Schwab Pinnacle Status

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MedSaver
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Schwab Pinnacle Status

Post by MedSaver »

I’ve seen old posts about elevated (Pinnacle?) status with Schwab for holdings in excess of seven figures. Is this still a thing? In other words, is it worth rearranging finances to get >$1M at Schwab?
123
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Re: Schwab Pinnacle Status

Post by 123 »

Most brokers offer various kinds of elevated service tiers to those with large holdings. We've never found them to be of any significant value. In fact one of the reasons we spread our accounts around is so that we are less likely to be targeted for marketing efforts. We try to fly "under the radar" whenever possible.
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Cheez-It Guy
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Re: Schwab Pinnacle Status

Post by Cheez-It Guy »

I'm stuck on Pinochle Status.
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MedSaver
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Re: Schwab Pinnacle Status

Post by MedSaver »

I ask because some posts mentioned that with Pinnacle status, you could put Vanguard funds into Schwab for no fee.
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cchrissyy
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Re: Schwab Pinnacle Status

Post by cchrissyy »

MedSaver wrote: Thu Sep 09, 2021 9:13 pm I ask because some posts mentioned that with Pinnacle status, you could put Vanguard funds into Schwab for no fee.

I've been with Schwab 2 decades and never heard of that

If it exists, they should have said something to me!

Anyone can transfer VG funds to Schwab w no fee. And hold or sell them for no fee. what you are thinking of is the $49 to buy more. Many people here report getting an account setting to permanently waive that fee. However, it's not a public policy and some people have asked and been denied. I posted more detail on a disappointing experience just recently.
typical.investor
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Re: Schwab Pinnacle Status

Post by typical.investor »

MedSaver wrote: Thu Sep 09, 2021 9:13 pm I ask because some posts mentioned that with Pinnacle status, you could put Vanguard funds into Schwab for no fee.
Technically, you can put Vanguards funds into Schwab at any account level.

To buy more with no fee, you have to use ETFs though.

People of various asset level have reported getting fees fees waived on a select Vanguard fund though. Not sure if exact requirements.
Last edited by typical.investor on Fri Sep 10, 2021 2:03 am, edited 1 time in total.
smectym
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Re: Schwab Pinnacle Status

Post by smectym »

Surely a simple internet search would unearth all the wisdom in the world about whether or not Schwab Pinnacle Status is still a thing.
ElJefeDelQueso
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Re: Schwab Pinnacle Status

Post by ElJefeDelQueso »

smectym wrote: Fri Sep 10, 2021 1:58 am Surely a simple internet search would unearth all the wisdom in the world about whether or not Schwab Pinnacle Status is still a thing.
This sort of information is not on the internet. It requires a secret handshake.
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mrspock
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Re: Schwab Pinnacle Status

Post by mrspock »

Still a thing as far as I know. I got it around $1m in assets (notified via a mailer) and it gets you:

1. Dedicated 1-800 line with 0 wait on hold (at least I've never been on hold)
2. Better quality brokers so you won't be bounced around to answer slightly advanced questions
3. Waiving of fees for Vanguard funds if you ask (they will "code" your account for this), I use this for my Vanguard muni bonds for example.
4. Pretty much any place there's a "fee" in the Schwab UI will show "$0.00" (e.g. wire transfers, checks, you name it).

I suspect there is more they will offer you as well, but these are the things I've noticed.
Leesbro63
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Re: Schwab Pinnacle Status

Post by Leesbro63 »

I've had a Schwab account for 30+ years and have had much more than $1M there for a long time. Never heard of this. Tell me more, tell me more.
tenkuky
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Re: Schwab Pinnacle Status

Post by tenkuky »

Same here.
Details please.
Also my only beef with Schwab fees are account transfer (partial).
I have needed to consolidate to allow backdoor in past and they charged $25 (no waiver).
Curious if Pinnacle status would.
UpperNwGuy
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Re: Schwab Pinnacle Status

Post by UpperNwGuy »

Here's what Schwab wants you to know about Pinnacle status:
https://www.schwab.com/private-client
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arcticpineapplecorp.
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Re: Schwab Pinnacle Status

