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Today. TWO people sat-in. One eventually left, and figured the other one could finish up. Just as I was leaving, he caught an omission, and we handled it. Smooth, friendly. Now, let's just wait and see how many ways TRP can muck it up.
Of all the people I've talked to at Schwab in the past 27 years, every one has been very pleasant and super polite. Unless you're getting very technical with something where they might connect you to a broker, they are knowledgeable and know their way around the website.
My only other experience with brokers was with Vanguard, 10 or so years ago, I was not impressed.
In the last week I transferred both our joint trust account and my IRA from American Funds to Schwab. I did the whole thing online, with guidance via "Chat" from Schwab folks in Texas. Smooth as silk. Took two days and it's all done.
Thanks for your info, @Crash. Nice that you're happy with the situation.
Since moving there in 2020, I have had nothing but excellent phone chats w/Schwab. Even when i got bounced around dealing w/a weird issue, they were professionl, positive, and never let me feel anything less than knowing my problems were being addressed.
Glad it worked out @Crash. Personally, I like the idea of a branch office in the neighborhood. Yeah, you have to schedule an appointment, but face to face conversations just appeal to me. I used to set up a talk with my contact guy once or twice a year before covid hit, just to chat. He would even instigate the meetings with an occasional email. That kind of stopped after covid. Not sure if their policy changed or what, but I'm sure if needed to I could call and set that up anytime.
I was assigned a Schwab rep. The guy is a pro with vast knowledge, has Series 7, 63, 66 Securities Licenses, fiduciary (another BS term). I can ask and consult with him about everything, even CEFs which I don't use but we talked about....all for FREE. When he doesn't have the answer he gets me the right people who have. No one ever pushed anything or tried to sell me something. Schwab will work with you about fees, all you have to do is ask. I wanted to have someone who could analyze my portfolio and goals and even Roth conversion. They said it will cost me $300. I said "I love FREE"...and I got it for free. I spent several hours with their wealth management and got all the results, it was a process of 4 meetings on the phone + zoom. The results verified my numbers and what I have been doing and will continue doing.
On the other hand, the Fidelity guys and the reps on the phone are not as knowledgeable. The local guys keep calling every several months and it's always about services that cost money. If I challenge them to work with me my way they are not interested, they are typical reps trying to make more money and generic stuff, no thank you.
I have had much more success with Schwab than Fido, other than the MMF sweep issue. I have had an account exec who is permanent even though I don't use their portfolios etc. He is easily available but I usually use the Chat as it is quick and simple.
Their portfolio analysis tools are not great, and I find Fido MF search better but Fido just never seems to care about my business.
Another good Schwab benefit: I was able to designate three fund families were normally Transaction fee and they waived the fees. When I asked Fidelity about such an arrangement they aggressively tried to push Fidelity alternative funds.
@Old_Joe, isn't that supposed to be "trekker"? Seems to me I heard that some time back. I recall everyone showing up at the college dorm tv on Friday night (I think) to watch the show before going out for the night. The only thing rivaling it was the Smothers Brothers Show. Good times...
@WABAC- Yeah, I'm a Trekkie from way back. Got everything except the original series on DVD. Lost track of how many times I've watched all of that.
+1
If you haven't seen them yet, Picard is great (Picard Season 3 was amazing) and I am rather impressed with the 'old series' vibe of the current Strange New Worlds prequel series. I'm even a fan of Lower Decks, which while animated, is more of an adult satire about an unexplored portion of a starship crew still set in the ST universe -- with some fun cameos and nostalgic call-outs to boot. (They did a hilarious crossover episode with Strange New Worlds last season, too)
Only watched Star Trek one time. Hated Shatner and still do.
Yeah I never got into it either, although Jolene Blalock was not hard to look at. I only watched a few episodes in the past year or two, never when it was on originally.
Maybe slightly off topic, but…I have been w Schwab for a long time with generally great service. I recently transferred an IRA account to TRPrice and was given “Summit” status. Allows for the purchase of PRWCX, which was primary reason for the single account switch. Question…would they/could they prevent me from transferring that entire account or even a a few shares back to Schwab? This would enable me to buy PRWCX in other IRA accounts at Schwab. Nothing against TRP but their site seems a bit awkward vs Schwab, and I’d rather have everything under one roof. Any thoughts?
FD and Old Joe, thx! …yes similar to what I was thinking. So just call Schwab and initiate the in kind transfer-and just let Schwab handle from there? Sounds way too easy, but should work. We shall see. Thx again.
As to free services, it really depends on what you want and how you use the services. For example:
- Schwab charges at least $15 for an international wire; at Fidelity they're free. I typically send a small number of international wires a year. Most people don't. - Fidelity gave me free Turbotax (this year it's $5 to download). Its value more than compensates me for the few $5 auto-purchase fees I pay. Other people trade more frequently and have said they cut deals with Schwab. - OTC trades are free at Fidelity; at Schwab they cost $6.95. But I trade stocks infrequently and never trade penny stocks. This may matter to others.
Medallion stamps - Schwab would send my paperwork over to the next county to stamp; Fidelity stamps my papers while I wait. This is another infrequent need.
