Consolidating Cash Assets to a Single Brokerage - Fidelity or Schwab?

[DawgMan]

Do you happen to know if IRA's are included in the add-up?

Yes, all $$ held at Schwab are added up (Tax deferred and brokerage), although I am not sure if bank accounts are included.

 

[Dash man]

E-Trade is Schwab

Are you confused with TD Ameritrade? E-Trade is owned by Morgan Stanley and Schwab is in the process of integrating TD Ameritrade.

 

[Montecfo]

Years ago when I was bringing new money to Fidelity, they matched the incentive ($2,500) being offered by a competitor. Doesn't hurt to ask.

As well they should. I always ask and assume the answer is the starting point. This has worked too.

 

[Dash man]

I’ve just been familiarizing myself with Fidelity’s website because DW just rolled her 401k into an IRA there. I’ve been with Schwab for a couple of years and like their website better. I like the fixed income screens much better than Fidelity’s and overall it’s easier to find things. On Fidelity, some pages don’t give you ways to get out of the screen without closing it. Building ladders is much easier with Schwab.

 

[Montecfo]

E-Trade is Schwab, but IMO the likelihood is that the brand will be slowly extinguished in favor of the Schwab brand. Software platforms may be merged rather than one or the other being adopted. My understanding is that the Etrade software has some desirable featurs that the Schwab platform does not. But regardless, IMO starting with Etrade is just buying one degree or another of grief as Schwab absorbs it.

E-Trade is E-Trade, owned by Morgan Stanley.

TDA is owned by Schwab. The brand is alive and well to this point. And in my view it is better than Schwab. I kind of doubt they will just force TDA onto the Schwab platform. They would be forcing people to leave.

No issue with using E-Trade.

And candidly all the platforms are pretty robust these days. I would be okay with any of them except Vanguard, though TDA and E-trade are my favorites.

 

[OldShooter]

Are you confused with TD Ameritrade? E-Trade is owned by Morgan Stanley and Schwab is in the process of integrating TD Ameritrade.

Yup. Brain fade. Thanks for the correction.

 

[Lakedog]

TDA is owned by Schwab. The brand is alive and well to this point. And in my view it is better than Schwab. I kind of doubt they will just force TDA onto the Schwab platform. They would be forcing people to leave.

Have been with TDA since the merger with my old broker TD Waterhouse years ago -- really like TDA and have not noticed any changes at all (so far) since being acquired by Schwab. I think I read recently that Schwab will be integrating TDA accounts into their platform in 2023.

 

[COcheesehead]

Love Fidelity. Easy to use website. Good planning tools and knowledge bases to better understand things. I buy lots of individual bonds and their bond search tools and fixed income management tools are top notch. You really get a good understanding of cash flow.
I had a rep, but never used them. Every once in a blue moon I have a question and my call is answered right away. I have also used chat and email for service.
They also have a great opt in only forum that I like. Good user base.
Always ask for bonus money when making big deposits or transferring funds.

 

[jazz4cash]

The most outstanding feature of both Fido and Schwab is their B&M offices. Maybe choose based on which broker has the most conveniently located office. Evan if you don’t have any plans to use a physical location, it can be very handy if the need arises. Everything else about them seem to be nearly equal based on comments in this thread and many others.

 

[Montecfo]

Have been with TDA since the merger with my old broker TD Waterhouse years ago -- really like TDA and have not noticed any changes at all (so far) since being acquired by Schwab. I think I read recently that Schwab will be integrating TDA accounts into their platform in 2023.

It will.be interesting. My DAF is at TDA. So I guess Schwab will adopt this. Might be my trigger to move to Fidelity.

I was also at Waterhouse, but rolled into Brown and Co after the TD Bank purchase was announced. Ah, those were the days..

 

[Montecfo]

The most outstanding feature of both Fido and Schwab is their B&M offices. Maybe choose based on which broker has the most conveniently located office. Evan if you don’t have any plans to use a physical location, it can be very handy if the need arises. Everything else about them seem to be nearly equal based on comments in this thread and many others.

I was wondering who uses the offices and why? I have never been inside any of my brokers' offices.

 

[Dash man]

Have been with TDA since the merger with my old broker TD Waterhouse years ago -- really like TDA and have not noticed any changes at all (so far) since being acquired by Schwab. I think I read recently that Schwab will be integrating TDA accounts into their platform in 2023.

