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I think it depends on many considerations. If the amounts are indeed large, you may want to have several accounts at different firms for reasons of diversification. An IRA brokerage account for example is insured, but if you have a covered loss, you will not get your money immediately--maybe not for months. Multiple accounts gives you more options in the event of an unforeseen crisis.

So if your accounts will be large enough so that annual maintenance fees are less than 0.2% or so, I would have three (or more) accounts at different firms, in different businesses, and in different geographical regions.

One way to do this is to keep your 401K for now, if it is a good one.
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