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What should I expect from my Schwab Broker?

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  • What should I expect from my Schwab Broker?

    Hi- Recently consolidated my accounts to Schwab. I have a little more than 1 M in there. Many individual stocks and also several funds. I also have ~$600k in a 401k. I keep asking the Schwab guy for advice and get little in the way of response. If I email him, I usually have to ask twice or more, if I call him, he's noncommittal. I should think he would be tripping over himself to service my account and answer my questions even though there's little in the way of commission for him. Am I expecting too much? Please advise. All my previous stuff had been done over the phone with Vanguard and I was generally happy. With my 401k I follow their computer generated advice but I would appreciate being able to bounce it off the Schwab guy. I'm 58 and have been investing for a long time but never really interacted with the brokers before.

  • #2
    What sort of advice are you looking for?

    I wouldn't expect much more useful advice or guidance than you got at Vanguard.

    In general, I would think that the less advice and suggestions you get the better.

    If it's investing advice you're looking for, he's not likely to know more than you, or at least, he won't know more than the collective wisdom of this website.

    If you have a specific question, just ask it here.

    If it's overall financial planning you're looking for, and you don't feel confident in doing it yourself, you will need to hire a fee only financial planner.

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    • #3
      Here's an example of recent questions I have asked. I have around 7500 from an old ira sitting in the Schwab bank earning zero. I asked the guy where to put it besides stock funds (I think I'm too heavy in stocks as it is) and I got no answer. I also have 65000 in uninvested dividends sitting in cash that I will need in the next year. He said to leave it there (Schwab Bank) after I asked him a couple times. I understand what you're saying, but I had imagined there would be more help.

       

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      • #4




        Here’s an example of recent questions I have asked. I have around 7500 from an old ira sitting in the Schwab bank earning zero. I asked the guy where to put it besides stock funds (I think I’m too heavy in stocks as it is) and I got no answer. I also have 65000 in uninvested dividends sitting in cash that I will need in the next year. He said to leave it there (Schwab Bank) after I asked him a couple times. I understand what you’re saying, but I had imagined there would be more help.

         
        Click to expand...


        For the cash of 7500 you can either do a bond fund, cd, etc...if you dont want more equities. If you need the uninvested cash soon, leaving it there or at another bank (with a paltry interest rate) is the right way to do it.

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        • #5
          At least he did not suggest something inappropriate.

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          • #6
            At looks like there are three tiers of service (see link below). No service, minimal (free) service, and paid professional management. You are not going to get the paid, professional service for free.

            http://www.schwab.com/public/schwab/investing/investment_help

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            • #7




              Here’s an example of recent questions I have asked. I have around 7500 from an old ira sitting in the Schwab bank earning zero. I asked the guy where to put it besides stock funds (I think I’m too heavy in stocks as it is) and I got no answer. I also have 65000 in uninvested dividends sitting in cash that I will need in the next year. He said to leave it there (Schwab Bank) after I asked him a couple times. I understand what you’re saying, but I had imagined there would be more help.
              Click to expand...


              Vagabond MD is correct - you are not going to get paid professional advice for free (and you are probably much better off that you haven't gotten any advice). You are right to leave the dividends in cash if you will need them in the next 5 years, as you indicated. Your instinct that you have too much $$ sitting in stocks is correct, too. Any money in individual stocks is too much. If you are uncomfortable doing it yourself and comfortable having a long-distance relationship, there are several fee-only CFPs on this site who would do a good job for you. At age 58, financial planning could be more beneficial than investment advice. A planner would incorporate the investments into your plan, rather than making your investments the primary focus.
              Working to protect good doctors from bad advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

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              • #8
                Thank you all for the input. Greatly appreciated.

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