Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Schwab Wealth Services anyone??
Old 09-16-2021, 03:11 PM   #1
Full time employment: Posting here.
 
Join Date: Oct 2015
Posts: 641
Schwab Wealth Services anyone??

I have been a long time DIY Schwab guy and was recently contacted by assigned "Schwab Wealth Consultant" from the "Schwab Wealth Services Team". Per my conversation with my consultant, he stated this was a new program at Schwab whereby they offer a swat team of specialists (i.e. Financial Planning, Tax Specialists, Wealth/Estate Planning Specialists). He stated this was a "free" service targeting higher level account holders. I did some google searches and could not find any propaganda on Schwab's site, but my guy's comment was the program was so new the marketing materials are not online yet. I googled the individuals and they all seem to be legit. Additionally, he seemed to know all my account balances. I am moving forward with a follow up call to listen thinking there eventually will be a pitch for services, but perhaps this is Schwab's way of going on offense to try an keep higher balance clients from being picked off by the competitors?

Have any of you Schwab account holders been contacted by these folks?
DawgMan is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 09-16-2021, 07:27 PM   #2
gone traveling
 
Join Date: Oct 2007
Location: Willamette Valley, Oregon
Posts: 1,979
No. At least not yet. But now you have me curious.
RetireeRobert is offline   Reply With Quote
Old 09-16-2021, 09:32 PM   #3
Recycles dryer sheets
 
Join Date: Aug 2013
Posts: 332
Following this topic.
Maybe itís free during the rollout phase and you were lucky to be in this initiation rollout.
It does sound interesting!
whatnot is offline   Reply With Quote
Old 09-17-2021, 06:19 AM   #4
Thinks s/he gets paid by the post
 
Join Date: Jul 2013
Posts: 1,243
Quote:
Originally Posted by DawgMan View Post
He stated this was a "free" service targeting higher level account holders...
eventually will be a pitch for services
Sounds like you have a handle on things.

They wouldn't be doing it if it didn't make them money.
mrfeh is offline   Reply With Quote
Old 09-17-2021, 07:06 AM   #5
Thinks s/he gets paid by the post
 
Join Date: Jan 2013
Posts: 2,853
Like the OP, I searched and only found wealth management, a fee based service. Will be interested in what you find.

About a year ago I was contacted by one of the local Fidelity offices to make an appointment to review my investments. Clearly someone was targeting higher value unmanaged accounts. It's the office I have had problems with in the past so I declined. Nothing from the smaller office a few miles away that has provided much better service. No hungry sales people there, maybe because the demographic is a little higher end and they don't feel the need to upsell.
Another Reader is offline   Reply With Quote
Old 09-17-2021, 07:25 AM   #6
Full time employment: Posting here.
 
Join Date: Oct 2015
Posts: 641
My next meeting is this coming Wed with a "Sr Financial Planner" who is going to give me a Personal Financial Plan created by Money Guide Pro... a $1500 cost that is free for Wealth Service clients!! Again, somewhat skeptical as to where this may go before the big pitch shows up, but I will play along for now and report back to the group. I remember a few years ago trying Personal Capital and doing a couple of calls with their investment guys. In that case, it was clear they were making a pitch. Here, they have been upfront they are supposedly not making a pitch. The way I look at it, it never hurts to take a listen and get another set of "professional" eyes in reviewing my portfolio.
DawgMan is offline   Reply With Quote
Old 09-17-2021, 08:39 AM   #7
Recycles dryer sheets
Exit 2024's Avatar
 
Join Date: Jun 2015
Posts: 296
We have 3 accounts between 2 of us at Schwab, total is around $275k, I guess we are not candidates to become Wealth Service clients, would be interesting to know what is a threshold for such free services
Exit 2024 is offline   Reply With Quote
Old 09-17-2021, 09:35 AM   #8
Thinks s/he gets paid by the post
 
Join Date: Jul 2013
Posts: 1,243
Quote:
Originally Posted by Exit 2024 View Post
We have 3 accounts between 2 of us at Schwab, total is around $275k, I guess we are not candidates to become Wealth Service clients, would be interesting to know what is a threshold for such free services
Don't know about Schwab, but rumor has it that Fidelity's cutoff is 7 figures.
mrfeh is offline   Reply With Quote
Old 09-17-2021, 09:37 AM   #9
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
target2019's Avatar
 
