Between 401k, IRAs, taxable long term brokerage accounts, trading/gambling accounts, checking (and mortgage / credit card but probably not applicable here) I’m involved with 5-7 different financial institutions. I think I can consolidate 3-4 brokerage accounts and maybe checking into Fidelity or Schwab.

Is there a reason not to do this? Or a reason to keep checking separate at least? I’ve heard some theories that you don’t want to be in trouble if one institution freezes your account for some reason so that you have no access to your money, but I’m not sure if that’s realistic. I would love to simplify everything to one institution, assuming there is no risk in doing so.