Yes, there’s no legal limit on how many brokerage accounts you can maintain, and in some cases, having multiple accounts can actually make sense. Some investors use several accounts to separate their goals, access different platforms or take advantage of special promotions. There are potential drawbacks to multiple brokerage accounts, though, like added complexity, duplicate paperwork and the risk of losing track of your overall portfolio.
A financial advisor can help you determine whether multiple brokerage accounts fit your strategy and ensure that all of your accounts contribute to your financial goals.
Why You Might Want Multiple Brokerage Accounts
Investors may choose to open more than one brokerage account for a variety of different reasons. Here are some of the common benefits of having multiple accounts.
Access to Different Platforms and Tools
Not all brokers offer the same services. Some specialize in options trading, cryptocurrencies or futures, while others focus on low-cost index funds, robo-advising or research tools. By maintaining accounts at different firms, you can access the unique features of each platform and tailor your investments accordingly. For example, you might use one account for active stock trading and another for long-term, passive investing in mutual funds.
Separating Investment Goals
Having multiple accounts makes it easier to track specific financial goals. You might have one account earmarked for retirement, another for a child’s college fund and a third for shorter-term savings like a down payment. Keeping these goals in separate accounts can help you organize your finances and avoid accidentally mixing funds intended for different purposes.
Taking Advantage of Promotions & Fees
Brokerages frequently offer sign-up bonuses, reduced fees or special margin rates to attract new clients. Opening more than one account can allow you to take advantage of these incentives. It also gives you flexibility to compare fee structures and minimize costs by allocating your investments to the most cost-effective platform.
Downsides of Having Multiple Brokerage Accounts
While having several accounts can offer benefits, it also comes with potential drawbacks.
- Complexity and administrative burden: Juggling multiple accounts means managing more logins, account statements, tax documents and passwords. This added complexity can create administrative headaches, especially at tax time when you’re collecting 1099 forms from each firm.
- Tracking your overall portfolio: It’s easy to lose sight of your true asset allocation when your investments are spread across different accounts. Without a way to aggregate your portfolio, you might end up with too much risk or unnecessary overlap in your holdings.
- Insurance and security considerations: The Securities Investor Protection Corporation (SIPC) insures up to $500,0001 per account type, per brokerage, not per account. That means if you hold several accounts at one brokerage, your total coverage still tops out at $500,000 for securities and $250,000 for cash. Spreading accounts across different firms can help you stay within insurance limits, but it doesn’t eliminate the need for careful planning.
Types of Brokerage Accounts You Can Open

There are several different types of brokerage accounts that you can open, depending on your financial needs or investment goals.
1. Individual or Joint Accounts
You can open an individual account in your own name or a joint account with a spouse or partner. Joint accounts come with different ownership structures, such as joint tenants with right of survivorship or tenants in common, each with specific legal and tax implications.
2. Retirement Accounts
Alongside taxable brokerage accounts, you can maintain tax-advantaged retirement accounts like traditional or Roth IRAs. Keeping these different account types can help you manage tax strategies while maintaining flexibility for various time horizons.
3. Specialty Accounts
Trust accounts, custodial accounts for minors and brokerage accounts in the name of a business are other options. These can help you manage assets for estate planning, children’s education or business operations, respectively.
What to Know If You’re Considering Multiple Accounts
For many retail investors, one well-managed brokerage account is sufficient. Keeping everything in one place can simplify record keeping, reduce fees and make it easier to oversee your overall portfolio. If you prefer simplicity and don’t have specialized needs, consolidating your investments into a single account can save time and lower the chance of errors.
That said, there are advantages of having multiple accounts. If you choose to open more than one brokerage account, you’ll want to take some steps to stay organized. For example, you can:
- Use a portfolio tracking tool to see all of your investments in one place.
- Automate logins and securely store passwords for each account.
- Make sure your investment strategy is coordinated across accounts, so you’re not inadvertently duplicating holdings or missing out on opportunities.
- Align each account with specific goals like retirement, education or trading, so you know exactly what each is for.
Bottom Line

So, can you have more than one brokerage account? Absolutely. There’s no legal limit, and opening multiple accounts can offer advantages like access to specialized platforms, clearer goal tracking and promotional perks. However, the added complexity means you’ll need to stay organized and vigilant about your overall portfolio and tax implications. For many investors, a single, well-structured account may be enough.
Tips for Investing
- A financial advisor can help you have a better understanding of the right accounts to use for your own investment plan. Finding a financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with vetted financial advisors who serve your area, and you can have a free introductory call with your advisor matches to decide which one you feel is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
- Curious what your risk profile should be for your own investment profile, consider using an asset allocation calculator.
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Article Sources
All articles are reviewed and updated by SmartAsset’s fact-checkers for accuracy. Visit our Editorial Policy for more details on our overall journalistic standards.
- Corporation, Securities. SIPC – Investors with Multiple Accounts. https://www.sipc.org/for-investors/investors-with-multiple-accounts. Accessed 30 July 2025.