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Consolidating Cash Assets to a Single Brokerage - Fidelity or Schwab?
08-22-2022, 10:29 AM
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#1
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2003
Location: Florida's First Coast
Posts: 7,723
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Consolidating Cash Assets to a Single Brokerage - Fidelity or Schwab?
We are considering consolidating all our cash no-qualified assets other than Annuities with either Fidelity or Schwab. I am not interested in Vanguard or ANY other brokerage, so please no recommendations needed there. This post is only to solicit opinions for or against Fidelity or Schwab. They get equal reviews on-line. We have absolutely NO interest in their trading platforms or stock research offerings and do not use financial phone apps, so not interest here either.
We have a friend with Fidelity and another with Schwab, they both talk highly of each. I thought I would expand my review with input from members here.
I am currently also reviewing Cash incentives offered by both for significant new money. Currently Schwab is winning, but as each branch have their own incentives, the school is still out there.
I was wondering what folks' opinions here are. I like either as they have brick and mortar offices relatively close by.
Main areas of interests are: Annuities, CDs, Treasuries and other fixed non stock investments.
Thanks in advance for your inputs.
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08-22-2022, 10:35 AM
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#2
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Moderator Emeritus
Join Date: Jan 2007
Location: New Orleans
Posts: 47,501
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I would put half in each. In fact, I have about half my cash in each of two establishments right now. Feels safer to me.
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Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities. - - H. Melville, 1851.
Happily retired since 2009, at age 61. Best years of my life by far!
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08-22-2022, 10:38 AM
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#3
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Thinks s/he gets paid by the post
Join Date: Jan 2008
Posts: 1,671
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They are both very good; over the years I've had accounts with each of them (not any longer). I don't hold cash so can't comment on that but you should have no issues trading Treasuries or CDs at either one.
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08-22-2022, 10:41 AM
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#4
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2017
Location: City
Posts: 10,351
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Our experience (positive) is with Schwab, but I have come to believe that the individual rep you are assigned is more important than the name over the door. At Schwab, you get a specific rep if you have $1M with them. Fido is probably similar. The rep gets paid a small amount every month simply for having you in his book and helping you as needed.
I would suggest that you make a list of rep characteristics that you like, then contact the two branch managers and ask to interview one or two of their troops. Characteristics should probably include age, sex, and investment interests. Age and sex may be particularly important for a widow who has had limited involvement with the family investments.
Maybe also talk to your friends' reps if they sound like someone you'd consider working with. A rep gets paid for bringing new money into the house so I'm sure they will be very happy to talk with you.
As far as products and features, this is such a competitive market that differences will come and go as both horses race. I would not worry about this unless you have some highly specialized interest or need.
__________________
Ignoramus et ignorabimus
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08-22-2022, 10:49 AM
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#5
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2013
Location: ATL --> Flyover Country
Posts: 6,649
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I have had no issues with FIDO. Used to use VG (tired of the outdated interface) and TDA (nightmare customer service issues) and consolidated all to FIDO...it's been a couple of years and am happy with them.
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FIRE'd in 2014 @ 40 Years Old
Professional Retiree
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08-22-2022, 11:23 AM
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#6
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Full time employment: Posting here.
Join Date: Oct 2015
Posts: 900
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Quote:
Originally Posted by OldShooter
Our experience (positive) is with Schwab, but I have come to believe that the individual rep you are assigned is more important than the name over the door. At Schwab, you get a specific rep if you have $1M with them. Fido is probably similar. The rep gets paid a small amount every month simply for having you in his book and helping you as needed.
I would suggest that you make a list of rep characteristics that you like, then contact the two branch managers and ask to interview one or two of their troops. Characteristics should probably include age, sex, and investment interests. Age and sex may be particularly important for a widow who has had limited involvement with the family investments.
Maybe also talk to your friends' reps if they sound like someone you'd consider working with. A rep gets paid for bringing new money into the house so I'm sure they will be very happy to talk with you.
As far as products and features, this is such a competitive market that differences will come and go as both horses race. I would not worry about this unless you have some highly specialized interest or need.
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FWIW, Schwab also provides now "free of charge" a team of more experienced reps if you have a min of 8 figures with them. More of the white glove treatment...
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08-22-2022, 11:24 AM
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#7
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2003
Location: Florida's First Coast
Posts: 7,723
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Schwab is offering a $2500 bonus...
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"Never Argue With a Fool, Onlookers May Not Be Able To Tell the Difference." - Mark Twain
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08-22-2022, 11:26 AM
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#8
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2013
Location: ATL --> Flyover Country
Posts: 6,649
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That is a good incentive.
__________________
FIRE'd in 2014 @ 40 Years Old
Professional Retiree
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08-22-2022, 11:27 AM
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#9
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Recycles dryer sheets
Join Date: Nov 2016
Location: San Jose
Posts: 471
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Both Fidelity and Schwab are great, but I'm still learning Schwab interface. At Fidelity which I use for a very long time everything is simple and intuitive. May be I just became addicted to Fidelity
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08-22-2022, 11:34 AM
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#10
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Moderator
Join Date: Feb 2010
Location: Flyover country
Posts: 25,362
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Quote:
Originally Posted by DawgMan
FWIW, Schwab also provides now "free of charge" a team of more experienced reps if you have a min of 8 figures with them. More of the white glove treatment...