Join Date: Dec 2008
Location: Stuck in the mud somewhere in the NJ swamp
Posts: 7,427
Quote:
Originally Posted by DawgMan View Post
My next meeting is this coming Wed with a "Sr Financial Planner" who is going to give me a Personal Financial Plan created by Money Guide Pro... a $1500 cost that is free for Wealth Service clients!! Again, somewhat skeptical as to where this may go before the big pitch shows up, but I will play along for now and report back to the group. I remember a few years ago trying Personal Capital and doing a couple of calls with their investment guys. In that case, it was clear they were making a pitch. Here, they have been upfront they are supposedly not making a pitch. The way I look at it, it never hurts to take a listen and get another set of "professional" eyes in reviewing my portfolio.
Looking forward to hear your opinion after Wednesday. It would be great if a company offers something extra useful to an existing client. But I believe you'll hear about a fee for enhanced services, or something like that.
target2019 is offline   Reply With Quote
Old 09-17-2021, 09:40 AM   #10
Recycles dryer sheets
ducky911's Avatar
 
Join Date: May 2010
Posts: 461
following and skeptical

Long time schwab diy guy here. Please post update

Thanks
__________________
You've got to ask yourself one question: Do I feel lucky? Well, do ya, punk?
Retired July '11 investments 60/40 in very low cost index and mutual funds, balance once a year at best.
ducky911 is offline   Reply With Quote
Old 09-17-2021, 10:23 AM   #11
Thinks s/he gets paid by the post
The Cosmic Avenger's Avatar
 
Join Date: May 2016
Location: Mid-Atlantic
Posts: 1,951
Quote:
Originally Posted by mrfeh View Post
Sounds like you have a handle on things.

They wouldn't be doing it if it didn't make them money.
Yes, but the "how" also matters. If they're pushing Schwab funds with higher expense ratios, that's worse than them simply having data that customer retention is much higher when customers can get fiduciary advice and research done for no additional cost. Or, a more middle ground, maybe they find their annuity sales are higher among clients with this service, so they offer it for free to everyone and it pays for itself because of those who fall for it.
__________________
-Looking to FIRE in the mid-2020s, which would be our mid-50s.
The Cosmic Avenger is offline   Reply With Quote
Old 09-17-2021, 11:03 AM   #12
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
target2019's Avatar
 
Join Date: Dec 2008
Location: Stuck in the mud somewhere in the NJ swamp
Posts: 7,427
For reference:
Schwab S&P 500 Index Fund (SWPPX) Net Expense Ratio 0.020%
Vanguard 500 Index Fund Admiral Shares (VFIAX) Expense ratio 0.04%

Of course there are many more funds to compare...
target2019 is offline   Reply With Quote
Old 09-17-2021, 01:39 PM   #13
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
OldShooter's Avatar
 
Join Date: Mar 2017
Location: City
Posts: 7,287
Quote:
Originally Posted by Exit 2024 View Post
We have 3 accounts between 2 of us at Schwab, total is around $275k, I guess we are not candidates to become Wealth Service clients, would be interesting to know what is a threshold for such free services
Thresholds and names of Schwab programs have moved around over the years. Latest, per my Schwab guy when I asked him a few months ago, is $1M assets held at Schwab for "Pinnacle" level and $10M for the next step with clients "handled out of New York." We are Pinnacle; I don't remember what the top level is called. For us, Pinnacle doesn't amount to much. We have a rep assigned and he does an excellent job at administriva and any research we ask for. We're also told that our support calls are routed to a higher-capability phone center. Hard to tell about that, but we always get good service and minimal wait times.

Our guy knows we're DIY, so I doubt if he'd refer us to anything like the OP describes. Anyway, we have never heard of it.