Schwab and Fidelity are both fine organizations. IMHO these differences are just noise around the edges. If Schwab works for you, that's great. If you're happier with Fidelity, more power to you. If you want to split the difference and have accounts at both places, go for it.
@msf Wish I knew what the magic formula at Fido is for determining if you qualify for free TurboTax - we got it a number of years ago but not since even though our assets invested there have increased substantially.
I brought in a ton of money this year as I continue to consolidate holdings. AFAIK that boosts the odds, but no one really knows how Fidelity decides to provide TT for free.
I was prepared to go to Costco while they were still selling Deluxe for $44.99 - $34.99 net after counting the included $10 credit. (The Fidelity $5 "free" download is for TT Premier, but I've never found any extra value in that.)
@msf "I brought in a ton of money this year as I continue to consolidate holdings." Coinage, you're talking about. How many $1 bills to make a ton ? I couldn't resist, Derf Added "However, if you wanted your million in single dollar bills, that same amount of money would weigh a metric ton (2,204.623 pounds).
Comments
My only other experience with brokers was with Vanguard, 10 or so years ago, I was not impressed.
Thanks for your info, @Crash. Nice that you're happy with the situation.
(Never used their online chat, though)
No one ever pushed anything or tried to sell me something. Schwab will work with you about fees, all you have to do is ask. I wanted to have someone who could analyze my portfolio and goals and even Roth conversion. They said it will cost me $300. I said "I love FREE"...and I got it for free. I spent several hours with their wealth management and got all the results, it was a process of 4 meetings on the phone + zoom. The results verified my numbers and what I have been doing and will continue doing.
On the other hand, the Fidelity guys and the reps on the phone are not as knowledgeable. The local guys keep calling every several months and it's always about services that cost money. If I challenge them to work with me my way they are not interested, they are typical reps trying to make more money and generic stuff, no thank you.
Their portfolio analysis tools are not great, and I find Fido MF search better but Fido just never seems to care about my business.
Glad @Crash now has some resolution to the issue.
I just checked DuckDuckGo- looks like either Trekkie or Trekker is acceptable to the cognizatti...
If you haven't seen them yet, Picard is great (Picard Season 3 was amazing) and I am rather impressed with the 'old series' vibe of the current Strange New Worlds prequel series. I'm even a fan of Lower Decks, which while animated, is more of an adult satire about an unexplored portion of a starship crew still set in the ST universe -- with some fun cameos and nostalgic call-outs to boot. (They did a hilarious crossover episode with Strange New Worlds last season, too)
From Schwab: "Dedicated Financial Consultants are generally made available to clients with $500,000 or more in assets at Schwab and more complex investing needs."
https://www.schwab.com/invest-with-us/professional-advice
From FINRA: "The Series 7 exam ... assesses the competency of an entry-level registered representative to perform their job as a general securities representative."
https://www.finra.org/registration-exams-ce/qualification-exams/series7
Regarding Series 63, "The Series 66 is a combination of Series 63 and Series 65 and allows securities industry professionals seeking to transact securities business as a broker-dealer agent and provide investment advice for a fee as an investment adviser representative."
https://mastercompliance.com/2022/11/understanding-the-difference-series-63-series-65-or-series-66/
Much as an AA degree can be just a stepping stone to a BA, it sounds like a series 63 license can be a stepping stone to a series 6 license.
In any case, most assigned reps at Fidelity and Schwab have Series 7 and 66.
https://digital.fidelity.com/prgw/digital/faa/0/connect-with-an-advisor
https://client.schwab.com/public/consultant/find
As to free services, it really depends on what you want and how you use the services. For example:
- Schwab charges at least $15 for an international wire; at Fidelity they're free. I typically send a small number of international wires a year. Most people don't.
- Fidelity gave me free Turbotax (this year it's $5 to download). Its value more than compensates me for the few $5 auto-purchase fees I pay. Other people trade more frequently and have said they cut deals with Schwab.
- OTC trades are free at Fidelity; at Schwab they cost $6.95. But I trade stocks infrequently and never trade penny stocks. This may matter to others.
Medallion stamps - Schwab would send my paperwork over to the next county to stamp; Fidelity stamps my papers while I wait. This is another infrequent need.
Schwab and Fidelity are both fine organizations. IMHO these differences are just noise around the edges. If Schwab works for you, that's great. If you're happier with Fidelity, more power to you. If you want to split the difference and have accounts at both places, go for it.
Trekkie vs. trekker, more than you ever wanted to know:
https://memory-alpha.fandom.com/wiki/Trekkie
And get a life (Shatner, SNL):
https://www.dailymotion.com/video/xmagzq
I was prepared to go to Costco while they were still selling Deluxe for $44.99 - $34.99 net after counting the included $10 credit. (The Fidelity $5 "free" download is for TT Premier, but I've never found any extra value in that.)
Coinage, you're talking about. How many $1 bills to make a ton ?
I couldn't resist, Derf
Added "However, if you wanted your million in single dollar bills, that same amount of money would weigh a metric ton (2,204.623 pounds).
https://goodcalculators.com/money-weight-calculator/
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How many $1 bills to make a ton ?
Why bills? It could have been a sack of Sacagaweas - much more colorful.
https://www.usmint.gov/coins/coin-medal-programs/circulating-coins/sacagawea-golden-dollar