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Is the decimal point considered?
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I thought growing old would take longer.
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08-22-2022, 11:38 AM
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#11
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Full time employment: Posting here.
Join Date: May 2014
Posts: 979
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Quote:
Originally Posted by braumeister
Is the decimal point considered?
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Ha, that's what I was thinking. If you have to stop and cipher what 8 figures is, you probably don't have it.
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08-22-2022, 11:45 AM
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#12
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Thinks s/he gets paid by the post
Join Date: Jul 2008
Location: Weatherford, Texas
Posts: 1,213
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Quote:
Originally Posted by DawgMan
FWIW, Schwab also provides now "free of charge" a team of more experienced reps if you have a min of 8 figures with them. More of the white glove treatment...
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Tell me more..Not thrilled with my rep although I use him/her very little. Overall pleased with Schwab but have not gotten the assistance I would like when looking for corporate bonds..
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Life is good. Then you die.
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08-22-2022, 12:03 PM
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#13
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Full time employment: Posting here.
Join Date: Oct 2015
Posts: 900
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Quote:
Originally Posted by lawman
Tell me more..Not thrilled with my rep although I use him/her very little. Overall pleased with Schwab but have not gotten the assistance I would like when looking for corporate bonds..
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My understanding is this service, "Schwab Wealth Services" is new as of the end of last year. I was contacted by them, but previously had a local rep which is pretty standard. Like you, the rep was very limited in his experience and was basically there as a contact. I have noticed the Wealth Services Team (so far I have interacted with about 4 different individuals, but 1 primary contact) is allot more experienced and sophisticated. As an example, their bond guy has been helpful both buying and strategizing by bond ladder.
I brought all this up in a previous thread you may find helpful...
https://www.early-retirement.org/for...ne-110918.html
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08-22-2022, 12:04 PM
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#14
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Thinks s/he gets paid by the post
Join Date: Oct 2015
Posts: 2,330
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Quote:
Originally Posted by DawgMan
FWIW, Schwab also provides now "free of charge" a team of more experienced reps if you have a min of 8 figures with them. More of the white glove treatment...
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Probably not that many folks who have 10 million to put into a brokerage account, so yeah, they better roll out the white gloves....
As for the OP question, I have accounts with Fido and Schwab and given the parameters outlined in the OP, I would say it is a complete toss up. Fixed income research online may be a tad better at Fido, but customer service may be a tad better at Schwab. But again it is splitting hairs
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08-22-2022, 12:06 PM
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#15
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2017
Location: City
Posts: 10,351
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Quote:
Originally Posted by DawgMan
FWIW, Schwab also provides now "free of charge" a team of more experienced reps if you have a min of 8 figures with them. More of the white glove treatment...
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Yes. I forget the name of the program but my rep told me that $10M+ gets your account reassigned to New York. The $1M-$9.999M is called "Pinnacle."
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Ignoramus et ignorabimus
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08-22-2022, 12:22 PM
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#16
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2016
Location: Northern Virginia
Posts: 7,591
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Excellent reviews on these two as well as all the other brokerages (except Vanguard, which never participates) annually on Kiplinger and Barron's, and a few more.
Lots more data there on which ones provide the best service, investment choices, technology, etc.
Kiplinger in 2021 rated them: Fidelity, Schwab, E*Trade
Barron's in May: Interactive Brokers, E*Trade, Fidelity, Schwab
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08-22-2022, 01:13 PM
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#17
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Thinks s/he gets paid by the post
Join Date: Feb 2012
Posts: 1,500
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I’m just the opposite. We’ve been with Schwab for 40 years and while we have accounts at both Fidelity and Vanguard, I find more and more that the Schwab interface works better for me.
In fact, within the past year or so they made in-kind Roth conversions even easier.
They’ve also provided stellar phone service in several cases, reversing fees and overnighting a debit card I needed for international travel.
As a result, a whole bunch of rollover IRA money is heading back their way once it’s ready to leave NFCU.
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Chief Retirement Strategist
The AR Group
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08-22-2022, 01:14 PM
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#18
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2003
Location: Florida's First Coast
Posts: 7,723
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Leaning towards Schwab for a bite of that $2,500 carrot.
__________________
"Never Argue With a Fool, Onlookers May Not Be Able To Tell the Difference." - Mark Twain
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08-22-2022, 01:14 PM
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#19
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Thinks s/he gets paid by the post
Join Date: Feb 2012
Posts: 1,500
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Quote:
Originally Posted by braumeister
Is the decimal point considered?
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I think you forgot the emoticon:
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Chief Retirement Strategist
The AR Group
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08-22-2022, 01:21 PM
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#20
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2016
Location: Northern Virginia
Posts: 7,591
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Quote:
Originally Posted by ShokWaveRider
Leaning towards Schwab for a bite of that $2,500 carrot.
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E*Trade offers a similar incentive, plus they will pay transfer costs. Fidelity will pay your transfer costs but that is about it.
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