Swabb (Schwab)

[target2019]

I don't know about "by default," but when I log in to my Schwab accounts, there's a link at the very top, slightly to the right of center, that is labeled "My Consultant." I didn't choose the consultant. Schwab chose her, and she reached out to me. I don't pay any fees for the consultant, but I understand that she makes a bit for being assigned to my accounts. She has run some retirement calculations for me, and from time to time she invites me to a talk given by one of her colleagues.

Are you saying that you don't have a "My Consultant" link when you log in to your Schwab accounts?

I do not have a my consultant link. I opened this account at a branch. Will keep looking.

 

[Slow But Steady]

The "consultant" on the Schwab intro page when you sign in is simply a relationship manager. If I have a problem or a question, that person is a good point of contact and, to me, better that dealing with a 1-800 voice.

I understand that. My Schwab person is the same way. What I'm saying is that for providing these small services, the Schwab person is making a small amount of money based on the amount in my accounts. I don't pay this money to her out of my funds. Schwab pays it as part of their cost of doing business.

 

[Slow But Steady]

I do not have a my consultant link. I opened this account at a branch. Will keep looking.

Interesting. I always assumed everyone had one.

When I log in, the consultant link is in the red box shown. When I click it, it brings up her contact information.

 

[MRG]

Probably has to do with the value of the account, that's fairly common. I know Fidelity and at least one more brokerage firm does that.

 

[target2019]

Interesting. I always assumed everyone had one.

When I log in, the consultant link is in the red box shown. When I click it, it brings up her contact information.

Just "Contact Us" which has a flyout menu for finding local branch/consultant and other contact methods.

 

[Bryan Barnfellow]

I have used Schwab bank and brokerage since 1998 and am very happy. Along with refund of ATM fees they do not charge me the $25 fee to transfer funds to another bank within the US. This is a first step in the monthly process of transferring funds for living expenses to Switzerland, where I live, via the fantastic Transferwise facility. This perk might be related to account size...not sure...but I am not questioning it. It shows up on my statement as a debit balanced by a credit, which zeros out the fee. With respect to an assigned advisor, I had one which I never used, but lost the service when I moved out of the US. They said that they aren't allowed by law to provide financial advice to clients outside the US. The nonprofit I worked for in the States used TIAA-CREF for 403(b) retirement accounts and they also dropped my free account advisor when I moved for the same reason. Schwab really doesn't bother me with calls or offers, which is perfect for me. -BB

 

[jwr62]

so do I real trust Swabb's FA............... NOT at all after reading the link.. The FA was not to excited when I wanted to put my money in a Vanguard mutual fund... I feel that I might go back to Vanguard.

Financial Consultants receive more compensation if a client is invested in a Schwab-affiliated mutual fund or one of the over 4,000 third-party no-load, no-transaction-fee mutual funds available through Schwab's Mutual Fund OneSource® service, compared to other third-party mutual funds for which Schwab charges a transaction fee. This is reflected in the table below based on Average Revenue Rates.

Financial Consultants receive less compensation for ETFs than mutual funds. They earn more compensation if a client is invested in a Schwab-affiliated ETF or one of the over 100 third-party no-commission ETFs available through the Schwab ETF OneSource® service (see table below) compared to all other third-party ETFs.

 

[phil1ben]

I have an account at Schwab where I keep individual stocks and individual bonds I hold. I have no mutual funds or ETFs. Other than the $8.95 per trade I pay them absolutely nothing. I contact "my consultant" only when an issue arises and he has been very helpful. I have wired money in and out of the account and the fees have been waived.

In fact we are attending (along with others) a six coarse dinner next week at a local restaurant with a wine pairing at each course paid for by Schwab. We also went to a pre-opening of the Star Wars movie in mid-December. We have not found them annoying in any way realizing they are just doing their job. All one must do is politely say "no" when they offer other services.

 

[mpeirce]

I have wired money in and out of the account and the fees have been waived.

Schwab gives you three outgoing domestic wire transfers per quarter for free if your balance is over $100K. Incoming is free.

 

[Slow But Steady]

so do I real trust Swabb's FA............... NOT at all after reading the link.. The FA was not to excited when I wanted to put my money in a Vanguard mutual fund... I feel that I might go back to Vanguard.

I feel I have the information I need to make an informed decision. Your mileage my vary.