Schwab Information Thread with FAQ, Links, Tips and Q&A
Re: Schwab Information Thread with FAQ, Links, Tips and Q&A
Thanks for the prompt reply re: RMD's.
I'm strongly thinking I'll move from Vanguard to Schwab in the near future (before age 72, currently age 67).
My biggest concern is that I self manage our (wife & I) 1.7m portfolio and already know my wife has no interest at all to do this even though I can simplify the already simple portfolio.
Schwab is local and is highly respected regarding customer service.
While I love the performance of Vg Mf's and really do not need support from Vanguard, my wife would absolutely need support if I'm not around.
I'm strongly thinking I'll move from Vanguard to Schwab in the near future (before age 72, currently age 67).
My biggest concern is that I self manage our (wife & I) 1.7m portfolio and already know my wife has no interest at all to do this even though I can simplify the already simple portfolio.
Schwab is local and is highly respected regarding customer service.
While I love the performance of Vg Mf's and really do not need support from Vanguard, my wife would absolutely need support if I'm not around.
Re: Schwab Information Thread with FAQ, Links, Tips and Q&A
For what it's worth, it sounds like QCD's might be out-of-the-norm with this set-up, if that interests you.galawdawg wrote: ↑Wed Aug 11, 2021 10:30 amWhile I haven't yet reached that age, it appears that the Schwab RMD center allows you to calculate and schedule automatic distributions. https://www.schwab.com/go-digital/rmd There is no fee for that. Whether you have to adjust your automatic distribution amount annually is something I can't answer. Sorry.
They also have a service Schwab Intelligent Portfolios, that I discuss in the FAQ. That service does automatically calculate and perform RMD distributions. There is also no fee for that service, Schwab creates and manages your portfolio for you (similar to Vanguard's digital advisor) and they earn money from the cash portion of the portfolio. You can read more about that in the FAQ or on these web pages: https://intelligent.schwab.com/article/scheduling-rmds and https://intelligent.schwab.com/
Re: Schwab Information Thread with FAQ, Links, Tips and Q&A
My FAQ describes the various advisory options at Schwab. You may want to read the section about Intelligent Portfolio Premium. It is the same as Intelligent Portfolio that I mentioned but adds a financial plan and unlimited one on one advice from a CFP for a one time cost of $300.00 and $30.00 per month. Here is a link to Schwab's web page about that service: https://www.schwab.com/intelligent-portfolios-premiumbhjjk19 wrote: ↑Wed Aug 11, 2021 10:54 am Thanks for the prompt reply re: RMD's.
I'm strongly thinking I'll move from Vanguard to Schwab in the near future (before age 72, currently age 67).
My biggest concern is that I self manage our (wife & I) 1.7m portfolio and already know my wife has no interest at all to do this even though I can simplify the already simple portfolio.
Schwab is local and is highly respected regarding customer service.
While I love the performance of Vg Mf's and really do not need support from Vanguard, my wife would absolutely need support if I'm not around.
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A
Although I'm not retired yet, I have these exact same concerns - how my wife would manage the $$$ if something happens to me. I'm in the same process of making the portfolio simple as possible. I have an inherent distrust of financial advisors after a particularly bad experience with one, so I'm in a bit of a quandary as to which company I could trust more, the one more likely not to attempt to take advantage of my wife by trying to pressure her to change the asset allocation.galawdawg wrote: ↑Wed Aug 11, 2021 11:30 amMy FAQ describes the various advisory options at Schwab. You may want to read the section about Intelligent Portfolio Premium. It is the same as Intelligent Portfolio that I mentioned but adds a financial plan and unlimited one on one advice from a CFP for a one time cost of $300.00 and $30.00 per month. Here is a link to Schwab's web page about that service: https://www.schwab.com/intelligent-portfolios-premiumbhjjk19 wrote: ↑Wed Aug 11, 2021 10:54 am Thanks for the prompt reply re: RMD's.
I'm strongly thinking I'll move from Vanguard to Schwab in the near future (before age 72, currently age 67).
My biggest concern is that I self manage our (wife & I) 1.7m portfolio and already know my wife has no interest at all to do this even though I can simplify the already simple portfolio.
Schwab is local and is highly respected regarding customer service.
While I love the performance of Vg Mf's and really do not need support from Vanguard, my wife would absolutely need support if I'm not around.
Re: Schwab Information Thread with FAQ, Links, Tips and Q&A
In relation to POA's, based on my experiences ---
In the dialog about POA's, it be nice to note that Schwab's standard easy to find/do process for POA is not considered durable by Schwab. The agent signs off on the form that he (she) will notify Schwab if/when the grantor is no longer competent.
To do a Durable POA with Schwab, it's a different form (hard to find) which requires a copy of that grantor's external POA authorizing the durable status for that agent. It's reviewed by their legal dept.
That was Schwab's process 30 month's ago when my Dad's IRAs were moved to Schwab.
This contrasts to Fidelity where their standard form/process is considered Durable by Fidelity.
Additional note: Schwab was quite willing to allow me, as POA for my Dad, to open a new account and transfer his IRAs to them based on my Dad's external POA, pending their approval of Dad's POA paperwork. Dad improved to the point where I could take him to the local office to sign the paperwork himself. Moving the IRAs was needed, as Wells Fargo had totally screwed up converting his IRAs from Advisor to Self-directed, resulting in missed RMD's, then played games over fixing the issue and then with me over POA rights. His Advisor, who left WFA's platform, had taken my instructions for those IRAs for 6 years previous to them changing to self-directed.
