Compare 2-yr T-Note (regular) to 2-yr FRN:
2-yr T-Note (regular) 4.92% (fixed; 8/18/23)
2-yr FRN 3-mo T-Bill yield (5.55%, 8/18/23, but will vary weekly) + spread (around +12.5 bps at 8/23/23 Auction).
So, you will start out with an edge of 63 +12.5 = 75.5 bps with FRN.

”An 8 mile walk to speak with someone does not seem convenient. “
Could ride a bike - weather permitting. Less than an hour round trip by bicycle, and the exercise might help extend your period of active participation in the game of investing here on Earth. Yes, our heirs will be deeply begrieved upon our passage. Plenty on their minds. I’d like to think 1 or 2 central depositories for our earthly accumulations would be less stressful to deal with than 7 or 8. However, a lot depends on how investment savvy and up-to-speed they are.
To wit - The above would be only a secondary consideration in the decision to centralize more. The primary concern ought to be whatever works best for you. I’ll tell you the move to a brokerage was bumpy. Began with T. Rowe bouncing a check on what should have been a seamless transition to Fidelity. That was immediately followed by suspension of normal trading privileges for 90 days. Somehow I lived through it all with the gracious help of many here.

@Ben, I do believe your mind was already made when you posted. Stick with what you already think is best. But, over the years, there have been 10x the positive posts about brokerages such as Fidelity and Schwab then negative. I wouldn't dwell on the one bad experience someone may have posted with a telephone call that didn't go well when most have never had that bad experience. But, as stated before, if you are comfortable with holding many direct-house investments, stick with it.
And again, when you can walk into an office and talk with someone at the brokerage for guidance, that is a big plus - at least to me. You aren't going to do that at 7 different fund families.

It's the other way round. My mind was made up for many years before I made the post. Then when I began reconsidering, I thought it would be a good idea to find out what I was not seeing. So I decided to ask. And the result has been rewarding. The most compelling argument in favor of a brokerage I've heard is having mercy on the executors of my estate. They will have a lot of other things to do and making their job easier is a kind thing for me to do.
Convenience for me while I live? So far I'm not convinced.
The nearest Fidelity office is four miles from my home. There is no parking whatsoever around there. An 8 mile walk to speak with someone does not seem convenient.

Don’t think rate hike has peaked and the FED starts to pause. Given the strong labor market, low unemployment rate and heathy consumer spending, inflation will remain above 2% FED target. Thus, there is a good likelihood of another round of rate hike is coming later this year.
When FED pivots and starts to cut rates, all bond instruments will be affected. At that point I will sell T bills and cash towards long term bonds as their bond price will appreciate.

+1

After many bad experiences with Vanguard from top to bottom, I left a dozen years ago for Fidelity and have not regretted the choice once.

Literally or figuratively a dozen years ago? The reason for the question is that around 14 years ago (2009) Vanguard dropped Pershing as its clearing house and started self clearing. Virtually all the comments I read said that this was a major improvement.
https://www.investmentnews.com/vanguard-to-leave-pershing-and-self-clear-19277

@Ben, I do believe your mind was already made when you posted. Stick with what you already think is best. But, over the years, there have been 10x the positive posts about brokerages such as Fidelity and Schwab then negative. I wouldn't dwell on the one bad experience someone may have posted with a telephone call that didn't go well when most have never had that bad experience. But, as stated before, if you are comfortable with holding many direct-house investments, stick with it.
And again, when you can walk into an office and talk with someone at the brokerage for guidance, that is a big plus - at least to me. You aren't going to do that at 7 different fund families.

a married couple filing jointly may exclude twice the given limit.
This makes it sound as if a couple gets a combined exclusion that's double the individual exclusion. That's not quite accurate.

The exclusion is available for the taxpayer and his/her spouse; however, each must qualify on a separate basis.

From instructions for GA state income tax Schedule 1 subtractions.
https://dor.georgia.gov/document/document/2022-it-511-individual-income-tax-booklet/download
More importantly, the Feb 3, 2023 report puts this tax break in perspective by identifying the taxpayers targeted for this benefit:"PUBLIC BENEFIT  The exclusion provides relief to lower-income retiree households..."
No matter. There are lots of people who don't benefit from this break - because they're not lower income, or because they're not over age 62 (retired or not), or maybe they don't live in Georgia all the time if at all.
Even if the difference is 0.2-0.4% annually why bother?
Good question. Why bother making a point of such a small difference?

Looking at treasuries at Schwab with a maturity of 9/15 to 9/30 and I see YTM of 4.09 to 5.066. I will stick with my Schwab Treasury Obligations Money Fund – Ultra Shares (SCOXX) that pay "only" 5.2%

I've a feeling I'm the big outlier here...66% of my investments are in 1 stock. Though my portfolio is for sure unlike any here....15% wine & spirits, 10% cattle, around 1% mutual funds, and the rest rental real estate.

Still growing my single-stocks. Biggest holdings are right now at 4.84% and 4.1% of my overall total. I could certainly see putting maybe 8% or higher of my total in those two. Good dividend payers, solid track record. I'm holding a total of 5 stocks. Gonna get rid of one particular loser after the week-end. 4 to 5 stocks might be a sweet-spot for me. KISS the thing.