Post by arcticpineapplecorp. »

if such a thing exists, i think they should call it Humblebrag Status.
It's hard to accept the truth when the lies were exactly what you wanted to hear. Investing is simple, but not easy. Buy, hold & rebalance low cost index funds & manage taxable events.
Fired2020
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Re: Schwab Pinnacle Status

Post by Fired2020 »

UpperNwGuy wrote: Fri Sep 10, 2021 7:10 am Here's what Schwab wants you to know about Pinnacle status:
https://www.schwab.com/private-client
So it looks like a fee applies to realize "Pinnacle" status.
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Nate79
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Re: Schwab Pinnacle Status

Post by Nate79 »

UpperNwGuy wrote: Fri Sep 10, 2021 7:10 am Here's what Schwab wants you to know about Pinnacle status:
https://www.schwab.com/private-client
I don't find the term Pinnacle anywhere on that page. Are you sure its not something different?
tenkuky
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Re: Schwab Pinnacle Status

Post by tenkuky »

I contacted my local Schwab rep who is always prompt and courteous. His response...
At Schwab, we dedicate our most tenured service professionals to clients with 1 million or more at Schwab. This is the Pinnacle service team. When you call the service teams, you would be automatically routed to the team dedicated to the region that you live in. It is a free service, as we want to make sure that our most valuable clients receive the service that they deserve.
afan
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Re: Schwab Pinnacle Status

Post by afan »

They at least used to have a paid investment management product called Pinnacle. It had a minimum similar to Private Client. I don't know what benefits one received. The pitch was the active management. Like Private Client, it was not targeted at freebies for DIY index fund investors.

I know some people can buy Vanguard funds ar Schwab without a fee. Schwab never announced this was due to any special status, but they do have large accounts.

If you are interested, contact your account rep and ask.

Interesting about the Pinnacle service level.

Perhaps this explains the disconnect between bogleheads praising Schwab service and JDPower saying that Vanguard has the highest customer satisfaction? JDPower may be looking at all comers. At this forum we may hear from a relatively affluent set of people who get Pinnacle service, even if they don't know it.
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ResearchMed
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Re: Schwab Pinnacle Status

Post by ResearchMed »

afan wrote: Fri Sep 10, 2021 8:18 am They at least used to have a paid investment management product called Pinnacle. It had a minimum similar to Private Client. I don't know what benefits one received. The pitch was the active management. Like Private Client, it was not targeted at freebies for DIY index fund investors.

I know some people can buy Vanguard funds ar Schwab without a fee. Schwab never announced this was due to any special status, but they do have large accounts.

If you are interested, contact your account rep and ask.

Interesting about the Pinnacle service level.

Perhaps this explains the disconnect between bogleheads praising Schwab service and JDPower saying that Vanguard has the highest customer satisfaction? JDPower may be looking at all comers. At this forum we may hear from a relatively affluent set of people who get Pinnacle service, even if they don't know it.
That may or may not be the case generally.
However, our 7 figure amount is still mostly captured in a 403b plan. We do plan to move much of it to Schwab, leaving another good chunk at TIAA b/c of Traditional Annuity.
(Our 403b plan was moved entirely from Vanguard to TIAA last year, something that was just fine with us.)

We couldn't be happier with the various services we've had from Schwab, despite currently having a very small amount there. The service has been that way from the start.

RM
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MedSaver
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Re: Schwab Pinnacle Status

Post by MedSaver »

tenkuky wrote: Fri Sep 10, 2021 8:14 am I contacted my local Schwab rep who is always prompt and courteous. His response...
At Schwab, we dedicate our most tenured service professionals to clients with 1 million or more at Schwab. This is the Pinnacle service team. When you call the service teams, you would be automatically routed to the team dedicated to the region that you live in. It is a free service, as we want to make sure that our most valuable clients receive the service that they deserve.
Dumb question, but how do I found out who my account rep is? I usually use the online chat, but that’s a mixed bag.
tenkuky
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Re: Schwab Pinnacle Status

Post by tenkuky »

