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View Diary: Ten stories of people moving their money, despite bank efforts to stop them (199 comments)

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  •  What Alternative for Retirement Accounts? (0+ / 0-)

    I am proud  (i.e. "smug") to say that I have never had any savings or checking account with any institution other than a credit union.  I got my first account at age 12 at one associated with my mom's work, and could never see why anyone would have an account anywhere else.

    But my mom is now retired, and although she is a lefty, she has a multi-faceted collection of funds and such with Schwab, which includes a checking account.  She rationalizes keeping it by saying, "They're okay, they pay their taxes."  I don't know what she exactly means by this, but I don't want to get into that argument with her just yet, especially when she has a better one with "How do I move my entire portfolio into a credit union?  Are they permitted to even manage this kind of stuff? Aren't my only real choices other institutions that are the same as or worse than Schwab?"

    This question must also face many retirees.  After all, moving the entirety of one's life security from one place to another en masse must seem inconceivably risky.  So I ask this community:  Is Schwab, or any institution dedicated to managing retirement accounts, better than others?  In the same way a credit union is the obvious alternative to banks for basic savings and checking?  What can my mom and others like her do?  Especially considering the relationship she's had with her advisor at Schwab, which she is reluctant to give up and which would need to be replaced?

    (Of course, the answer will help me decide what to do with my own 401K I built up while working at a large company years ago, currently held at Fidelity.)

    Thanks in advance.

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