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@Mark, I posted that question to FD since he stated in #4 above that he doesn’t pay the transaction fee. SMA3 also mentioned that too. Is that a special arrangement but that is NOT in Schwab fee policy ? I am not a Schwab customer either.
My understanding at Fidelity is what you stated. One pays $49.94 to buy Transaction fee funds but there no fee to sell. Also I particularly like to add more to these funds at a later days for $5 using their automatic investment feature. You get to pick the dates and the $ amount.
Flagship clients with Vanguard get a fixed number of no fee transactions on TF funds per account. It was a nice feature but we tend to buy and hold for a long time.
@Mark, Both Schwab and Fidelity charge their own fees only on one leg of the transaction. TF funds charge when buying. NTF charge when selling if there is a violation of minimum required holding period (multiple violations attract multiple fees).
Just a quick comment: If you were fortunate enough to have been on the ThinkorSwim platform originally, Schwab will honor the $15 trading fee TOS was charging. Presumably this is not new news to anyone who qualifies.
If you've got at least $10K in cash in your IRA, you can open up a position in FZDXX ($10K min for retirement accounts). It's currently paying 5.15%. Fidelity officially requires one to maintain at least $10K in the fund, but generally it is quite forgiving so long as you don't bring the balance down to zero.
This is not a core fund, so any time you have cash in the IRA (e.g. non-reinvested divs), you'll have to move it to FDRXX yourself or the cash will sit in your "Cash, Held in Money Market" fund.
To answer the original question: click on the cash link as described above. You may see a "Change Core Position" button if other options are available.
Thanks for the tip on FZDXX...I've had retirement accounts at Fido for a very long time and never heard of a reduced minimum for such accounts, until now. Just made the switch!
My understanding is that in-kind transfer of funds do not incur buying fees even though they are on their Transaction Fee platform. At least this is how Fidelity operates. It is a good idea to verify that VTMFX is being sold at Schwab.
The selling of this fund may differs depending on the brokerages. Fidelity does not charge for selling TF fund. @BaluBalu mentioned that Schwab does the same. I have not find their fee schedule that specifically describes that.
I asked my Schwab rep out of Texas if they could waive TF’s on a number of MF’s after a rep in my local office gave me the thumbs down. The remote rep was happy to do it and I just had to inform them after making my purchases.
I asked my Schwab rep out of Texas if they could waive TF’s on a number of MF’s after a rep in my local office gave me the thumbs down. The remote rep was happy to do it and I just had to inform them after making my purchases.
It seems it is discretionary and on a case by case basis.
Do you get to reach the same rep each time or you have to call the pool of reps and take your chances that you might get an obliging rep?
I asked my Schwab rep out of Texas if they could waive TF’s on a number of MF’s after a rep in my local office gave me the thumbs down. The remote rep was happy to do it and I just had to inform them after making my purchases.
It seems it is discretionary and on a case by case basis.
Do you get to reach the same rep each time or you have to call the pool of reps and take your chances that you might get an obliging rep?
Thanks
Schwab assigned me a dedicated Financial Consultant/CFP last year so i was able to directly email them with my request.
@MrRuffles, if you are willing to disclose, do you have an advisory account or other special account at Schwab? How did you come to have a dedicated remote CFP assigned to your account when you already have a local branch rep assigned to your account?
Thanks.
P.S.: I tried to use my local branch manager to help with some thing and it turns out he does not even know the basics of their trade order system and evidently he has been there for a decade. I am trying to figure out how to get a remote rep assigned to my account.
Based on the timing, I'd guess the explanation is that MrRuffles is a Schwab Private Client. This is a new feature added July 10, 2023, and includes a dedicated rep.
These dedicated reps, even credentialed ones, are more salespeople than advisors.
As part of these new experiences, all HNW and UHNW clients have access to a dedicated Schwab consultant who is responsible for their overall relationship with Schwab at no additional cost to them. ...
I received written responses from Michael Cianfrocca, my media contact at Schwab. He advised me that:
The new services aren’t advisory.
The dedicated financial consultant will primarily connect clients to different resources at Schwab, which are not free.
While some financial consultants are CFPs, their “primary role” is acting as a concierge and directing clients to Schwab's relevant services.
@BaluBalu I don’t have an advisory account or any other type of special account with Schwab. I also never had a local rep assigned to me. One reached out to me after I dropped by the office to complete a transaction so I asked them to look into the fee waiver.
@msf Without going into detail, based on that press release, I don’t qualify for nor am I designated a Schwab Private Client.
Beyond pricing, having a responsible, problem solving Rep has the benefit of assigning any issue one might have so you can go do other things. It is easy for many Reps to just explain away the issue or give you a "N0" or "can not be done" answer. If you have access to a responsible, problem solving Rep, treat the Rep well and express your gratitude.
Fidelity since 1986. Always been the best, still the best. I had a Schwab acct for a couple of years (a few years ago); the customer service was awful.
