Is It Smart to Keep All Your Investments With One Firm?

Summary

Ramsey Everyday Millionaires: Episode Summary Episode Title: Is It Smart to Keep All Your Investments With One Firm?
Release Date: July 7, 2025
Host/Author: Ramsey Network
Featured Hosts: Dave Ramsey, Ken Coleman, Rachel Cruze, George Kamel, Jade Warshaw, Dr. John Delony

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Introduction

In the "Is It Smart to Keep All Your Investments With One Firm?" episode of Ramsey Everyday Millionaires, the hosts dive deep into the common concern about consolidating investments within a single brokerage firm. The discussion offers valuable insights into diversification, asset allocation, and navigating relationships with financial advisors to optimize wealth growth and preservation.

Caller’s Concern: Consolidation vs. Diversification

The episode kicks off with a listener, identified as Amy from Los Angeles, reaching out with a pertinent question: “Is, are we doing the right thing by having all of our money in the same brokerage firm?” (00:20) Amy expresses her apprehension about the age-old advice of not putting all her eggs in one basket, especially concerning her and her husband's retirement and regular investments.

Expert Advice: Diversification within a Single Firm

George Kamel responds by clarifying a common misconception about diversification. He states, “When we say you don't want all your eggs in one basket, that doesn't mean it can't be with a single firm. We're just saying don't invest in a single stock.” (01:03) This distinction highlights that holding diversified assets within one brokerage, such as mutual funds and bonds, aligns with prudent investment strategies without necessitating multiple firms.

Asset Allocation: Equities vs. Bonds

The conversation shifts to asset allocation, particularly the balance between equities and bonds. George elaborates on the importance of maintaining a diversified portfolio within the brokerage firm, emphasizing, “What got you here is what's going to keep you there.” (02:21) He critiques the traditional advice of shifting to more conservative investments like bonds as one ages, arguing that staying heavily invested in equities can lead to better long-term growth. George warns, “If you move all your money to bonds while the markets get 23% returns, you're going to get a 6% return and be saying, where I didn't get a return on my money.” (02:21) This perspective encourages listeners to focus on growth-oriented investments to sustain and enhance their wealth over time.

Engaging with Financial Advisors

Amy shares her journey of becoming more involved in her finances and the challenges of questioning her long-standing financial advisor. George advises, “If they're unwilling to answer, they get defensive. They might not have the heart of a teacher. It might be time to find a new financial advisor.” (03:28) He underscores the importance of understanding one's investments and being proactive in managing one's financial future. The hosts commend Amy and her husband for their substantial net worth of $2.2 million, including a diversified portfolio within their brokerage firm.

Additional Resources

Towards the end of the financial discussion, when Amy inquires about further education, the hosts enthusiastically recommend their free investing class. Ken Coleman remarks, “Yes, because it's free and it'll really help you out. It's awesome.” (04:10) This endorsement provides listeners with an actionable step to deepen their investment knowledge and make informed financial decisions.

Conclusion

The episode concludes with a reaffirmation of the importance of diversified investments within a single brokerage firm and the value of staying informed and engaged with one's financial strategy. The hosts encourage listeners to utilize available resources and maintain open communication with their financial advisors to ensure their investment strategies align with their long-term wealth goals.

Notable Quotes:

• George Kamel: “What got you here is what's going to keep you there.” (02:21)
• George Kamel: “If you move all your money to bonds while the markets get 23% returns, you're going to get a 6% return and be saying, where I didn't get a return on my money.” (02:21)
• Ken Coleman: “Yes, because it's free and it'll really help you out. It's awesome.” (04:10)

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Additional Information:
For personalized investment advice, listeners are encouraged to connect with a SmartVestor professional via Ramsey Solutions. Ramsey Solutions promotes participating professionals and offers resources to help individuals achieve their financial goals.

Transcript

[A]

This episode is brought to you by SmartVestor. Connect with an investing pro near you at RamseySolutions.com SmartVestor Amy is in Los Angeles, California.

[B]

Amy, how can we help today?

[C]

Hi. Hello. Thank you for taking my call.

[D]

Sure.

[C]

I just started listening to you guys this year and I have learned so much. My question is, is, are we doing the right thing by having all of our money in the same brokerage firm? So my husband, we've got some retirement in there, and then we have some regular money. I've always been taught, don't put all of your eggs in one basket.

