been looking at what my options are. E-Trade has said they dont plan to offer the same kind of dollar based investing services that Cap One Investing currently offers which makes me want to consider moving before the migration. I have an IRA, a custodial account and a personal account at Cap One.
Folio offers dollar based investing, but they also charge either $15 a quarter ($60/year) for a low trading activity account or $290 a year for one of their unlimited accounts. I'm not a big trader, so I'd probably be a Basic plan candidate, which means I'd pay $10 for trades and another $60 a year. I really hate the idea of being charged a service fee for investing with a brokerage, but I do like that they have dollar based investing and other services to manage multiple accounts. Just out of principal I'm willing to walk away from considering Folio solely because of the fee.
Fidelity seems to be about the most attractive choice given that they dont charge an account fee and they offer all different types of accounts and a banking option as well. They dont have dollar based investing, and while thats not a dealbreaker its still a feature I really like as a way to build up positions in higher priced stocks. So far I'm leaning towards Fidelity just because of the overall offering, their credibility and the reviews of other users who seem to swear by them.
I have a couple accounts with Ameritrade already and I like them, but they also dont offer a dollar based investing service. Their fees are a little higher, and frankly I'm a little perturbed that they changed their list of commission free etfs recently. All said and done, they provide a good service it just doesnt have the lower fees, the accounts dont earn very good interest on uninvested cash, they dont offer dollar based investing, and I think that Fidelity beats them out in an apples to apples comparison.
Then there's Stockpile, a dollar based investing platform which might be the perfect place for my individual portfolio. They offer DRIP and a $4 trade fee. This is essentially the same pricing as Cap Ones automatic investment plan. However, I'm skeptical of newer businesses, especially in the fintech space and I dont know if I trust this company enough to move my personal portfolio over to them, but they do offer nearly the exact same service I've come to love with Cap One.
So thats the dilemma I'm going through at the moment. I have time to consider my options before making any kind of migration, but I know for sure I'm not feeling comfortable with being forced to be a part of E-Trade. Are any of you guys considering the same kind of move and if so, what have you narrowed down your choices to and why? Are there other brokerages with no account fees and low cost trades that offer dollar based investing like Cap One? I'd love to hear what you guys are thinking about and your recommendations.
Submitted February 05, 2018 at 12:25PM by Bongstradamus http://ift.tt/2GSqP3Y
