I just opened a new Vanguard Account. The process took about 10 minutes and was very easy. The only thing to be aware of is that a new account requires a minimum of $3,000. for each fund that is opened. The great thing about Vanguard is the account expense fees are very low. Most of the mutual funds at Vanguard have an expense fee of around 0.20%. Mutual funds generally have fees in the 1% range. So the savings are substantial.
I decided to open the Vanguard account in order to diversify my portfolio and reduce risk just in case another major financial institution goes broke. I currently have an E-Trade account that is used to purchase stocks that focus on dividend yield. I also have a Merrill Lynch Account that is professionally managed.
I will post my mutual fund strategy in the next blog.