I think a year or two Schwab changed the 'no fee' feature of vanguard from a pretty low number (like $50k? or $150k or something -- maybe $250k?) to $1M -- I'm pretty sure that this is hard and fast and they don't grant exceptions to this.galawdawg wrote: ↑Tue Jul 12, 2022 5:04 pmTwo things could be going on here. There have been a few reports that some offices have a higher threshold for granting a fee waiver for the purchase of Vanguard mutual funds. Schwab may have also changed that threshold when they increased the purchase fee for Vanguard mutual funds to match what Fidelity had been charging for a number of years.G-Force wrote: ↑Tue Jul 12, 2022 4:45 pm Talked to a local financial consultant at a branch about getting the Vanguard fee waiver on my Schwab accounts. I told him I would be transferring in a $260k IRA and heard I was eligible if my assets were over $250k. The consultant checked on the status of the fee waiver, called me back the next day, and told me you need to have 1 million in assets at Schwab to get the fee waiver. He asked his team if there were any exceptions and they said "no". Has anyone heard this before? I'm wondering if this is a new requirement or a mis-informed consultant.
Some in your situation who switch to Schwab choose to convert their mutual funds to the equivalent ETF at Vanguard before transferring in-kind. Others may transfer their Vanguard mutual funds but when making new purchases choose either an ETF or a mutual fund from a different fund family.
I personally divested of my Vanguard holdings in favor of Schwab offerings...for the funds I invest in I found that the Schwab funds offered expense ratios as low or lower than Vanguard's equivalent funds and performance that was on par over the long-term.
Hope that is helpful!
Keep in mind that I'm pretty sure Schwab (really most brokerages) get a kick-back when their customers buy a 'free' mutual fund.