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A
Thanks for the info as I am planning to test drive a Schwab Taxable account and CMA. Spouse/I want to use our attorney-prepared DPOAs as they grant broader authority than Vanguard’s or Fidelity’s online full agent access.RetiredAL wrote: ↑Wed Aug 11, 2021 12:45 pm
In relation to POA's, based on my experiences ---
In the dialog about POA's, it be nice to note that Schwab's standard easy to find/do process for POA is not considered durable by Schwab. The agent signs off on the form that he (she) will notify Schwab if/when the grantor is no longer competent.
To do a Durable POA with Schwab, it's a different form (hard to find) which requires a copy of that grantor's external POA authorizing the durable status for that agent. It's reviewed by their legal dept.
That was Schwab's process 30 month's ago when my Dad's IRAs were moved to Schwab.
This contrasts to Fidelity where their standard form/process is considered Durable by Fidelity. …
Fidelity accepted my/spouse’s attorney-prepared DPOAs when submitted with their “DPOA Affidavit and Indemnification” form (notarized and witnessed within 90 days of submission). Again, our DPOAs are a bit broader than Fidelity’s. Fidelity generally limits withdrawals under any DPOA for the first 30 days.
Vanguard, as often mentioned, refused our external DPOAs despite state requirements to accept them. I took the path of least resistance and used their (more limited) online full agent authorization.
Re: Schwab Information Thread with FAQ, Links, Tips and Q&A
Interesting. Can you actually initiate a transfer on-line from those DPOA'd accounts?HomeStretch wrote: ↑Wed Aug 11, 2021 1:17 pm
Fidelity accepted my/spouse’s attorney-prepared DPOAs when submitted with their “DPOA Affidavit and Indemnification” form (notarized and witnessed within 90 days of submission). Again, our DPOAs are a bit broader than Fidelity’s. Fidelity generally limits withdrawals under any DPOA for the first 30 days.
Vanguard, as often mentioned, refused our external DPOAs despite state requirements to accept them. I took the path of least resistance and used their (more limited) online full agent authorization.
DW and I have cross-filed standard POA's at Fidelity. My logon will not allow on-line transfer from her Roth to our bank or our Fidelity joint account, nor will her logon allow her to on-line transfer from my Roth or IRA to our bank or our Fidelity joint account. Per their online instructions, it requires calling Fidelity to have POA move money. I worry mostly about me becoming incapacitated where she must step up to manage withdrawal amounts. We consider all funds as OUR money, irregardless of whose account it sits in.
Our joint taxable Fidelity currently holds about 1 years worth of SS and withdrawal monies. Part of my instructions in my "Dear Wife When I Pass", is for her to take spousal ownership of my IRA/Roth accounts quickly, as the monthly scheduled IRA withdrawal will likely stop as soon as Fidelity finds out about my demise. Also in a pinch, money could be withdrawn from her Schwab Roth, but that is not desirable.
Although a grey area, our DPOA's explicitly grant use of our logon ID's. Our Wills are similar.
Re: Schwab Information Thread with FAQ, Links, Tips and Q&A
Schwab will generally accept a non-Schwab POA as noted in the FAQ. The form for the agent to sign is linked there as well.
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A
I understand your concern. I don’t have a data point for you on this as spouse and I have not made any Roth IRA distributions yet and we have $0 TIRA balances. Next time I am online, I will try this with spouse’s Roth IRA (without actually submitting the distribution).RetiredAL wrote: ↑Wed Aug 11, 2021 2:07 pm Interesting. Can you actually initiate a transfer on-line from those DPOA'd accounts?
DW and I have cross-filed standard POA's at Fidelity. My logon will not allow on-line transfer from her Roth to our bank or our Fidelity joint account, nor will her logon allow her to on-line transfer from my Roth or IRA to our bank or our Fidelity joint account. Per their online instructions, it requires calling Fidelity to have POA move money. I worry mostly about me becoming incapacitated where she must step up to manage withdrawal amounts. We consider all funds as OUR money, irregardless of whose account it sits in.
Re: Schwab Information Thread with FAQ, Links, Tips and Q&A
Thanks for posting this information. I'm in the same boat as you. I have two accounts at TD Ameritrade and had been wondering if transfering them to Schwab would get me a bonus. Maybe moving to Ally Invest would be a good option to get the bonus.stupidkid wrote: ↑Tue Aug 10, 2021 7:17 pm As a current td Ameritrade customer I inquired on the eligibility of bonus matching for moving my Ameritrade account to Schwab. I was told that Schwab is firm on not giving a bonus to TD Ameritrade customers. Disappointing but not terribly surprising. I'm long term interested in staying with Schwab but half thinking to move somewhere for 6 months and then transfer in...
Re: Schwab Information Thread with FAQ, Links, Tips and Q&A
You could go to E*Trade for a bonus and then move it to Schwab after the required holding period. E*Trade will probably cover your transfer fees from TDA, too.Chin00k wrote: ↑Wed Aug 11, 2021 7:13 pmThanks for posting this information. I'm in the same boat as you. I have two accounts at TD Ameritrade and had been wondering if transfering them to Schwab would get me a bonus. Maybe moving to Ally Invest would be a good option to get the bonus.stupidkid wrote: ↑Tue Aug 10, 2021 7:17 pm As a current td Ameritrade customer I inquired on the eligibility of bonus matching for moving my Ameritrade account to Schwab. I was told that Schwab is firm on not giving a bonus to TD Ameritrade customers. Disappointing but not terribly surprising. I'm long term interested in staying with Schwab but half thinking to move somewhere for 6 months and then transfer in...