Interestingly, I added a HELOC at USBank as a cash cushion while we are building a new second home. After seeing our balance sheet, they moved our checking account (our only relationship with them) into their "Private Wealth Management" program, which garnered one prospecting call from a woman who knew very little about investing.
__________________
Ignoramus et ignorabimus
OldShooter is offline   Reply With Quote
Old 09-17-2021, 03:07 PM   #14
Thinks s/he gets paid by the post
 
Join Date: Jan 2013
Posts: 2,853
Quote:
Originally Posted by OldShooter View Post
Thresholds and names of Schwab programs have moved around over the years. Latest, per my Schwab guy when I asked him a few months ago, is $1M assets held at Schwab for "Pinnacle" level and $10M for the next step with clients "handled out of New York." We are Pinnacle; I don't remember what the top level is called. For us, Pinnacle doesn't amount to much. We have a rep assigned and he does an excellent job at administriva and any research we ask for. We're also told that our support calls are routed to a higher-capability phone center. Hard to tell about that, but we always get good service and minimal wait times.

Our guy knows we're DIY, so I doubt if he'd refer us to anything like the OP describes. Anyway, we have never heard of it.

Interestingly, I added a HELOC at USBank as a cash cushion while we are building a new second home. After seeing our balance sheet, they moved our checking account (our only relationship with them) into their "Private Wealth Management" program, which garnered one prospecting call from a woman who knew very little about investing.
Curious what HELOC rate and terms you were quoted at US Bank. A couple of years ago, maybe three, I started the process, but never followed through. The rate then was very favorable.
Another Reader is offline   Reply With Quote
Old 09-17-2021, 03:26 PM   #15
Recycles dryer sheets
 
Join Date: Nov 2006
Posts: 106
Have not recd that pitch yet. Did get the expensive dinner years ago when they tried to get us into their pricey wealth management group. Going DIY has gotten us 3X more than we ever planned for in this time period.
sweetana3 is online now   Reply With Quote
Old 09-17-2021, 03:27 PM   #16
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
OldShooter's Avatar
 
Join Date: Mar 2017
Location: City
Posts: 7,287
Quote:
Originally Posted by Another Reader View Post
Curious what HELOC rate and terms you were quoted at US Bank. A couple of years ago, maybe three, I started the process, but never followed through. The rate then was very favorable.
Well, it was kind of a screwy deal. I had an old HELOC, unused for probably a decade, that was left over from a business deal. I asked them to freshen that one up with better rates and they ended up starting from scratch. I did not shop it because I only need this cash for a year or two during construction and I thought that using them would be the easiest. So I just took whatever came out the end of the pipe. Rate ended up at 20bps over prime, 30 year term, $250K ceiling. So currently 3.45% but I have not drawn on it yet.
__________________
Ignoramus et ignorabimus
OldShooter is offline   Reply With Quote
Old 09-17-2021, 04:56 PM   #17
Recycles dryer sheets
newellcr's Avatar
 
Join Date: Aug 2003
Posts: 224
Dawgman,

My wife and I are Schwab clients. We each have low 7 figure accounts and have an assigned Schwab rep who is local (and fantastic). OldShooter mentions service levels, I don't know anything about that and didn't ask when we began to shift away from Vanguard over a year ago. (Thanks for the info OldShooter)

I had several discussions early on with the Schwab rep and he mentioned that we had access to experts based on our asset levels. He would recommend services based on our discussions. I do hear from our rep occasionally by phone and get the occasional personal email when he comes across a topic that he knows I want to hear about. Earlier this year he set up an appointment with a Schwab tax planning expert. We had a 40 minute Zoom discussion with a tax attorney turned Schwab specialist. He stressed that the discussion and future communication (we got a 'recommendation' report) weren't in lieu of getting local tax and estate planning help. It was a fantastic discussion and the report was extremely helpful. We have some SFH and condo rental units and the discussion and report addressed those rental units in addition to the brokerage. We talked about some family wealth and estate topics based on what we told him about our goals and our teenage children.

In discussions before and after with my rep, he mentioned that the services, in small amounts, are free and that they do them frequently with clients. My Schwab rep is my go to guy for general questions and the owner of the local accounting firm that prepares my tax return is my go to guy for tax questions. These two people have been extremely helpful in my current DIY situation. We do plan to move slightly beyond DIY over the next couple of years. It was really comforting to hear that we were positioning ourselves correctly for a segue to assisted planning in the future.