My guy at Schwab indicated they would be integrating TDA’s website with Schwab. Best of both combined maybe?

 

[24601NoMore]

My guy at Schwab indicated they would be integrating TDA’s website with Schwab. Best of both combined maybe?

As long as Schwab keeps TDA's ThinkOrSwim app going, I'm happy.

Best platform of it's kind out there, IMHO..

 

[FANOFJESUS]

I was wondering who uses the offices and why? I have never been inside any of my brokers' offices.

They sound handy if you had a death in the family.

 

[ShokWaveRider]

OP here. Schwab wins! Local Fidelity office does not seem to want to match the $2,500.

 

[Lakedog]

It will.be interesting. My DAF is at TDA. So I guess Schwab will adopt this. Might be my trigger to move to Fidelity.

I was also at Waterhouse, but rolled into Brown and Co after the TD Bank purchase was announced. Ah, those were the days..

I'm curious as to how the HSA Bank relationship with TDA will be handled by Schwab -- thinking about moving my HSA to Fidelity to avoid HSA Bank as middleman as well as possible issues ahead with the Schwab integration. Maybe Schwab will eventually offer HSA accounts (like Fidelity)?

 

[COcheesehead]

I was wondering who uses the offices and why? I have never been inside any of my brokers' offices.

I used the Fidelity office for notary services, medallion signature guarantees, to deposit big checks that were over the limit of the online deposit app, to get free pens and Tootsie Rolls.

 

[qwerty3656]

Very happy with Fidelity - have not used Schwab

 

[PatrickA5]

We have almost everything at Fidelity. Very happy with them. We like having a local office - just in case. Once VG got rid of their checking account, we moved everything over. We also had Schwab in the past and we liked them also. Can't go wrong with either.

 

[jazz4cash]

I was wondering who uses the offices and why? I have never been inside any of my brokers' offices.

The reason I hear most often is to obtain a medallion signature guarantee. I have been to Fido branches back when they had free investment seminars (w/ free box lunch) and to drop off time critical forms. They opened a new branch close by just before the pandemic so they are just now opening to the public. I may need to see if they can issue a distribution check to me and I hear they have great coffee.

 

[Ncc1701]

IMHO, Schwab website is significantly better than Fido, I can buy many Vanguard Funds without a fee and the Schwab Bank Investor Checking is free and easily replaces your brick & mortar bank.

However, the Fidelity Retirement Analysis tool is superior to anything Schwab offers.

 

[jeffst]

For current Schwab customers:

Opinion/experience on using local Independent Branch vs. Schwab location?

Does it matter based on level of assets?

TIA

 

[indiajust]

I used to deposit checks and rollover forms with the local schwab b/m office. Loved chatting with the folks there. they had local classes onsite for various aspects of investing, usually intended to help spouses communicate better about money, but lots of topics.

They also performed free retirement plan checkups/reports as well that I availed myself of. I have taken significant others along for events and such as well.

I had a mixup in account numbers and filled one account while i bounced checks on the other. Schwab cleaned up the mess on their own time and nickel. Fixed everything, literally.

I keep up with RIABiz and michael kitces blog on the business side of investing. Schwab has the best onboarding process to date (fierce competition here raising the bar). The TDA merger is ahead of schedule and going better than expected.

I have about 9 accounts with schwab, considering opening an international one denominated in Can$. I have helped 3 other folks set up accounts with schwab and help them navigate the site and answer questions.

Chuck would have to treat me pretty badly to chase me away. I carry the recommendation QR code on my phone and advocate to strangers with financial issues if they don't need hand holding.

 

[Dash man]

For current Schwab customers:



Opinion/experience on using local Independent Branch vs. Schwab location?



Does it matter based on level of assets?



TIA

Our Financial Consultant at Schwab is in Tampa and we’re in Pennsylvania. I’ve seen no need to go into an office location, but there is one about 45 minutes from our house, near where one of our sons lives. We’ve done everything online, over the phone or Zoom.

 

[jazz4cash]

Are there local independent offices with a Schwab “shingle”? I assumed all offices were company owned.

NM. Found this on a quick search.

“Schwab Independent Branch Leaders (IBLs) are franchisees who operate Schwab Independent Branches pursuant to a franchise agreement with Schwab.”

In my state the Independents are in smaller towns.