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A
Well, the transfer to Schwab went as smooth as butter. It took less than week to get it done. Now will wait for the bonus money to post to the accounts. Interestingly, not even a peep from Vanguard to try to keep my sizeable assets with them….. they are clearly checking out of the brokerage game imo.
Re: Schwab Information Thread with FAQ, Links, Tips and Q&A
I'm contemplating transferring my Vanguard Roth IRA (and an old 401k) to Schwab to get over the $250K mark. One sticking point is that I have VEGBX (Vanguard Emerging Markets Bond Admiral) and it appears it is only available to Institutional investors. Is there any way I can get around that requirement? And if so, would I be able to add money to it or would it only be possible to hold it in the account?
Re: Schwab Information Thread with FAQ, Links, Tips and Q&A
I'd recommend you find a Schwab consultant that you think would be a good fit for you at your nearest office (see link in FAQ to find a consultant) and give him/her a call or send them a message. I'm sure they'll be happy to talk with you about your options for VEGBX!
Re: Schwab Information Thread with FAQ, Links, Tips and Q&A
Just wanted to say thank you to you Ladies and Gents here. Thanks to this thread, I have learned a few things about Schwab that will help me down the line…… PLUS……. I was able to have Schwab wave all my Vanguard fees.
To have the fees waived, you call Schwab, they take down your info, send an email to their Mutual Fund, or ETF team, and they consider it. The team gives the information to a local broker/consultant in your area, and He/She reaches out to you with the good news. (Of course, they will take the time then to introduce themselves to you, and offer financial services to suit your needs. (I thought it was quite enjoyable actually, even though I will be managing my own financial future. It is nice, however, to have someone I could call, besides you wonderful people, when I have questions).
Warm regards to you all,
Whitecap
To have the fees waived, you call Schwab, they take down your info, send an email to their Mutual Fund, or ETF team, and they consider it. The team gives the information to a local broker/consultant in your area, and He/She reaches out to you with the good news. (Of course, they will take the time then to introduce themselves to you, and offer financial services to suit your needs. (I thought it was quite enjoyable actually, even though I will be managing my own financial future. It is nice, however, to have someone I could call, besides you wonderful people, when I have questions).
Warm regards to you all,
Whitecap
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A
This is good to know. I also wonder why it is taking so long for checking accounts to be set up. Thanks.csm wrote: ↑Sat Aug 07, 2021 3:21 pm Thanks to those who provided answers above. I found the place to add my beneficiary online, so I've added my husband as sole beneficiary which was the simplest for me at this time (rather than establishing a joint account).
Something else interesting regarding my query about adding the checking + debit card in case it's of interest to others.
I phoned Schwab about opening a checking account to add to my existing brokerage, and she happened to mention that it is taking about a month right now for checking accounts to be set up. When I mentioned that my sole purpose was to get the debit card for use abroad next month, she told me that I could actually have a debit card added to the brokerage account without establishing a checking account. This is actually better because I really didn't need or want another checking account. I only wanted the "no foreign transaction fee" ability to withdraw cash from an ATM while in Europe.
She said that it will probably be about a week to get the debit card that draws from the cash in the brokerage account.
Re: Schwab Information Thread with FAQ, Links, Tips and Q&A
Providing a data point here: My local branch told me they require 1 million minimum per household to have a dedicated financial consultant. So the minimum varies based on location. They did confirm that they can match the E*Trade asset transfer promo
Re: Schwab Information Thread with FAQ, Links, Tips and Q&A
You may want to reach out to the branch manager and mention this Schwab webpage: https://www.schwab.com/invest-with-us/p ... nal-advice
There is a very significant difference between $250k and $1million. Perhaps there was some misunderstanding or miscommunication. While the webpage does say "...generally made available to clients with $250,000 or more...", it would surprise me if an individual branch were permitted to deviate that significantly from what is noted as the practice, if not the policy, at Schwab.How can I get access to a Financial Consultant?
Dedicated Financial Consultants are generally made available to clients with $250,000 or more in assets at Schwab.
If you reach out to the branch manager, please let us know what you find out!
Re: Schwab Information Thread with FAQ, Links, Tips and Q&A
I wanted to pass along two pieces of information...probably not matters that come up often enough to include in the FAQ, but for the benefit of future searches of Bogleheads posts for this information, I am posting it here.
1. Schwab Bank is not equipped to handle cashing of, or deposits of, paper Series EE US Savings Bonds. Some B&M banks and credit unions will still cash those, even for non-customers but others won't cash them even for customers. Holders of those paper savings bonds can also cash them by mail through Treasury Retail Securities Services using form 1522 (https://www.treasurydirect.gov/forms/sav1522.pdf).
2. Schwab's mutual fund department advised that one who wishes to sell mutual funds from one fund provider (e.g. Vanguard) and buy mutual funds from another fund provider (e.g. BlackRock) on the same day CANNOT use the workaround noted earlier in the thread. Apparently that has to do with the fact that the mutual funds being sold and the mutual funds being purchased are issued by two different fund companies and the broker must wait until the funds from the sale have settled before those funds can be used to purchase mutual funds from a different fund company. I even asked about any "exception" if the funds to be purchased were Schwab mutual funds, but the answer was the same as the transactions involve two different mutual fund companies.