I perceive a rather high intellect on the board and a community that is generally well informed on the subject of investing. For an older (+50) experienced investor I’m wondering what, if anything, a dedicated advisor might add. If it’s “nuts & bolts” stuff (like finding lower cost options, estate planning or answering tax questions) than that would be great. If somebody else wants to alter my risk profile (assuming more risk / less risk) or push me into investments I’m not comfortable owning, than I’d question their worth and probably resist any efforts to alter my approach.
All I'm going to say is that Schwab reps have been waiving my I share fees for over 7 years. I'm not going to tell you how. It's not a policy you will find anywhere, just as they will match other brokers offers for cash rewards when you transfer money. I ask for the moon and get a lot. Schwab only charges one time fee to buy, never to sell, just as Fidelity. Another example, I did a lot of guestimating how much we should convert from TIRA to Roth, but I wanted to see if I can get it from Schwab. My rep told me they can do. They assigned me a very knowledgeable person from their wealth management and that guy told me he has done this more than 10 years, they wanted $300, I said I will pay nothing, they agreed. We spend several hours collecting info, running his tools, and analysis.
quick Schwab update: In 2024 I've sent several messages to CS' customer service for various and fairly (basic) enquiries ranging from why I couldn't DRIP something to asking them why some income wasn't showing up on my Projected Income page. On at least 3 such requests (including one from last week), my notes went into the ether and I never got a response. This is unfortunate because since moving to Schwab in 2020, they were always very responsive -- I never went more than 2 days before getting an answer to my enquiry that was more than their system automatically acknowledging receipt of my note.
@rforno- why don't you try using their "Chat" service to ask someone directly? Hard for them to ignore that. Another possible option- we've been assigned an account poobah, but have never had any traffic with him. If you also have a "dedicated" account exec it might be worth an email.
BTW- thanks for mentioning the Projected Income page- I'd never actually looked at that, and it's very nice indeed.
@rforno- why don't you try using their "Chat" service to ask someone directly? Hard for them to ignore that. Another possible option- we've been assigned an account poobah, but have never had any traffic with him. If you also have a "dedicated" account exec it might be worth an email.
BTW- thanks for mentioning the Projected Income page- I'd never actually looked at that, and it's very nice indeed.
Good point. I've never used the chat function before, actually! And I do have an account rep who came over from TD who's been very good to me for over a decade, too.
Save chat discussion in case the advice you receive is wrong - it does happen. Also, you can politely ask for a supervisor and the Chat rep will get you one. IME, getting a supervisor on Chat is easier than on the phone and these supervisors also tend to be better than the supervisors on the phone.
Sending an email to your relationship Rep is always an option.
I don't use chat functions if I can, and I don't complain about them. If you want to get a service, talk with a human. Take their names and phone numbers, it makes them more reliable.
Chat conversations are very much with a human and the service that I've gotten from them has been just fine, thank you. You talk about people as if they were your personal servants. I'd surely pity anyone unfortunate enough to have to work for someone like you.
Chat conversations are very much with a human and the service that I've gotten from them has been just fine, thank you. You talk about people as if they were your personal servants. I'd surely pity anyone unfortunate enough to have to work for someone like you.
I have spoken to many people on the phone including in my ex work thru complicated issues. I never got any complaints and I always got great reviews. Nobody, as well as I, were servants. But, I expect someone to be a pro at handling customers and getting the right answers. So let me repeat AGAIN, the best service is usually by talking to a human. That's my experience over many years working in IT in several businesses, including many years in financial institutions and as a customer. If it's important I demand it in writing. That saved me a lot of future problems and time of what was promised. If you feel otherwise, you can do it your way, others can try both.
Just for the record, you made a harsh judgment of me without knowing anything about me while I never posted anything about you.
Chat conversations are very much with a human and the service that I've gotten from them has been just fine, thank you. You talk about people as if they were your personal servants. I'd surely pity anyone unfortunate enough to have to work for someone like you.
I have spoken to many people on the phone including in my ex work thru complicated issues. I never got any complaints and I always got great reviews. Nobody, as well as I, were servants. But, I expect someone to be a pro at handling customers and getting the right answers. So let me repeat AGAIN, the best service is usually by talking to a human. That's my experience over many years working in IT in several businesses, including many years in financial institutions and as a customer. If it's important I demand it in writing. That saved me a lot of future problems and time of what was promised. If you feel otherwise, you can do it your way, others can try both.
Just for the record, you made a harsh judgment of me without knowing anything about me while I never posted anything about you.
I've never used Schwab's chat, but I have had great luck with Verizon, SiriusXM, T-Mobile, Amex, and other chat-based customer representatives. The advantage is that you can keep the log if there are any disputes down the road. These chat lines are run by 'people' as well ... so if you're decent to them, they'll likely be decent/efficient to you. I don't care HOW I interact with them as long as my problem/concern is addressed promptly and in a professional manner.
ProTip: When using chat, if you think it's going to be an 'uncomfortable' conversation with likely attempts to upsell, (eg, cancelling cable TV) just type your problem (or a set of responses) out in NotePad or TextEdit first and then blow it into chat as needed based on the flow of the chat. Lots of folks don't know that browser-based chat reps often can see you typing / correcting / rephrasing things in the chat window and adjust their pitch to you on-the-fly based on if you seem undecided or waffling.
