I think in this competitive world, it all comes to what my bank or my broker offers me. Most of the FT members are very smart. We share experience here at FT and read DoC, TPG and other blogs. We are somehow different from the older generation, which is more relation based.

With all the bank FDIC insurance and broker SIPC insurance etc, the risk by staying with few major banks/brokers are pretty much none to most people. Of course, some probably do not want to "keep your eggs in one basket" to put all the $100 millions with just one bank or one broker. But those people are few and they certainly have the resources to hire investment advisors to sort that out. And they do not need to read FT....

But if BofA Preferred Rewards offer good rewards, I'll be happy to park $100K there. If I can maximize all the benefits at CitiGold, I'll be happy to park some money there too. The same with Chase CPC, Wells Fargo PMA. Wish Fidelity and Schwab offer something similar, but they do not.

So some people like to spread out to maximize the benefits. Some like to stick with one or two banks to enjoy a simpler life. It is all good. It is all people's own choices.