Who to use? Fidelity, Schwab, Vanguard?

[Dtail]

Quote:

Originally Posted by Threepeaks Between the 3 being discussed, we went with Vanguard as they seemed to have the cheapest expenses (and I was handling the picks myself). I am looking for a sanity check as to my investments in current times. Called Vanguard line as was told to use their automated "question and answer" driven format to get standard recommendations. I then contacted their "business" center to see if I could arrange a fee based "appointment" to discuss. Was told they don't do that but could be assigned a financial advisor continually monitor at the standard fee. How does it work at Fidelity or Schwab? Is there another more independent element that you can get a one time consultation from? Many thanks for any input.

As part of the Private Client designation at Fidelity (over 1m), I am assigned a financial advisor with whom I can ask for any advice for free, as he knows I am a DIY investor. Thus there are no management fees for me. In addition, I can call anyone else on the generic line for free advice.
Not 100% sure if there would be a charge for a one time consultation.

[Brat]

One factor that hasn't been addressed is how to access services late in retirement. I have noticed that my 80 yo DH gets easily frustrated when managing accounts online or by phone. This frustration includes credit cards, banking and (as a result of being a victim of an errant driver) car and injury claims. I am the point person when managing our Vanguard accounts but I need to consider his needs too going forward. Fidelity has two offices in my metro area. If he has a need he can always go to one of those offices to resolve any question.

[24601NoMore]

Quote:

Originally Posted by Threepeaks Between the 3 being discussed, we went with Vanguard as they seemed to have the cheapest expenses (and I was handling the picks myself). I am looking for a sanity check as to my investments in current times. Called Vanguard line as was told to use their automated "question and answer" driven format to get standard recommendations. I then contacted their "business" center to see if I could arrange a fee based "appointment" to discuss. Was told they don't do that but could be assigned a financial advisor continually monitor at the standard fee. How does it work at Fidelity or Schwab? Is there another more independent element that you can get a one time consultation from? Many thanks for any input.

We did a plan through Vanguard - was not impressed. It was very "cookie cutter" - basically, buy a combo of VG Total Market and VG Total Bond. Yawn.

You can easily do better yourself IMHO.

[Breedlove]

We have Fido , Vanguard and a little with ML
Fido has been great , they have offices on every corner . Every six months they call me from Dallas to discuss my investments . Every 6 months we meet with our account rep . in person to discuss what we are up to .


Vanguard is good , not much help though
ML Edge , lets just say we are leaving them . They were good before they were bought by a bank.

[jazz4cash]

We have Fido and VG. I was a VG guy but Megacorp chose FIdo for 401k and I’ve always been very happy with the service, website, and tools. I ended up with a 2nd Fido 401 k and then added 2 IRAs and a brokerage account. They treat me very well when I call but I’m not at any preferred customer level. I just did an in kind xfer of 25k which I could not do myself online but they filled out the forms and sent them to be signed. I discovered there is another branch in the area that is more convenient than the others so I dropped the forms of in person. I get the impression that I get great service due to the number of accounts I have more so than my total assets. They said they would absorb any fees for the xfer and sure enough the other broker charged $150 but I had to remind them to credit the fee. They only call me about 2x per year but sometimes I do get shuffled from the workplace savings reps to other departments.

[SecondCor521]

I have accounts at Vanguard and POA for my Dad's Vanguard accounts. My three kids each have Roth IRAs at Schwab and I and my oldest have a taxable Schwab account. My 401(k)'s and options from two companies I worked for were at Fidelity.

All three are fine for someone like me who is a LTBH indexer.

Five years ago Schwab was better at welcoming small accounts than Vanguard. That is how my kids' Roth IRAs ended up there. I like having the local office, although the broker there the last time I was in was worthless.

Vanguard is cheap cheap cheap for me and my Dad...basically free. But again we don't do much. We own no individual bonds. I never and he very very rarely trades stocks. We have a rep that we call, between us, maybe a few times a year for this or that. I think their tax forms are easy to read and understand. On the negative side, there are a lot of things that really should be doable through their website but require a paper form to be printed, filled out, possibly notarized, and then mailed in; this is an inconvenience sometimes.

My last experience with Fidelity is as of a few years ago. They did fine, although their end-of-year tax statements for my non-qualified stock option exercises were pretty difficult to understand and correctly enter into tax software.

Personally I wouldn't mind if my money were at any of the three. I haven't had any issue that I would describe as even rising to the level of calling and complaining to someone about. But then again, I mostly follow the dictum of "Don't just do something, hurry up and stand there!" :-)

[target2019]

Quote:

Originally Posted by brokrken But, I would also like any insight on ease of use of the site, research availability (which is top notch at both Dad and Sister's firms), availability of bond offerings and ease of use of the bond desk, the amount of ongoing hassle (I don't want a guy calling me all the time with ideas or I don't want to have to deal with a compliance person every time I write a covered call option, for instance). Anyway, quite the ramble, but your thoughts and experiences are appreciated.

I have not used the bond desk at Schwab, so have no specifics for you. Vanguard has been our primary investment company, and I would rank them in 3rd place for site. If you're near a Schwab or Fidelity office, that can be really useful in setting up an account. I did this for our account, and then with daughter for hers. Very painless. We were both gifted stock, and everything played out correctly. The lots are correct, cost basis, etc.

I have no recent experience with Fidelity, but I'm sure they are just as good for your purpose. My guess is that Vanguard will not be right for you in this specific instance.