Edit: Schwab CSR got back to me on one of my enquiries, but I had to read it 3x to understand which issue they were responding to b/c the non-boilerplate part of the response read more like a technical trouble ticket, not a response to a brokerage account question.
@rforno, thanks for the ProTip. I sent a few suggestions and issues to fix to Schwab through their message center because I was not sure if there is any Schwab internal follow through for my over telephone conversations. Some of which were outright errors and needless process overkills for customers. I too got boiler plate answers, effectively killing off the issues as non-issues. I wrote back identifying how counterproductive that was and stopped making suggestions. The message center is monitored by first line, inexperienced reps who are too keen to mark messages as resolved than actually resolving. Find a legacy TD rep, they seem to be keen to improve Schwab, their new work place.
Comments
My understanding at Fidelity is what you stated. One pays $49.94 to buy Transaction fee funds but there no fee to sell. Also I particularly like to add more to these funds at a later days for $5 using their automatic investment feature. You get to pick the dates and the $ amount.
Flagship clients with Vanguard get a fixed number of no fee transactions on TF funds per account. It was a nice feature but we tend to buy and hold for a long time.
I got the fee waived when I told my rep that I wanted to move VTMFX over from Vanguard but would not because of the fee. He waived it
I have not asked about others but I should. All he can do is say no
The selling of this fund may differs depending on the brokerages. Fidelity does not charge for selling TF fund. @BaluBalu mentioned that Schwab does the same. I have not find their fee schedule that specifically describes that.
Do you get to reach the same rep each time or you have to call the pool of reps and take your chances that you might get an obliging rep?
Thanks
Thanks.
P.S.: I tried to use my local branch manager to help with some thing and it turns out he does not even know the basics of their trade order system and evidently he has been there for a decade. I am trying to figure out how to get a remote rep assigned to my account.
Schwab press release
These dedicated reps, even credentialed ones, are more salespeople than advisors. https://www.advisorperspectives.com/articles/2023/07/19/schwabs-insurance-leverage-marketing-solin
@msf Without going into detail, based on that press release, I don’t qualify for nor am I designated a Schwab Private Client.
Beyond pricing, having a responsible, problem solving Rep has the benefit of assigning any issue one might have so you can go do other things. It is easy for many Reps to just explain away the issue or give you a "N0" or "can not be done" answer. If you have access to a responsible, problem solving Rep, treat the Rep well and express your gratitude.
I ask for the moon and get a lot.
Schwab only charges one time fee to buy, never to sell, just as Fidelity.
Another example, I did a lot of guestimating how much we should convert from TIRA to Roth, but I wanted to see if I can get it from Schwab. My rep told me they can do. They assigned me a very knowledgeable person from their wealth management and that guy told me he has done this more than 10 years, they wanted $300, I said I will pay nothing, they agreed. We spend several hours collecting info, running his tools, and analysis.
https://finance.yahoo.com/news/unhappy-customer-why-i-finally-took-my-business-from-vanguard-to-charles-schwab-180758503.html
quick Schwab update: In 2024 I've sent several messages to CS' customer service for various and fairly (basic) enquiries ranging from why I couldn't DRIP something to asking them why some income wasn't showing up on my Projected Income page. On at least 3 such requests (including one from last week), my notes went into the ether and I never got a response. This is unfortunate because since moving to Schwab in 2020, they were always very responsive -- I never went more than 2 days before getting an answer to my enquiry that was more than their system automatically acknowledging receipt of my note.
BTW- thanks for mentioning the Projected Income page- I'd never actually looked at that, and it's very nice indeed.
(and you're welcome...)
Save chat discussion in case the advice you receive is wrong - it does happen. Also, you can politely ask for a supervisor and the Chat rep will get you one. IME, getting a supervisor on Chat is easier than on the phone and these supervisors also tend to be better than the supervisors on the phone.
Sending an email to your relationship Rep is always an option.
If you want to get a service, talk with a human. Take their names and phone numbers, it makes them more reliable.
But, I expect someone to be a pro at handling customers and getting the right answers.
So let me repeat AGAIN, the best service is usually by talking to a human. That's my experience over many years working in IT in several businesses, including many years in financial institutions and as a customer. If it's important I demand it in writing. That saved me a lot of future problems and time of what was promised.
If you feel otherwise, you can do it your way, others can try both.
Just for the record, you made a harsh judgment of me without knowing anything about me while I never posted anything about you.
ProTip: When using chat, if you think it's going to be an 'uncomfortable' conversation with likely attempts to upsell, (eg, cancelling cable TV) just type your problem (or a set of responses) out in NotePad or TextEdit first and then blow it into chat as needed based on the flow of the chat. Lots of folks don't know that browser-based chat reps often can see you typing / correcting / rephrasing things in the chat window and adjust their pitch to you on-the-fly based on if you seem undecided or waffling.
Edit: Schwab CSR got back to me on one of my enquiries, but I had to read it 3x to understand which issue they were responding to b/c the non-boilerplate part of the response read more like a technical trouble ticket, not a response to a brokerage account question.