[B]

That's right.

[C]

What's the right thing?

[B]

Who told you that?

[C]

You know what? Just growing up, I can tell you. Exactly.

[B]

Exactly. No, I think it's great advice and we agree with that, especially when it comes to investing. George.

[D]

Yeah, well, you're talking about a brokerage firm. You're not talking about what is the asset that's in these accounts. What are you investing in as far.

[C]

As, like the mutual funds and all of that? The breakdown of that.

[D]

Yeah. When we say you don't want all your eggs in one basket, that doesn't mean it can't be with a single firm. We're just saying don't invest in a single stock.

[B]

Did you mean fund or did you mean firm?

[C]

It's a firm. It's a firm. It's a. It's a very large brokerage firm.

[B]

But they've got you invested. Are you diversified within them?

[C]

Exactly. Yes, we are.

[D]

Okay, then you're fine.

[C]

You're fine in.

[D]

Yeah, let's say you have all your money with Vanguard or whoever. It. That's not the issue. It's. The issue is when you have all of your money in. Tesla and Elon got in a fight with Trump and now Tesla Stock is down 16%. And that's your entire nest egg.

[B]

That's from the head.

[D]

That's what we're avoiding here.

[C]

Yeah.

[D]

So when you say you're investing in a fund, is it mostly equities versus bonds?

[C]

You know what? I'm not so sure. Equities. Explain that. Stocks.

[D]

So that would be stocks versus bonds.

[C]

Oh, oh, oh, oh. Okay. So we have mutual funds, and then we have some of it in tax bonds because we had to pay a lot of tax last year. We did have it in a credit union. And then my husband, after we pay all the taxes, he put it into tax free bonds. And then a good part of it is in a 60, 40. Mutual funds, bonds. So there's three parts to this whole equation in the brokerage firm.

[D]

How old are you two?

[C]

I'm 59 and he's 64. He is retired.

[D]

Okay. So depending on who you talk to and what financial advisor you're working with, you know, they tend to say, hey, over time you want to switch to more conservative investments, meaning moving your money out of stocks and equities and into bonds. And Dave Ramsey himself disagrees with this asset allocation theory for a simple reason. What got you here is what's going to keep you there. And so if you move all your money to bonds while the markets gets 23% returns, you're going to get a 6% return and be saying, well, where I didn't get a return on my money. Yeah, because you basically left the market. And so we, we advocate for being more heavily in equities because over time we've seen that that's going to be your best bet to keep your wealth and grow it instead of just maintain it. Do you work with a financial advisor now?

[C]

We do. He does. We. I'm, I'm new. I. I come from a family of spenders, and my husband's always been smarter with money than I have. So, I mean, I'm lucky that we are where we are today because of him. It's just that now I'm. And getting more involved, and so I'm just, I'm questioning him. So we kind of go back and forth.

[D]

I love that. I just want to get to all of the questions.

[C]

Okay.

[D]

And if they're unwilling to answer, they get defensive. They're not. They don't have the heart of a teacher. It might be time to find a new financial advisor. But I love that you're digging in and learning this stuff. It's never too late. But I want you to understand what you're investing in and why. That's the key. So you may have a little homework to do. What is your net worth? What or what's the total nest egg?

[C]

For both of us, it's 2.2 million. And that's including everything. But that's not. The 1.6 is in the brokerage firm. And then, you know, based on our house and we have in the bank and everything.

[B]

Yeah, you know, you've done well.

[C]

Keep it up.

[B]

You've done well.

[C]

I want to keep it up.

[B]

Yeah, you will.

[C]

Can I ask one more quick question, you guys?

[B]

Ten seconds.

[C]

Okay. In investing, would it help me to do your class on investing, the one that you just added?

[B]

Yes, because it's free and it'll really help you out. It's awesome. You love the free stuff, don't you? Amy? The answer is yes. We all do.

[A]

Thanks for tuning in to Ramsey Everyday millionaires. Need help with your investments? Connect with a smartvestor [e-mail] smartvestor or click the link in the show notes. Ramsey Solutions is a paid non client promoter of participating pros. Learn [e-mail] SmartVestor.