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I have heard several times in the past that this is a good reason NOT to keep all your mutual fund holdings at one brokerage house, or in one fund family. Disclosure: I currently hold mutual funds at both Fidelity and Vanguard.

I used to spread things around between Vanguard and Fidelity, plus a couple of others. Around 12 years or so ago, I moved everything into Vanguard. When I retired, I rolled my 401k into a Vanguard IRA. I guess it's possible for Vanguard to collapse, but I think it unlikely in the extreme. If they were to tank, then it's a sure bet most of the others already would be in the tank. Who knows, though. I'm comfortable with Vanguard. Until they do something stupid, I'll stick with them.
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