# Am I on too many investment platforms?



## isuhunter (Sep 23, 2020)

After seeing the HSA post I thought I'd ask my question. Hopefully this is the right spot, if not mods please move or delete as appropriate. Looking for guidance on how you guys handle your different accounts...

Currently my wife and I have...


Checking/Savings at US bank

Roth IRAs at Vanguard

Simple IRA at TDAmeritrade

401k at Merrill Lynch from former employer

401k at TRowePrice from current employer

401k at wife's current employer

IRA at Northwester mutual

Robinhood for fun money

2 - 529C accounts through college savings Iowa

3 - HSA accounts from previous and current employers
I feel like this is an absolute mess... I'd like to open a custodial account for each child but last thing I want is two more accounts

I'd appreciate anyone's thoughts.


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## Ware (Jan 28, 2017)

@isuhunter I like to consolidate where it makes sense. Some things you may not be able to (like current employer 401k, employer sponsored HSA, and state 529's) - but everything else (IRA's, brokerage accounts, etc) we keep at one place (Fidelity).

If you can put up with their phone calls, Personal Capital is a nice software that helps you see the big picture of all your accounts if they are spread out.

On the custodial accounts for each child, I really like the intent, but just keep in mind it technically becomes theirs the day they turn 18. Everyone's situation is different, but if there is even a remote possibility you would want to hold onto it longer, or withhold it altogether, you may want to consider other options.

We have brokerage accounts earmarked for each child that we budget some savings into each year - with the idea that we would like to do something like help them with a down payment on their first home to avoid PMI someday; however, those accounts are in our name, not theirs. If everything goes as planned, they will get that money, but it will be at a time of our choosing - and it will probably not be the day they turn 18. Or if something were to drastically change in our financial situation between now and then, I think it's important to make sure we take care of us first - so we don't become a financial burden to our children.


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## Grass Clippins (Apr 30, 2018)

@isuhunter Custodial accounts will also negatively affect a child's ability qualify for student loans.


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## dfw_pilot (Jan 28, 2017)

@isuhunter, yes, IMO, you have too many.

Do you have some good, low cost index funds in your current TRowePric_ey_ 401(k)?

If so, I would:

1) Roll over your current Traditional IRA at NW Mutual into your current 401(k).

2) Roll over your Merrill Lynch 401(k) into your current 401(k).

3) Roll over your Simple IRA into your current 401(k).

The reason for the IRA consolidation will help you in any future Backdoor Roth contributions. It will also make it easier to see your true asset allocation and make rebalancing easier.

Do you have some good, low cost index funds in your current Employer HSA?

If so, roll your old HSA into your current one. You can do one rollover per year. If your current employer does NOT have good low cost index funds in the HSA, or if you don't spend all of your HSA each year, I would put it all in a free and low cost investment option in the Fidelity HSA. Again, if your employer HSA stinks, you can take what they give you and roll it out to the fantastic Fidelity HSA once per year.

You are smart to have your Roths at Vanguard. I'd ditch the Robinhood account and get more serious with a taxable brokerage account at Vanguard.

Finally, I'm not against UTMA accounts as long as you go in with your eyes open. However, I personally just save in my taxable account and keep the money for my kids wedding/first home/20's fund separated with my spreadsheet.

For further reading, check out my other strong opinions at the Retirement Investing thread. 

Cheers, and happy investing,

dfw


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## isuhunter (Sep 23, 2020)

Great feedback guys!!!

I'll do some research tonight and tomorrow!


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## CenlaLowell (Apr 21, 2017)

Yes I would say you have too many. I always try to consolidate my accounts. Now I have

Old job 401 troweprice
New job 401 mass mutual
Brokerage account Vanguard
Savings/checking regions bank


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## dfw_pilot (Jan 28, 2017)

CenlaLowell said:


> Old job 401 troweprice
> New job 401 mass mutual


Can you reduce this equation any further?


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## CenlaLowell (Apr 21, 2017)

dfw_pilot said:


> CenlaLowell said:
> 
> 
> > Old job 401 troweprice
> ...


I've been talking to mass mutual about bring my old 401 k over. I'm thinking next week we should be able to transfer everything. Only thing Ive been undecided about were the funds and if they were equal to one another. Mass mutual I'm in the fidelity funds so 2045 fund, index fund, etc and with troweprice I'm in their 2045 fund, growth fund, etc


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