Most funds can be bought directly with a $2.5k minimum. Some as low as $1k. For simplicity, I chose TRP brokerage--- because my T-IRA was already there. But TRP won't let you invest in someone else's mutual fund unless you come up with a $5k minimum. That's double of what the fund house demands. Stinky-poopy.
I'm pretty much always fully invested. I don't wanna take $5k from Peter to give to Paul, just in order to start a mutual fund position. I don't make many changes within the T-IRA. I use the brokerage for single stocks.
The T-IRA is no longer being added to. I am deliberately growing the stuff in the brokerage account. Until I started with single stocks, I found it easy to deal with the different fund houses. There were never very many. DoubleLine, TRP, Mairs & Power.

.
One comment you made though has me baffled:

1) That's good if the agents are able to follow instructions and move the money from the MM sweep account into a new investment vehicle at the right time. But that does not always happen.

There is no interaction with agents when making a transfer or trade. Transactions are a couple keystrokes away from being applied instantly for stocks and ETFs, overnight for mutual funds.

My experience with (with Vanguard Brokerage) was different. I did the right keystrokes but the next day the money was put in the wrong place. I then had to contact an agent. And another and then a supervisor and then the supervisor's supervisor. After about 9 months of a combination of playing dumb and actually being dumb Vanguard admitted the error, corrected the error, and made good on all the money I would have gained had they followed directions diligently and on the money they lost by being irresponsible. But they only did that because I contacted FINRA who wasted no time in contacting them and yelling Bad Doggie, or the equivalent.

(https://www.audits2.ga.gov/reports/summaries/retirement-income-exclusion/)
Published: February 3, 2023.. QUOTE: "In 1981, Georgia enacted an income tax exclusion for retirement income received by taxpayers aged 62 years and over. Currently, taxpayers aged 65 and over may exclude up to $65,000, while those 62 to 64 (as well as those permanently and totally disabled) may exclude up to $35,000. The exclusion applies to retirement income such as capital gains, interest, and pensions, as well as up to $4,000 of earned income. Limits apply to individual taxpayers, so a married couple filing jointly may exclude twice the given limit. The exclusion is intended to induce retirees to live in Georgia and provide a boost to economic growth."
=================
Even if the difference is 0.2-0.4% annually why bother? I look for an easy way to trade without any hurdles. MM is a great holding place until the next trade and when I'm in, I invest at 99+%.
Most of our money is in IRAs (Roth+Rollover) anyway.

"Cutting losses quickly and letting profits run" is the right way.
1) It took me about 18 years (1995-2013) to get it until I got to a nice-size portfolio. In those years I was invested at 99+%. When the funds I owned lagged, I just switched to better-performing risk/reward funds.
2) In 2013, I added 2 new rules based on quicker market movements. Sell any stock/allocation fund if it loses more than 6% from the last top and sell any bond fund with more than 3% loss.
3) In 2017, one year prior to retirement, I implemented a new system, trading mostly bond funds. I would sell any bond fund before it reaches a 1% loss from the last top. Trading in/out is based on the big picture(risk is very high=out, otherwise=in) + uptrends.
Basically, I could be 99+% in or out. It's not about relative performance anymore, it's about protecting my portfolio first.

Last year, SCOXX / SNOXX was only 18.8% state tax exempt (and 0% exempt in Calif., N.Y., and Conn.)
https://www.schwabassetmanagement.com/resource/2022-supplementary-tax-information.
Even in Georgia, with its 5.75% state income tax, after you chop off 5.75% x 5.2% x (1 - 18.8%) or 0.24% for state tax, one is left with less than a 5% return. Own Treasuries and the full yield is state tax exempt.

Good question @Ben. However, what’s more desirable for one person might be less desirable for another.
I held funds at as many as 5 different houses at one time. Perfectly workable. Over very long time horizons there was a reluctance to depend on any single fiduciary firm, advisor or money manager - not knowing how they might change or be affected by things beyond their control some day. However, when you’re down to your last 10-20 years of life and when the probable time to shift 100% into cash is 10 years away or less, than the advantage noted of spreading the money around among 4 or 5 different mutual fund fudiciaries houses ceases to be much of a factor. (Ie : I don’t expect T.Rowe Price or American Funds to go “belly-up” any time in the next 10 years.) Of course, it’s somewhat of an empty argument anyway because even if the firm failed, money inside a fund is supposed to be perfectly safe.
One thing having money at 5 different houses did was allow me to move in and out of different sectors pretty much at will. I began spreading my money around after the SEC got involved big-time is seeing that funds prohibit “excessive trading” around 2000 (following some very real abuses). ISTM they went overboard. So, for instance, if I wanted to sell some of my REIT, gold or natural resource holdings only two weeks after increasing the position at one fiduciary, I could lighten up at a different where I held a similar fund without running amuck of anyone’s rules. With ETFs now available and the ability to own / trade stocks or CEFs through a full service broker pretty much at will, that concern has faded. Now (for me, anyway) it’s mutual funds for the really large, dominant long-term positions and ETFs or CEFs for the areas I’m apt to trade.
But, hey - if it works for you don’t change it.
@msf said: ”A minor plus of buying directly is the ability to do Roth conversions (within a single family) by dollar amount rather than in number of shares as brokerages require.”
Nice reminder … I did a “quickie” conversion of 100% of holdings at D&C and Oakmark in early March ‘09. Phoned each on a Friday afternoon as markets plummeted. They explained everything and emailed links to the necessary documents the same day. Got the paperwork into USPS overnight mail Monday morning. Wasn’t a lot of time to be terribly fussy about what to convert, if anyone remembers what the beginning of March 2009 was like.
@Ben - One big advantage of staying with the various houses is ability to trade without worrying about “early redemption” fees (in most cases anyway). With NTF funds at Fido anything sold within 60 days incurs a fee, and with some brokerages it’s 90 days. Also, fund to fund exchanges are a bit faster at a house. Only by about 1 extra day, however, based on my experience with Fido.

