I’ve had Schwab for 3 years. When my dad passed away he had IRA accounts at Vanguard and Schwab. In the past I had 401k accounts with Vanguard and liked their fund choices, low costs, etc. I was disappointed when we were trying to transfer the accounts to my sister and myself… their customer service is very nice and polite – but incompetant. We had to resubmit the same paperwork multiple times. (Including certified death certificates.) My dad died at the peak of the market – and we were unable to access the accounts (to move it to cash till we figured out what to do with it) for several months. This lack of customer service turned both my sister and I against Vanguard. Not their funds, but using them as a brokerage.
Schwab was the polar opposite. They made the transfer of the accounts to the benificiaries painless. They advised us on our various options (managed accounts, self directed accounts, etc.) They were up front with the fee structures. I have a checking account with them that is hassle free. (Although it’s not my primary checking account.) I’ve recently moved some of the IRA money into a managed account – and I’ve been very pleased with the low cost and decent performance.
I have a Schwab Financial advisor assigned to me – she offers as much or as little advise as you want. Since I manage most of my own money I talk to her once per quarter and when I want to take the IRA RMD out. My sister talks to her closer to 2xMonth because she has different goals/timeframes – needs more advice.
Low cost – good customer service… it’s made me a Schwab loyalist.