1. Schwab Bank is not equipped to handle cashing of, or deposits of, paper Series EE US Savings Bonds. Some B&M banks and credit unions will still cash those, even for non-customers but others won't cash them even for customers. Holders of those paper savings bonds can also cash them by mail through Treasury Retail Securities Services using form 1522 (https://www.treasurydirect.gov/forms/sav1522.pdf).
2. Schwab's mutual fund department advised that one who wishes to sell mutual funds from one fund provider (e.g. Vanguard) and buy mutual funds from another fund provider (e.g. BlackRock) on the same day CANNOT use the workaround noted earlier in the thread. Apparently that has to do with the fact that the mutual funds being sold and the mutual funds being purchased are issued by two different fund companies and the broker must wait until the funds from the sale have settled before those funds can be used to purchase mutual funds from a different fund company. I even asked about any "exception" if the funds to be purchased were Schwab mutual funds, but the answer was the same as the transactions involve two different mutual fund companies.
Re: Schwab Information Thread with FAQ, Links, Tips and Q&A
Just as a follow up, I received the debit card attached to my brokerage account a couple of days ago, so it indeed did take about a week.JAZZISCOOL wrote: ↑Tue Aug 17, 2021 8:38 pmThis is good to know. I also wonder why it is taking so long for checking accounts to be set up. Thanks.csm wrote: ↑Sat Aug 07, 2021 3:21 pm Thanks to those who provided answers above. I found the place to add my beneficiary online, so I've added my husband as sole beneficiary which was the simplest for me at this time (rather than establishing a joint account).
Something else interesting regarding my query about adding the checking + debit card in case it's of interest to others.
I phoned Schwab about opening a checking account to add to my existing brokerage, and she happened to mention that it is taking about a month right now for checking accounts to be set up. When I mentioned that my sole purpose was to get the debit card for use abroad next month, she told me that I could actually have a debit card added to the brokerage account without establishing a checking account. This is actually better because I really didn't need or want another checking account. I only wanted the "no foreign transaction fee" ability to withdraw cash from an ATM while in Europe.
She said that it will probably be about a week to get the debit card that draws from the cash in the brokerage account.
And for another data point, I did a pull by Schwab from my Ally savings account to move cash over, and it took one day. Actually I was surprised how fast it was because I didn't initiate the transfer until sometime mid/late afternoon, and it was done overnight and visible early the next morning (pre-8 am).
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A
Good to know. Thanks.csm wrote: ↑Wed Aug 18, 2021 7:28 amJust as a follow up, I received the debit card attached to my brokerage account a couple of days ago, so it indeed did take about a week.JAZZISCOOL wrote: ↑Tue Aug 17, 2021 8:38 pmThis is good to know. I also wonder why it is taking so long for checking accounts to be set up. Thanks.csm wrote: ↑Sat Aug 07, 2021 3:21 pm Thanks to those who provided answers above. I found the place to add my beneficiary online, so I've added my husband as sole beneficiary which was the simplest for me at this time (rather than establishing a joint account).
Something else interesting regarding my query about adding the checking + debit card in case it's of interest to others.
I phoned Schwab about opening a checking account to add to my existing brokerage, and she happened to mention that it is taking about a month right now for checking accounts to be set up. When I mentioned that my sole purpose was to get the debit card for use abroad next month, she told me that I could actually have a debit card added to the brokerage account without establishing a checking account. This is actually better because I really didn't need or want another checking account. I only wanted the "no foreign transaction fee" ability to withdraw cash from an ATM while in Europe.
She said that it will probably be about a week to get the debit card that draws from the cash in the brokerage account.
And for another data point, I did a pull by Schwab from my Ally savings account to move cash over, and it took one day. Actually I was surprised how fast it was because I didn't initiate the transfer until sometime mid/late afternoon, and it was done overnight and visible early the next morning (pre-8 am).
Re: Schwab Information Thread with FAQ, Links, Tips and Q&A
I'm extremely glad to report that my sell in dollars and buy in dollars rebalance both executed on the same day, despite customer service assurance that they wouldn't.
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A
I got in touch with a Schwab consultant today. He told me he will need to ask his manager to approve a transfer bonus that matches Etrade's current offer. He did indicate the approval is normally forthcoming.
I also asked him for free trades for the Vanguard family of funds. He said I could either have that or the transfer bonus. I chose transfer bonus. But then he added in passing that if I need to make infrequent buys, just to get in touch with him and he will execute the trade for me without any fee.
I also asked him for free trades for the Vanguard family of funds. He said I could either have that or the transfer bonus. I chose transfer bonus. But then he added in passing that if I need to make infrequent buys, just to get in touch with him and he will execute the trade for me without any fee.
Re: Schwab Information Thread with FAQ, Links, Tips and Q&A
It's not either or, you can get both. Possibly ask again after you get the bonus, if it's important to you.sk.dolcevita wrote: ↑Thu Aug 19, 2021 7:47 pm I got in touch with a Schwab consultant today. He told me he will need to ask his manager to approve a transfer bonus that matches Etrade's current offer. He did indicate the approval is normally forthcoming.