MedSaver wrote: Fri Sep 10, 2021 11:26 am
tenkuky wrote: Fri Sep 10, 2021 8:14 am I contacted my local Schwab rep who is always prompt and courteous. His response...
At Schwab, we dedicate our most tenured service professionals to clients with 1 million or more at Schwab. This is the Pinnacle service team. When you call the service teams, you would be automatically routed to the team dedicated to the region that you live in. It is a free service, as we want to make sure that our most valuable clients receive the service that they deserve.
Dumb question, but how do I found out who my account rep is? I usually use the online chat, but that’s a mixed bag.
Your Schwab login page shows it on the right.
Or you get generic Schwab emails with rep contact at bottom of email.
retire2022
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Re: Schwab Pinnacle Status

Post by retire2022 »

Fired2020 wrote: Fri Sep 10, 2021 7:25 am
UpperNwGuy wrote: Fri Sep 10, 2021 7:10 am Here's what Schwab wants you to know about Pinnacle status:
https://www.schwab.com/private-client
So it looks like a fee applies to realize "Pinnacle" status.
+1


Schwab Private Client

The annual fee starts at 0.80%, and the fee rate decreases at higher asset levels.
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MedSaver
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Re: Schwab Pinnacle Status

Post by MedSaver »

retire2022 wrote: Fri Sep 10, 2021 11:37 am
Fired2020 wrote: Fri Sep 10, 2021 7:25 am
UpperNwGuy wrote: Fri Sep 10, 2021 7:10 am Here's what Schwab wants you to know about Pinnacle status:
https://www.schwab.com/private-client
So it looks like a fee applies to realize "Pinnacle" status.
+1


Schwab Private Client

The annual fee starts at 0.80%, and the fee rate decreases at higher asset levels.
I’m not sure this is the same thing.
tenkuky
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Re: Schwab Pinnacle Status

Post by tenkuky »

MedSaver wrote: Fri Sep 10, 2021 11:38 am
retire2022 wrote: Fri Sep 10, 2021 11:37 am
Fired2020 wrote: Fri Sep 10, 2021 7:25 am
UpperNwGuy wrote: Fri Sep 10, 2021 7:10 am Here's what Schwab wants you to know about Pinnacle status:
https://www.schwab.com/private-client
So it looks like a fee applies to realize "Pinnacle" status.
+1


Schwab Private Client

The annual fee starts at 0.80%, and the fee rate decreases at higher asset levels.
I’m not sure this is the same thing.
It is not. I confirmed with my Schwab rep (see upthread).
I don’t have all the perks listed beyond dedicated experienced support.
Youndo
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Re: Schwab Pinnacle Status

Post by Youndo »

Don’t know about any secret clubs at Schwab but I do know they have some nice refinance rate discounts dependent on your account balance with the largest discount if you have 8 figures ($10 million)
skibummer
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Re: Schwab Pinnacle Status

Post by skibummer »

mrspock wrote: Fri Sep 10, 2021 3:21 am Still a thing as far as I know. I got it around $1m in assets (notified via a mailer) and it gets you:

1. Dedicated 1-800 line with 0 wait on hold (at least I've never been on hold)
2. Better quality brokers so you won't be bounced around to answer slightly advanced questions
3. Waiving of fees for Vanguard funds if you ask (they will "code" your account for this), I use this for my Vanguard muni bonds for example.
4. Pretty much any place there's a "fee" in the Schwab UI will show "$0.00" (e.g. wire transfers, checks, you name it).

I suspect there is more they will offer you as well, but these are the things I've noticed.
I can confirm all those above items are correct. $1M min, separate number and rep (even for all self-managed accounts), fee waivers on 1-2 fund families and waiving all other misc fees. Very nice and they can get you a transfer bonus as well. I just got $1800 (matched Etrade) for new money of $500k-$1M.
retire2022
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Re: Schwab Pinnacle Status

Post by retire2022 »

Ok

Googling got me this:

https://www.pinnaclewealthmanagementri. ... ationship/

"Our Relationship with Charles Schwab
We deal with Schwab behind the scenes so our clients do not have to."
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MedSaver
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Re: Schwab Pinnacle Status