There has been zero pressure for moving into managed accounts or services with fees. Although we did talk about it based on my wife not being comfortable with running investments in case of my untimely demise. I brought the topic up, not the Schwab guy.

I've been thrilled with the help.

Kind Regards,
newellcr is offline   Reply With Quote
Old 09-19-2021, 09:33 PM   #18
Thinks s/he gets paid by the post
Dash man's Avatar
 
Join Date: Mar 2013
Location: Limerick
Posts: 3,468
We have about $4M with Schwab and havenít heard anything about this new program. Havenít heard about anything called Pinnacle either. We were DIY for years, but now have about $1.3M in managed accounts to test them out. Iíve seen info on their Private Client program that sounds similar to the new program mentioned above, but there are fees involved. Iím interested if they have something new with no fees. Our go to guy moved to Schwab from USAA when our accounts moved, so weíve been with him for years.
Dash man is online now   Reply With Quote
Old 09-20-2021, 05:02 PM   #19
Full time employment: Posting here.
 
Join Date: Oct 2015
Posts: 641
Ok, I have a little more information from an email exchange with my assigned "QB". I will still report back after my call/meeting Wed, but here is what I am being told so far about "Wealth Services"...

"... the minimum balance for Wealth Services is $10M at Schwab. We are not part of Schwab Private Client, which is our Registered Investment Advisor arm of Schwab.

There are a lot of services available to our clients of all asset levels and stages of life. Our planning tools, research and investment capabilities and access to advisors is available to all of our clients. The type of advice and depth of planning varies by the clientís personal situation and stage of life. The Wealth Services Team specializes in helping clients who have needs that many others do not. For example, the vast majority of the clients Wealth Services work with will be impacted by some, if not all, of the tax law changes that were proposed last week. By contrast, most clients wonít be impacted by the proposed changes.

Itís not that the products and services available to Wealth Services clients is ďbetterĒ rather itís just more relevant and specialized to what they need at this level of wealth."

To be continued...
DawgMan is offline   Reply With Quote
Old 09-20-2021, 05:44 PM   #20
Thinks s/he gets paid by the post
 
Join Date: Jan 2013
Posts: 2,853
Quote:
Originally Posted by DawgMan View Post
Ok, I have a little more information from an email exchange with my assigned "QB". I will still report back after my call/meeting Wed, but here is what I am being told so far about "Wealth Services"...

"... the minimum balance for Wealth Services is $10M at Schwab. We are not part of Schwab Private Client, which is our Registered Investment Advisor arm of Schwab.

There are a lot of services available to our clients of all asset levels and stages of life. Our planning tools, research and investment capabilities and access to advisors is available to all of our clients. The type of advice and depth of planning varies by the clientís personal situation and stage of life. The Wealth Services Team specializes in helping clients who have needs that many others do not. For example, the vast majority of the clients Wealth Services work with will be impacted by some, if not all, of the tax law changes that were proposed last week. By contrast, most clients wonít be impacted by the proposed changes.

Itís not that the products and services available to Wealth Services clients is ďbetterĒ rather itís just more relevant and specialized to what they need at this level of wealth."

To be continued...
Pretty sure Fidelity has similar services, or soon will if they don't.
Another Reader is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Anyone have experience with Schwab Intelligent Advisory? wcs6071 FIRE and Money 7 07-31-2020 11:05 PM
Who provides valuable services for $250K, $500K, $1M? - Fidelity vs Schwab vs X bUU FIRE and Money 13 07-20-2019 06:13 PM
Simple Wealth, Inevitable Wealth meleana FIRE and Money 20 02-28-2019 10:23 AM
Anyone used Vanguard's Personal Advisor Services? David1961 FIRE and Money 77 05-22-2016 09:58 AM
Schwab Managed Portfolio (SMP) Anyone? bayou1312 FIRE and Money 6 08-26-2012 06:27 PM

» Quick Links

 
All times are GMT -6. The time now is 02:53 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2021, vBulletin Solutions, Inc.