I also asked him for free trades for the Vanguard family of funds. He said I could either have that or the transfer bonus. I chose transfer bonus. But then he added in passing that if I need to make infrequent buys, just to get in touch with him and he will execute the trade for me without any fee.
Re: Schwab Information Thread with FAQ, Links, Tips and Q&A
Are you transferring in or investing at least $250k with Schwab? If so, I'd recommend you ask again BEFORE you transfer any funds in. They will have greater incentive to waive those fees if they know that is necessary to earn your business. Perhaps you should ask the Schwab financial consultant to check again with his manager about providing both the transfer bonus AND the waiver of transaction fees on the purchase of Vanguard mutual funds.nalor511 wrote: ↑Thu Aug 19, 2021 8:11 pmIt's not either or, you can get both. Possibly ask again after you get the bonus, if it's important to you.sk.dolcevita wrote: ↑Thu Aug 19, 2021 7:47 pm I got in touch with a Schwab consultant today. He told me he will need to ask his manager to approve a transfer bonus that matches Etrade's current offer. He did indicate the approval is normally forthcoming.
I also asked him for free trades for the Vanguard family of funds. He said I could either have that or the transfer bonus. I chose transfer bonus. But then he added in passing that if I need to make infrequent buys, just to get in touch with him and he will execute the trade for me without any fee.
It can't hurt to push a little more before you transfer in. After all, you could always go to E*TRADE for a transfer bonus and no transaction fees on many Vanguard mutual funds. All you are asking Schwab to do to earn your business is to level the playing field...
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A
I would probably only push more, if I were truly going to follow through and move to E-trade, if they don't give you the automatic transaction fee waiver. The leverage for that will still be there in a year, at that time you can say something like it's annoying to have to call to get the transaction fee waived and I am thinking about moving to E-trade (or wherever) as a result.galawdawg wrote: ↑Fri Aug 20, 2021 6:29 amAre you transferring in or investing at least $250k with Schwab? If so, I'd recommend you ask again BEFORE you transfer any funds in. They will have greater incentive to waive those fees if they know that is necessary to earn your business. Perhaps you should ask the Schwab financial consultant to check again with his manager about providing both the transfer bonus AND the waiver of transaction fees on the purchase of Vanguard mutual funds.nalor511 wrote: ↑Thu Aug 19, 2021 8:11 pmIt's not either or, you can get both. Possibly ask again after you get the bonus, if it's important to you.sk.dolcevita wrote: ↑Thu Aug 19, 2021 7:47 pm I got in touch with a Schwab consultant today. He told me he will need to ask his manager to approve a transfer bonus that matches Etrade's current offer. He did indicate the approval is normally forthcoming.
I also asked him for free trades for the Vanguard family of funds. He said I could either have that or the transfer bonus. I chose transfer bonus. But then he added in passing that if I need to make infrequent buys, just to get in touch with him and he will execute the trade for me without any fee.
It can't hurt to push a little more before you transfer in. After all, you could always go to E*TRADE for a transfer bonus and no transaction fees on many Vanguard mutual funds. All you are asking Schwab to do to earn your business is to level the playing field...
I did not know that a permanent automatic waiver was an option at the time I did a rollover a few years ago. The consultant did offer to waive transaction fees, if there were some particular funds that I wanted. I only had one fund that needed a waiver at the time and since then have not had a situation where I needed a waiver.
One possible advantage of the consultant waiving the transaction fee on a case-by-case basis is that it is not limited to a single fund family. And for me, I am not sure that a waiver for Vanguard is of much value for my tax deferred account. For taxable, it would be due to Vanguard's unique mutual fund tax efficiency and my preference to not use ETFs.
Re: Schwab Information Thread with FAQ, Links, Tips and Q&A
Thanks for pointing this out. This 1 million minimum doesn't bother me, so I don't think I will reach out to the branch manager. I am just providing a data point. That branch is located in a very affluent part of an affluent city, not where I live. So I am not surprised that they have to raise the minimum to maintain quality of service maybe. Now I remember one more data point. They told me they can generally waive purchase fee for a single fund family for households with 2 million assets at Schwab. They treated me well even my current assets at Schwab is below 1 milliongalawdawg wrote: ↑Wed Aug 18, 2021 3:45 amYou may want to reach out to the branch manager and mention this Schwab webpage: https://www.schwab.com/invest-with-us/p ... nal-adviceThere is a very significant difference between $250k and $1million. Perhaps there was some misunderstanding or miscommunication. While the webpage does say "...generally made available to clients with $250,000 or more...", it would surprise me if an individual branch were permitted to deviate that significantly from what is noted as the practice, if not the policy, at Schwab.How can I get access to a Financial Consultant?
Dedicated Financial Consultants are generally made available to clients with $250,000 or more in assets at Schwab.
If you reach out to the branch manager, please let us know what you find out!
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A
Hi - A few questions on the transfer:
1) Will my Vanguard mutual funds transfer in-kind to Schwab?
2) Can I hold Admiral shares at Schwab? If not, how should I proceed?
3) Is there anything else I should be asking Schwab for besides waiving fees for the Vanguard family of mutual funds and matching new account bonus?
Thanks!
1) Will my Vanguard mutual funds transfer in-kind to Schwab?
2) Can I hold Admiral shares at Schwab? If not, how should I proceed?
3) Is there anything else I should be asking Schwab for besides waiving fees for the Vanguard family of mutual funds and matching new account bonus?