Post by MedSaver »

retire2022 wrote: Fri Sep 10, 2021 11:58 am Ok

Googling got me this:

https://www.pinnaclewealthmanagementri. ... ationship/

"Our Relationship with Charles Schwab
We deal with Schwab behind the scenes so our clients do not have to."
Again, this may be something different. I just want some fees waived. I’m not looking for wealth management.
skibummer
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Re: Schwab Pinnacle Status

Post by skibummer »

MedSaver wrote: Fri Sep 10, 2021 12:00 pm
retire2022 wrote: Fri Sep 10, 2021 11:58 am Ok

Googling got me this:

https://www.pinnaclewealthmanagementri. ... ationship/

"Our Relationship with Charles Schwab
We deal with Schwab behind the scenes so our clients do not have to."
Again, this may be something different. I just want some fees waived. I’m not looking for wealth management.
Pinnacle is an asset level of $1 million or greater and Chairman’s circle is $10 million or greater. They are not the same as having an advised fee based service. This is not an advised service nor a fee-based asset management service. Sounds like people are confusing this with their asset management services which can be Schwab private client based or outside advisors such as pinnacle wealth management which is an advisory service but unrelated to this despite the same name. Think of this as the same as the Vanguard Flagship levels or airline or hotel status. You get some additional perks you don’t pay for them and it makes your life easier. You don’t pay fees for this in fact you pay less with better service.
jarjarM
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Re: Schwab Pinnacle Status

Post by jarjarM »

skibummer wrote: Fri Sep 10, 2021 1:07 pm
MedSaver wrote: Fri Sep 10, 2021 12:00 pm
retire2022 wrote: Fri Sep 10, 2021 11:58 am Ok

Googling got me this:

https://www.pinnaclewealthmanagementri. ... ationship/

"Our Relationship with Charles Schwab
We deal with Schwab behind the scenes so our clients do not have to."
Again, this may be something different. I just want some fees waived. I’m not looking for wealth management.
Pinnacle is an asset level of $1 million or greater and Chairman’s circle is $10 million or greater. They are not the same as having an advised fee based service. This is not an advised service nor a fee-based asset management service. Sounds like people are confusing this with their asset management services which can be Schwab private client based or outside advisors such as pinnacle wealth management which is an advisory service but unrelated to this despite the same name. Think of this as the same as the Vanguard Flagship levels or airline or hotel status. You get some additional perks you don’t pay for them and it makes your life easier. You don’t pay fees for this in fact you pay less with better service.
How can one tell if they have pinnacle service or not? We have enough to get the 0.75% discount from schwab but don't remember seeing any indication of pinnacle status, unlike fidelity's PCG.
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MedSaver
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Re: Schwab Pinnacle Status

Post by MedSaver »

skibummer wrote: Fri Sep 10, 2021 1:07 pm
MedSaver wrote: Fri Sep 10, 2021 12:00 pm
retire2022 wrote: Fri Sep 10, 2021 11:58 am Ok

Googling got me this:

https://www.pinnaclewealthmanagementri. ... ationship/

"Our Relationship with Charles Schwab
We deal with Schwab behind the scenes so our clients do not have to."
Again, this may be something different. I just want some fees waived. I’m not looking for wealth management.
Pinnacle is an asset level of $1 million or greater and Chairman’s circle is $10 million or greater. They are not the same as having an advised fee based service. This is not an advised service nor a fee-based asset management service. Sounds like people are confusing this with their asset management services which can be Schwab private client based or outside advisors such as pinnacle wealth management which is an advisory service but unrelated to this despite the same name. Think of this as the same as the Vanguard Flagship levels or airline or hotel status. You get some additional perks you don’t pay for them and it makes your life easier. You don’t pay fees for this in fact you pay less with better service.
So what happens at Chairman’s Circle level?
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Re: Schwab Pinnacle Status

Post by edgeagg »

MedSaver wrote: Fri Sep 10, 2021 2:24 pm So what happens at Chairman’s Circle level?
You get to play pinochle with the Chairman. Sorry, sorry, just couldn't resist it..
gonefishing01
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Re: Schwab Pinnacle Status

Post by gonefishing01 »