When you get to a certain asset level, larger fund houses may give perks. T Rowe Price will let you into its closed funds (like PRWCX) if you maintain $250K there. And at $500K, they will sell you cheaper institutional class shares (e.g. TRAIX) at "just" a $50K min.
At Vanguard, you can buy Admiral class shares that most brokerages don't sell. And at the Flagship level ($1M in Vanguard funds) you get 25 free trades per year of other family funds. That's really a brokerage perk layered on top of buying Vanguard funds directly.
Then there's BRUFX, not available at brokerages at any price.
A minor plus of buying directly is the ability to do Roth conversions (within a single family) by dollar amount rather than in number of shares as brokerages require. Direct ownership of a bond fund often comes with the ability to write checks directly against the fund (though tax implications of that can be messy).
Brokerages often waive loads (NTF) or give you access to lower ER institutional class shares with lower mins (TRP and Vanguard aside). They make bookkeeping a bit easier (single 1099, all assets in one place). They often have better cash management services (bill pay and such).
Regarding executor work - been there, done that. I was certainly capable. It was nevertheless a chore to deal with more institutions, getting more letters testamentary, doing several mailings. It's not so much a matter of feasibility as it is of ease.
My personal preference is to use brokerages (as few as possible) for convenience and access to I class shares. But to buy funds with limited access or to buy cheaper share classes I'll deal directly with the fund house if necessary.

All good points @Junkster and thank you for weighing in. I too became a believer in cutting losses early and to this day have not learned when to sell my winners (e.g. I bought Mickey D @$13 circa 2003 and still hold it) and see no magical prowess in hedge funds as you aptly pointed out. Everyone and anyone can have their bad days.

The first trading book I ever read, “How I Made $2,000,000 In The Stock Market” by Nicolas Darvas, taught me the precept of always cutting my losses and letting my profits run as well as the power of trading momentum, The book had a huge impact on my life so I am a believer. But……. Please note the article linked by the OP was written by a founding member of Long Term Capital Management. We all know how that turned out. Probably explains why he then took a 10 year sabbatical from the markets.
Also regarding hedge funds who are are glorified for employing the strategy of cutting losses letting profits run and momentum trading. Their long term performance compared to simply buying and holding the S@P is beyond woeful. See the link below to where depending on the time period the S@P won by a 3x to 4x margin. Bear markets, which are few and far between are where the hedge funds win. Even though even then they are still losers.
https://www.aei.org/carpe-diem/the-sp-500-index-out-performed-hedge-funds-over-the-last-10-years-and-it-wasnt-even-close/

It's all what you're comfortable with, but like WABAC, I have not encountered any of the disadvantages you suggest a brokerage has, @Ben. And if I have a question, I just call my contact advisor at our local office. I don't pay anything for that, and he is always willing to meet with me if I have questions or concerns. My IRA, the bulk of my money, is with Schwab. I keep a smaller 401k active. That was with TRP but recently moved to Merrill. I keep the 401k just for the sake of owning PRWCX.
One comment you made though has me baffled:

1) That's good if the agents are able to follow instructions and move the money from the MM sweep account into a new investment vehicle at the right time. But that does not always happen.

There is no interaction with agents when making a transfer or trade. Transactions are a couple keystrokes away from being applied instantly for stocks and ETFs, overnight for mutual funds.

I thought that this was an interesting article for one's investing digestion. Feel free to disagree. It's from SeekingAlpha for those who shun such things or have trouble accessing the information.
"Summary
° "Cutting losses quickly and letting profits run" (CLE-LPR) is arguably the single most popular piece of advice offered to professional traders at the start of their careers.
° In stock market investing, a CLE-LPR strategy has lead to higher returns compared to a static portfolio of stocks and T-bills with the same average exposure, over the past century.
° There is a close connection between CLE-LPR and Momentum-based investing.
° We explore some not-so-obvious reasons why many hedge funds are committed to the tenet of cutting losses early and letting profits run."
A Closer Look At 'Cut Your Losses Early; Let Your Profits Run'