Thanks!
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A
Yes, I believe so. Mine did.earlyretire wrote: ↑Sun Aug 22, 2021 10:40 am Hi - A few questions on the transfer:
1) Will my Vanguard mutual funds transfer in-kind to Schwab?
Yes, I do and dividends reinvest. But I am not sure about buying more. I have never tried and use ETFs now.earlyretire wrote: ↑Sun Aug 22, 2021 10:40 am2) Can I hold Admiral shares at Schwab? If not, how should I proceed?
You might clarify if Admiral shares are available for purchase. I suspect they may not be - that Vanguard limits their sale to their platform only.earlyretire wrote: ↑Sun Aug 22, 2021 10:40 am3) Is there anything else I should be asking Schwab for besides waiving fees for the Vanguard family of mutual funds and matching new account bonus?
Re: Schwab Information Thread with FAQ, Links, Tips and Q&A
I believe these are addressed in the first second post (FAQ) of this topicearlyretire wrote: ↑Sun Aug 22, 2021 10:40 am Hi - A few questions on the transfer:
1) Will my Vanguard mutual funds transfer in-kind to Schwab?
2) Can I hold Admiral shares at Schwab? If not, how should I proceed?
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A
Thank you!typical.investor wrote: ↑Sun Aug 22, 2021 10:46 amYes, I believe so. Mine did.earlyretire wrote: ↑Sun Aug 22, 2021 10:40 am Hi - A few questions on the transfer:
1) Will my Vanguard mutual funds transfer in-kind to Schwab?
Yes, I do and dividends reinvest. But I am not sure about buying more. I have never tried and use ETFs now.earlyretire wrote: ↑Sun Aug 22, 2021 10:40 am2) Can I hold Admiral shares at Schwab? If not, how should I proceed?
You might clarify if Admiral shares are available for purchase. I suspect they may not be - that Vanguard limits their sale to their platform only.earlyretire wrote: ↑Sun Aug 22, 2021 10:40 am3) Is there anything else I should be asking Schwab for besides waiving fees for the Vanguard family of mutual funds and matching new account bonus?
1) And, it doesn't matter if it's a brokerage or retirement account, correct? They should all transfer in-kind?
2) So the Vanguard Admiral shares should transfer in-kind, but then any new purchases would have to be ETFs? Is there any downside to ETFs vs mutual funds?
Really appreciate your help!
- typical.investor
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A
I may have been wrong.... the first post in this thread gives better info about purchasing Admiral shares (sometimes yes for existing investors, sometimes for institutional clients - depending on fund).earlyretire wrote: ↑Sun Aug 22, 2021 10:51 am
2) So the Vanguard Admiral shares should transfer in-kind, but then any new purchases would have to be ETFs? Is there any downside to ETFs vs mutual funds?
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A
I am so sorry! Thanks! However, I'm not seeing these exact questions. I apologize if I am missing something.mkc wrote: ↑Sun Aug 22, 2021 10:48 amI believe these are addressed in the first second post (FAQ) of this topicearlyretire wrote: ↑Sun Aug 22, 2021 10:40 am Hi - A few questions on the transfer:
1) Will my Vanguard mutual funds transfer in-kind to Schwab?
2) Can I hold Admiral shares at Schwab? If not, how should I proceed?
- jeffyscott
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A
If "retirement account" means IRA, then yes. If is is a 401K or something like that, then no.earlyretire wrote: ↑Sun Aug 22, 2021 10:51 am 1) And, it doesn't matter if it's a brokerage or retirement account, correct? They should all transfer in-kind?
I believe, in general, index admiral funds are the only share class, so those you can buy. For managed funds, Schwab indicates they are restricted to institutional clients. You can verify any by looking at Schwab's site or contacting them. For example here's where Schwab says VWENX is for institutional only: https://www.schwab.com/research/mutual- ... fees/vwenx2) So the Vanguard Admiral shares should transfer in-kind, but then any new purchases would have to be ETFs?
Of course, for many index funds, you could also just buy the Schwab version, especially if it is a retirement account.
There are endless discussions about that. You might look at the wiki as a start: https://www.bogleheads.org/wiki/ETFs_vs_mutual_fundsIs there any downside to ETFs vs mutual funds?
Re: Schwab Information Thread with FAQ, Links, Tips and Q&A
It looks like your questions may have been answered, but just to confirm:earlyretire wrote: ↑Sun Aug 22, 2021 10:40 am Hi - A few questions on the transfer:
1) Will my Vanguard mutual funds transfer in-kind to Schwab?
2) Can I hold Admiral shares at Schwab? If not, how should I proceed?
3) Is there anything else I should be asking Schwab for besides waiving fees for the Vanguard family of mutual funds and matching new account bonus?
Thanks!
1. Yes, as long as those Vanguard mutual funds are available at Schwab. As mentioned in the FAQ, for a full list of available funds, use Schwab’s Fund Screener linked here. In the left column labeled Choose Criteria, you’ll see Fund Characteristics. In that menu, select Fund Company and choose Vanguard, then click on View Matches. https://www.schwab.com/research/mutual- ... s/screener
If you know the funds you want to transfer, use the Fund Screener link above and on the upper right side you'll see a search box labeled "Search for Stocks, ETFs or Mutual Funds". Enter the ticker there, such as VTSAX, and click the blue search button. There will be a note in the fund details on Availability, which will say "Open" or "Existing Shareholders Only", "Institutional Customers Only", etc.