[gayl]

Schwab won't call you when writing options up to the level you're qualified to do .... and their website is quite simple. I'm just a Level 2 trader and I've never dealt with a compliance person. I've dealt (once only) with you the bond desk (different #) as I'm more comfortable in stocks / ETFs / options

[Aggie1999]

One knock against Schwab that I just found out is they will not retro-actively change the cost basis method on an account. By default the method is average cost for mutual funds. One can submit a PDF form to change the cost basis method to "by lots" (they call it Tax Lot Optimizer) but it does not apply to previous purchases.

This is kinda annoying. Fidelity and Vanguard let you switch the cost basis method of previous mutual fund purchases without issue. No reason Schwab shouldn't let you also.

Guess moral of the story when dealing with Schwab on this issue is make sure to set the cost basis method to Tax Lot Optimizer at the start.

[Huston55]

Quote:

Originally Posted by target2019 I have not used the bond desk at Schwab, so have no specifics for you. Vanguard has been our primary investment company, and I would rank them in 3rd place for site. If you're near a Schwab or Fidelity office, that can be really useful in setting up an account. I did this for our account, and then with daughter for hers. Very painless. We were both gifted stock, and everything played out correctly. The lots are correct, cost basis, etc. I have no recent experience with Fidelity, but I'm sure they are just as good for your purpose. My guess is that Vanguard will not be right for you in this specific instance.

Fidelity’s bond/FI tools are good IMO but, our needs are very simple; just ladders. I have also used Fido’s bond desk, which anyone (Private Client or not) can get via their 800 number & a transfer to the bond desk. They will walk you through the transaction or, just do it for you.

Quote:

Originally Posted by Aggie1999 One knock against Schwab that I just found out is they will not retro-actively change the cost basis method on an account. By default the method is average cost for mutual funds. One can submit a PDF form to change the cost basis method to "by lots" (they call it Tax Lot Optimizer) but it does not apply to previous purchases. This is kinda annoying. Fidelity and Vanguard let you switch the cost basis method of previous mutual fund purchases without issue. No reason Schwab shouldn't let you also. Guess moral of the story when dealing with Schwab on this issue is make sure to set the cost basis method to Tax Lot Optimizer at the start.

We use “by lots” to sell in our Fido taxable account; it’s extremely easy to select the method on-screen. But, again, the Customer Service desk will walk you through it the first time if you want help. And, although we’ve not changed selling methods, I was told by the Fido CS rep that we could do that for future sales if we wanted to.

Also, we’ve been very happy with Fido; tools, customer service, low cost & excellent FAs (although we had to change from our first Private Client Rep to the current Private Client Rep; you’ll see from other threads that you might have to ‘select’ your FA, or Private Client Rep, until you get one who fits you well). My one regret with Fido is that I cannot buy Admiral shares of Wellesley or Wellington.

[audreyh1]

Quote:

Originally Posted by Brat One factor that hasn't been addressed is how to access services late in retirement. I have noticed that my 80 yo DH gets easily frustrated when managing accounts online or by phone. This frustration includes credit cards, banking and (as a result of being a victim of an errant driver) car and injury claims. I am the point person when managing our Vanguard accounts but I need to consider his needs too going forward. Fidelity has two offices in my metro area. If he has a need he can always go to one of those offices to resolve any question.

This is a concern for me as I age. I hope to have simplified considerably by the time I reach 80, and employ some assistance.

[explanade]

My parents had accounts with Fidelity PAS and FPP. Great for getting free Turbo Tax but they paid high fees.

Now I'm going to transfer my mother's IRA from managed to their index funds, see if they are truly zero cost.

I had thought about moving it to VG but this is easier.

[Brat]

I thought that Fidelity's cash management debit card and/or the Fidelity Visa had no foreign transaction fees. I just learned that isn't true. I did learn that the Fidelity Visa has a 2% cash back and no annual fee.

At the moment I am trying to figure out the value of Fidelity's cash management account. Meeting with Fidelity rep next week.

PenFed's chip Visa has no annual fee, has a pin and no foreign transaction fees.

[brokrken]

Quote:

Originally Posted by Brat I thought that Fidelity's cash management debit card and/or the Fidelity Visa had no foreign transaction fees. I just learned that isn't true. I did learn that the Fidelity Visa has a 2% cash back and no annual fee. At the moment I am trying to figure out the value of Fidelity's cash management account. Meeting with Fidelity rep next week. PenFed's chip Visa has no annual fee, has a pin and no foreign transaction fees.

Brat, I was told by the rep that their weren't foreign transaction fees. Also think I saw it on their website. How did you confirm this wasn't true?

[braumeister]

AFAIK, the Fidelity Visa credit card has a FTF, but the debit card does not.

[explanade]

Do they refund ATM fees worldwide?

[Brat]

I just received their cash management debit card. In their disclosure statement, at 2.5.3, they inform me that there is a 1% foreign transaction fee. : (

[braumeister]

That would be brand new.

I used it almost exactly a month ago in Europe with no fee charged.

[Huston55]

Quote:

Originally Posted by explanade Do they refund ATM fees worldwide?

My Fido Cash Mgt Debit card refunds all ATM fees.

[braumeister]

Quote:

Originally Posted by Huston55 My Fido Cash Mgt Debit card refunds all ATM fees.

Yes, but Brat was talking about a foreign transaction fee.

I see that they now mention a 1% FTF on the debit card, not charged separately but rolled into the conversion amount.

The reason I believe this is new is because last month I got some £ from an ATM in Scotland and the $ amount charged to my account was in line with the exchange rate of the day. So if they included the FTF it was also an extremely favorable conversion rate.