Over 1M they assign you a VP to work with instead of the default support rep that contacted me after I opened an account online. I’ve found both reps to be helpful and they have waived fees and lowered rates for me before and after my account had seven figures with little fuss.
Enzo IX
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Re: Schwab Pinnacle Status

Post by Enzo IX »

MedSaver wrote: Fri Sep 10, 2021 2:24 pm
skibummer wrote: Fri Sep 10, 2021 1:07 pm
MedSaver wrote: Fri Sep 10, 2021 12:00 pm
retire2022 wrote: Fri Sep 10, 2021 11:58 am Ok

Googling got me this:

https://www.pinnaclewealthmanagementri. ... ationship/

"Our Relationship with Charles Schwab
We deal with Schwab behind the scenes so our clients do not have to."
Again, this may be something different. I just want some fees waived. I’m not looking for wealth management.
Pinnacle is an asset level of $1 million or greater and Chairman’s circle is $10 million or greater. They are not the same as having an advised fee based service. This is not an advised service nor a fee-based asset management service. Sounds like people are confusing this with their asset management services which can be Schwab private client based or outside advisors such as pinnacle wealth management which is an advisory service but unrelated to this despite the same name. Think of this as the same as the Vanguard Flagship levels or airline or hotel status. You get some additional perks you don’t pay for them and it makes your life easier. You don’t pay fees for this in fact you pay less with better service.
So what happens at Chairman’s Circle level?
I guess if you have a 20 million dollar account and live in New York or New Jersey, Charles Schwab will meet with you personally.
afan
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Re: Schwab Pinnacle Status

Post by afan »

I thought Chairman's Circle was $20 million, not $10 million.
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jarjarM
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Re: Schwab Pinnacle Status

Post by jarjarM »

afan wrote: Fri Sep 10, 2021 4:23 pm I thought Chairman's Circle was $20 million, not $10 million.
That seems to be the case:

From Charles Schwab himself:

https://www.thinkadvisor.com/2019/10/09 ... -advisors/
Oh, yes. We have a service for people with more than $20 million, the Schwab Chairman’s Circle. We have quite a few people who have been with us many years and have accumulated that amount of money. They’ve had great financial success and have stayed with us because they trust us.
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Re: Schwab Pinnacle Status

Post by nisiprius »

ElJefeDelQueso wrote: Fri Sep 10, 2021 3:05 am
smectym wrote: Fri Sep 10, 2021 1:58 am Surely a simple internet search would unearth all the wisdom in the world about whether or not Schwab Pinnacle Status is still a thing.
This sort of information is not on the internet. It requires a secret handshake.
The Freemasons' secret word is AOUM. Schwab's is AUM.
Annual income twenty pounds, annual expenditure nineteen nineteen and six, result happiness; Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery.
SpinPsycholer
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Re: Schwab Pinnacle Status

Post by SpinPsycholer »

I got a letter a few years ago from Schwab stating that I was a Pinnacle member. I had just started studying Bogleheads, so was a DIY investor and definitely was not using any expensive services at the time (I did use their actively managed service at one point, but thankfully quit that). I had been with Schwab for over 20 years and had 7 figures invested with them once I retired and moved qualified funds over. I tried, but could see any tangible benefit of the Pinnacle level. My advisor was assigned to me when I had just a few hundred thousand with them many years before. Anyway I moved all but $10 to Fidelity about 2 years ago. At least Fidelity gives me free Turbo Tax Premiere each year. I still have my Schwab rep. He has reached out a few times to see if I word come back. I may even still be a Schwab Pinnacle customer with my $10 :D I a very happy with Fidelity, so don’t plan to move back.
Honor the Lord with your wealth, with the firstfruits of all your crops; then your barns will be filled to overflowing, and your vats will brim over with new wine. Proverbs 3:9-10
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anon_investor
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Re: Schwab Pinnacle Status

Post by anon_investor »