2. Yes, again, as long as those Vanguard funds are available at Schwab. Just search for your desired funds as noted above.
3. If you are coming from a brokerage that charges an ACATS transfer-out fee (Vanguard does not), then ask Schwab to reimburse any of those fees. If you need to set up a power of attorney, which must be notarized, you can ask Schwab to reimburse the notary fee if you wish (and if you aren't near a notary, Schwab will likely recommend an online notary, such as notarize.com).
Feel free to ask any other questions or let us know if you still have any questions about transferring to Schwab!
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A
stupid question for those who made the switch from VG to Schwab:
Do the basis change / reset when one makes the "transfer?"
Do the basis change / reset when one makes the "transfer?"
Re: Schwab Information Thread with FAQ, Links, Tips and Q&A
Not if you transfer the funds "in-kind". The original cost basis transfers over as well (usually within two weeks of the funds).bestisfree wrote: ↑Sun Aug 22, 2021 12:45 pm stupid question for those who made the switch from VG to Schwab:
Do the basis change / reset when one makes the "transfer?"
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A
I am currently negotiating an asset move from Vanguard to Schwab as well.earlyretire wrote: ↑Sun Aug 22, 2021 10:40 am Hi - A few questions on the transfer:
1) Will my Vanguard mutual funds transfer in-kind to Schwab?
2) Can I hold Admiral shares at Schwab? If not, how should I proceed?
3) Is there anything else I should be asking Schwab for besides waiving fees for the Vanguard family of mutual funds and matching new account bonus?
Thanks!
In addition to the above you might inquire about a discount rate on a a PAL (Pledged Asset Line) loan. Another Boglehead was able to get 1.3% which is far below Schwab's published rates.
I asked for this discount but am still waiting to hear back.
Tomorrow never knows.
Re: Schwab Information Thread with FAQ, Links, Tips and Q&A
It looks like the main Vanguard omissions per the screener are the money market funds and admiral share class of actively managed funds.galawdawg wrote: ↑Sun Aug 22, 2021 11:57 amIt looks like your questions may have been answered, but just to confirm:earlyretire wrote: ↑Sun Aug 22, 2021 10:40 am Hi - A few questions on the transfer:
1) Will my Vanguard mutual funds transfer in-kind to Schwab?
2) Can I hold Admiral shares at Schwab? If not, how should I proceed?
3) Is there anything else I should be asking Schwab for besides waiving fees for the Vanguard family of mutual funds and matching new account bonus?
Thanks!
1. Yes, as long as those Vanguard mutual funds are available at Schwab. As mentioned in the FAQ, for a full list of available funds, use Schwab’s Fund Screener linked here. In the left column labeled Choose Criteria, you’ll see Fund Characteristics. In that menu, select Fund Company and choose Vanguard, then click on View Matches. https://www.schwab.com/research/mutual- ... s/screener
If you know the funds you want to transfer, use the Fund Screener link above and on the upper right side you'll see a search box labeled "Search for Stocks, ETFs or Mutual Funds". Enter the ticker there, such as VTSAX, and click the blue search button. There will be a note in the fund details on Availability, which will say "Open" or "Existing Shareholders Only", "Institutional Customers Only", etc.
2. Yes, again, as long as those Vanguard funds are available at Schwab. Just search for your desired funds as noted above.
3. If you are coming from a brokerage that charges an ACATS transfer-out fee (Vanguard does not), then ask Schwab to reimburse any of those fees. If you need to set up a power of attorney, which must be notarized, you can ask Schwab to reimburse the notary fee if you wish (and if you aren't near a notary, Schwab will likely recommend an online notary, such as notarize.com).
Feel free to ask any other questions or let us know if you still have any questions about transferring to Schwab!
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A
Just some data points for a pending asset move from Vanguard to Schwab. I was able to negotiate:
1. $3000 bonus.
2. Reimbursement of transfer fees.
3. Vanguard mutual fund fee waiver.
4. PAL loan at 1.25% over SOFR.
1. $3000 bonus.
2. Reimbursement of transfer fees.
3. Vanguard mutual fund fee waiver.
4. PAL loan at 1.25% over SOFR.
Tomorrow never knows.
Re: Schwab Information Thread with FAQ, Links, Tips and Q&A
For what amount?Average Investor wrote: ↑Tue Aug 24, 2021 3:28 pm Just some data points for a pending asset move from Vanguard to Schwab. I was able to negotiate:
1. $3000 bonus.
2. Reimbursement of transfer fees.
3. Vanguard mutual fund fee waiver.
4. PAL loan at 1.25% over SOFR.
Re: Schwab Information Thread with FAQ, Links, Tips and Q&A
Does Schwab offer free signature guarantee?
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A
Thanks for this and similar posts. And thanks galawdawg for this thread.Average Investor wrote: ↑Tue Aug 24, 2021 3:28 pm Just some data points for a pending asset move from Vanguard to Schwab. I was able to negotiate:
1. $3000 bonus.
2. Reimbursement of transfer fees.
3. Vanguard mutual fund fee waiver.
4. PAL loan at 1.25% over SOFR.
I’ve contacted a local Schwab FA and he’s looking into all of this for me as well.
Will report back as things progress.