SpinPsycholer wrote: Fri Sep 10, 2021 9:07 pm I got a letter a few years ago from Schwab stating that I was a Pinnacle member. I had just started studying Bogleheads, so was a DIY investor and definitely was not using any expensive services at the time (I did use their actively managed service at one point, but thankfully quit that). I had been with Schwab for over 20 years and had 7 figures invested with them once I retired and moved qualified funds over. I tried, but could see any tangible benefit of the Pinnacle level. My advisor was assigned to me when I had just a few hundred thousand with them many years before. Anyway I moved all but $10 to Fidelity about 2 years ago. At least Fidelity gives me free Turbo Tax Premiere each year. I still have my Schwab rep. He has reached out a few times to see if I word come back. I may even still be a Schwab Pinnacle customer with my $10 :D I a very happy with Fidelity, so don’t plan to move back.
Aside from the free Turbo Tax Premiere, what makes Fidelity better than Schwab for you?
NewishBog
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Re: Schwab Pinnacle Status

Post by NewishBog »

UpperNwGuy wrote: Fri Sep 10, 2021 7:10 am Here's what Schwab wants you to know about Pinnacle status:
https://www.schwab.com/private-client
Lots of exciting words in there like "specialist", "private", and "team". Sounds so exclusive!! :wink:
UpperNwGuy
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Re: Schwab Pinnacle Status

Post by UpperNwGuy »

NewishBog wrote: Fri Sep 10, 2021 9:54 pm
UpperNwGuy wrote: Fri Sep 10, 2021 7:10 am Here's what Schwab wants you to know about Pinnacle status:
https://www.schwab.com/private-client
Lots of exciting words in there like "specialist", "private", and "team". Sounds so exclusive!! :wink:
Yes, it does. Just to clarify, I do not have any special status with any of my brokerages. I'm just an ordinary small-time investor.
lakpr
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Re: Schwab Pinnacle Status

Post by lakpr »

nisiprius wrote: Fri Sep 10, 2021 8:15 pm
ElJefeDelQueso wrote: Fri Sep 10, 2021 3:05 am
smectym wrote: Fri Sep 10, 2021 1:58 am Surely a simple internet search would unearth all the wisdom in the world about whether or not Schwab Pinnacle Status is still a thing.
This sort of information is not on the internet. It requires a secret handshake.
The Freemasons' secret word is AOUM. Schwab's is AUM.
LOL!! I really did laugh out loud on this
SpinPsycholer
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Re: Schwab Pinnacle Status

Post by SpinPsycholer »

anon_investor wrote: Fri Sep 10, 2021 9:23 pm Aside from the free Turbo Tax Premiere, what makes Fidelity better than Schwab for you?
I find Fidelity’s cash management to be superior. They will auto liquidate from money market funds for instance to cover checks. That was more of a thing a few years ago when the MM was paying over 2%. Schwab used to when I first joined, but stopped doing that a number of years ago. At Schwab I had to manually sell MM and ensure I have enough cash (earning 0%) sitting there, else risk getting a charge. Fidelity’s cash management is nice in other areas as well, like chaining accounts in a designated order to go look for cash/MM in to cover a debit. I keep the checking account with a zero balance and have a designated brokerage account set up to “overdraft” from. Most of my banking is through Fidelity.

I also like the 2% Fidelity Rewards CC - Schwab dropped the reward rate on theirs (not sure they even still have it). Fidelity Rewards also invited us to an awesome chef / dinner event and gave us free goodies. Both Schwab and Fidelity have local offices near me, so a wash there.
Honor the Lord with your wealth, with the firstfruits of all your crops; then your barns will be filled to overflowing, and your vats will brim over with new wine. Proverbs 3:9-10
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Re: Schwab Pinnacle Status

Post by Elric »

Nate79 wrote: Fri Sep 10, 2021 7:34 am
UpperNwGuy wrote: Fri Sep 10, 2021 7:10 am Here's what Schwab wants you to know about Pinnacle status:
https://www.schwab.com/private-client
I don't find the term Pinnacle anywhere on that page. Are you sure its not something different?
It's something different.
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Re: Schwab Pinnacle Status

Post by Elric »

afan wrote: Fri Sep 10, 2021 8:18 am They at least used to have a paid investment management product called Pinnacle. It had a minimum similar to Private Client. I don't know what benefits one received. The pitch was the active management. Like Private Client, it was not targeted at freebies for DIY index fund investors.