“Doing nothing is better than being busy doing nothing.” – Lao Tzu
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A
Btw, would you mind sharing rough size of portfolio transferring and PAL limit?Average Investor wrote: ↑Tue Aug 24, 2021 3:28 pm Just some data points for a pending asset move from Vanguard to Schwab. I was able to negotiate:
1. $3000 bonus.
2. Reimbursement of transfer fees.
3. Vanguard mutual fund fee waiver.
4. PAL loan at 1.25% over SOFR.
“Doing nothing is better than being busy doing nothing.” – Lao Tzu
Re: Schwab Information Thread with FAQ, Links, Tips and Q&A
I'm guessing $1mil, because 2-4 seem right for $1mil, #1 seems a little low, but could be a no haggle offer if the other points were more importantRubyTuesday wrote: ↑Wed Aug 25, 2021 4:27 pmBtw, would you mind sharing rough size of portfolio transferring and PAL limit?Average Investor wrote: ↑Tue Aug 24, 2021 3:28 pm Just some data points for a pending asset move from Vanguard to Schwab. I was able to negotiate:
1. $3000 bonus.
2. Reimbursement of transfer fees.
3. Vanguard mutual fund fee waiver.
4. PAL loan at 1.25% over SOFR.
Re: Schwab Information Thread with FAQ, Links, Tips and Q&A
Galawdog, thanks for this thread. Unless I missed it, your summary of available Schwab advice services does not discuss Schwab Private Client. Is that tier defunct, or what’s the story with Private Client. Thanks a lotgalawdawg wrote: ↑Thu Aug 05, 2021 8:53 am As a satisfied Schwab customer, I have responded in a number of threads to questions about Schwab, both the brokerage and the bank. Sometimes those responses take a life of their own with follow-up questions and can detract from the original purpose of the thread.
In the following post, which will be updated as new information is available or as frequent questions are fielded, I have endeavored to compile information that will be useful to others who may be considering starting their investing and/or banking adventure at Schwab or who are considering moving to Schwab from another brokerage or bank.
Feel free to ask questions, express concerns, share comments and provide updated information in this thread. Hopefully it will allow other Bogleheads and lurkers alike to have many of their questions addressed in one place and avoid being an off-topic distraction in threads started by others that don't directly pertain to Schwab.
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A
;—)nalor511 wrote: ↑Wed Aug 25, 2021 4:35 pmI'm guessing $1mil, because 2-4 seem right for $1mil, #1 seems a little low, but could be a no haggle offer if the other points were more importantRubyTuesday wrote: ↑Wed Aug 25, 2021 4:27 pmBtw, would you mind sharing rough size of portfolio transferring and PAL limit?Average Investor wrote: ↑Tue Aug 24, 2021 3:28 pm Just some data points for a pending asset move from Vanguard to Schwab. I was able to negotiate:
1. $3000 bonus.
2. Reimbursement of transfer fees.
3. Vanguard mutual fund fee waiver.
4. PAL loan at 1.25% over SOFR.
Tomorrow never knows.
Re: Schwab Information Thread with FAQ, Links, Tips and Q&A
I added the link to Schwab Private Client to the FAQ, here it is as well: https://www.schwab.com/private-client
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Re: Schwab Information Thread with FAQ, Links, Tips and Q&A
This thread has been extremely helpful in clarifying what Schwab can typically provide and I want to thank all those that have participated.Average Investor wrote: ↑Wed Aug 25, 2021 11:55 pm;—)nalor511 wrote: ↑Wed Aug 25, 2021 4:35 pmI'm guessing $1mil, because 2-4 seem right for $1mil, #1 seems a little low, but could be a no haggle offer if the other points were more importantRubyTuesday wrote: ↑Wed Aug 25, 2021 4:27 pmBtw, would you mind sharing rough size of portfolio transferring and PAL limit?Average Investor wrote: ↑Tue Aug 24, 2021 3:28 pm Just some data points for a pending asset move from Vanguard to Schwab. I was able to negotiate:
1. $3000 bonus.
2. Reimbursement of transfer fees.
3. Vanguard mutual fund fee waiver.
4. PAL loan at 1.25% over SOFR.
I have been reviewing advertised bonus offers from other brokers and the typical bonus for $1M-$2M is $2000 and a $3000 bonus is for amounts greater than $2M. There seems to be the implication in these recent posts that a $3000 bonus can be negotiated for amounts over $1M, but less than $2M. Is that the case or am I misreading something?
Re: Schwab Information Thread with FAQ, Links, Tips and Q&A
If you'll take a look at my post on the first page on how Schwab is likely (based upon past experience) to calculate the bonus among several accounts, you can see that you can get to $3k with a portfolio of well under $2m.civiltoatee wrote: ↑Thu Aug 26, 2021 7:45 am This thread has been extremely helpful in clarifying what Schwab can typically provide and I want to thank all those that have participated.
I have been reviewing advertised bonus offers from other brokers and the typical bonus for $1M-$2M is $2000 and a $3000 bonus is for amounts greater than $2M. There seems to be the implication in these recent posts that a $3000 bonus can be negotiated for amounts over $1M, but less than $2M. Is that the case or am I misreading something?
For example, if you have $1.1m in an IRA and $550k in a taxable account and if Schwab matches Ally's current offer, you are likely to receive $2k for the IRA and $1,200 for the taxable account....$3,200 in bonus payments for a total portfolio of $1.6m. Of course, YMMV, so you would want to speak with a financial consultant at an office near you to see exactly what they can offer you.