I know some people can buy Vanguard funds ar Schwab without a fee. Schwab never announced this was due to any special status, but they do have large accounts.

If you are interested, contact your account rep and ask.

Interesting about the Pinnacle service level.

Perhaps this explains the disconnect between bogleheads praising Schwab service and JDPower saying that Vanguard has the highest customer satisfaction? JDPower may be looking at all comers. At this forum we may hear from a relatively affluent set of people who get Pinnacle service, even if they don't know it.
I think they used to use Pinnacle as a marketing term, but don't seem to anymore. Besides the one find family fee waiver others have mentioned, I know we can get the services of a bond specialist and work with them, including placing orders, without the $25 fee, and when I asked about reorg. fees to split SPAC units into shares and warrants, I was told that given our investment level those fees would be waived. Also I work through the same person or his assistant when we need something. It would be good to know what other perks exist. Maybe for the Schwab wiki?
"No man is free who must work for a living." (Illya Kuryakin)
Luckywon
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Re: Schwab Pinnacle Status

Post by Luckywon »

MedSaver wrote: Thu Sep 09, 2021 5:06 pm I’ve seen old posts about elevated (Pinnacle?) status with Schwab for holdings in excess of seven figures. Is this still a thing? In other words, is it worth rearranging finances to get >$1M at Schwab?
One thing you do get at Schwab for >$1M assets is a $200 credit to your account annually if you have a Schwab branded AMEX Platinum Card. That's in addition to the other AMEX Platinum benefits.
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MedSaver
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Re: Schwab Pinnacle Status

Post by MedSaver »

Luckywon wrote: Sat Sep 11, 2021 11:51 pm
MedSaver wrote: Thu Sep 09, 2021 5:06 pm I’ve seen old posts about elevated (Pinnacle?) status with Schwab for holdings in excess of seven figures. Is this still a thing? In other words, is it worth rearranging finances to get >$1M at Schwab?
One thing you do get at Schwab for >$1M assets is a $200 credit to your account annually if you have a Schwab branded AMEX Platinum Card. That's in addition to the other AMEX Platinum benefits.
I was aware of this, but they just increased the annual fee by $200,so…
bsteiner
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Re: Schwab Pinnacle Status

Post by bsteiner »

Enzo IX wrote: Fri Sep 10, 2021 4:00 pm ...
I guess if you have a 20 million dollar account and live in New York or New Jersey, Charles Schwab will meet with you personally.
He's in San Francisco.
Average Investor
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Re: Schwab Pinnacle Status

Post by Average Investor »

Apparently Pinnacle exists (whatever it is). The email I received from my Schwab rep yesterday included in the footer:

· Trading and Pinnacle service: 1-800-xxx-xxxx
Tomorrow never knows.
UpperNwGuy
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Re: Schwab Pinnacle Status

Post by UpperNwGuy »

Pinnacle exists, but the question of whether or not Pinnacle exists is not relevant to OP's desire to hold Vanguard mutual funds at Schwab with waived fees. We have numerous examples of non-Pinnacle Schwab investors who have obtained a fee waiver, and we have examples of other people who were denied a waiver. The waiver doesn't appear to be based on a particular status.

My feeling is that investors should hold Vanguard mutual funds at Vanguard. If they want to move some of their investments to Schwab, then those investments should be converted from mutual funds to ETFs, then moved. If the mutual fund can't be converted, such as Wellington or Vanguard's family of tax exempt funds, then leave those at Vanguard.

Full disclosure: I have accounts at both Vanguard and Schwab and plan to retain both accounts indefinitely.
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JAZZISCOOL
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Re: Schwab Pinnacle Status

Post by JAZZISCOOL »

Fired2020 wrote: Fri Sep 10, 2021 7:25 am
UpperNwGuy wrote: Fri Sep 10, 2021 7:10 am Here's what Schwab wants you to know about Pinnacle status:
https://www.schwab.com/private-client
So it looks like a fee applies to realize "Pinnacle" status.
Yes, a hefty 80 basis point fee. No thanks.

I've been with Schwab over 12 years and never heard of this but I didn't respond to a Schwab broker's email years ago for additional "services" either. Oh well.
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