E-Trade or Charles Schwab

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Buster Smith
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Joined: Sat Nov 18, 2017 6:39 pm

E-Trade or Charles Schwab

Post by Buster Smith » Sat Jan 12, 2019 10:49 am

I have had an account with T Rowe Price for many years, but I have finally had enough. (poor customer service, wrong information, slow response time, etc)

I plan to move my TRP accounts soon. Any thoughts on which is better, i.e. easier to do business with E-Trade or Charles Schwab?

The 2 accounts to be moved will be about $500k.

Thanks

I presently do business with Fidelity and am happy, but would prefer to have separate companies handling these accounts

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whodidntante
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Re: E-Trade or Charles Schwab

Post by whodidntante » Sat Jan 12, 2019 10:55 am

I have had fantastic experiences with both E*Trade and Schwab, and I have absolutely nothing to complain about. I believe E*Trade offers a larger cash bonus than Schwab for a new account, if that is something you care about. It is something I care about.

SlowMovingInvestor
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Re: E-Trade or Charles Schwab

Post by SlowMovingInvestor » Sat Jan 12, 2019 10:56 am

I'd go with Etrade. Larger free ETF/MF selection (Vanguard + iShares + some Schwab).

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ruralavalon
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Re: E-Trade or Charles Schwab

Post by ruralavalon » Sat Jan 12, 2019 10:59 am

Why do you prefer to have separate companies handling these accounts?


Buster Smith wrote:
Sat Jan 12, 2019 10:49 am
I have had an account with T Rowe Price for many years, but I have finally had enough. (poor customer service, wrong information, slow response time, etc)

I plan to move my TRP accounts soon. Any thoughts on which is better, i.e. easier to do business with E-Trade or Charles Schwab?

The 2 accounts to be moved will be about $500k.

Thanks

I presently do business with Fidelity and am happy, but would prefer to have separate companies handling these accounts
Between the two, I suggest Schwab.

Since you already have accounts with Fidelity and are happy with them, I suggest moving your two T. Rowe Price accounts to Fidelity for the simplicity and convenience of having all investing accounts at one place.
"Everything should be as simple as it is, but not simpler." - Albert Einstein | Wiki article link:Getting Started

Sea B
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Re: E-Trade or Charles Schwab

Post by Sea B » Sat Jan 12, 2019 11:06 am

Schwab sent me a really nice gift basket and followed up when I had a frustrating phone call with a CSR regarding TLH. Granted I've never gotten any sign up bonuses with them. But generally their customer service is very good (not withstanding the one less than stellar experience that resulted in the gift basket).

ResearchMed
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Re: E-Trade or Charles Schwab

Post by ResearchMed » Sat Jan 12, 2019 11:11 am

We have no experience with E-trade, but our experiences with Schwab have all been wonderful.

Their customer service is great, at a local branch and also their phone service. Recently, we've used their online chat, and even that has been great.

When we have more of our money "freed up" (able to remove from 403b's), we'll move a significant amount to Schwab.

The only downside is they don't deal with cash.
We have a local old-fashioned bank almost next door to Schwab (and both very close to our home) for any cash needs, including depositing a Schwab check immediately, if desired.

We agree about not having all money/investments at one vendor, just in case of 'glitches'. We feel these are more likely to continue, and even become more frequent, unfortunately.
But there's no downside, for us, in using more than one provider.
We'll probably end up with three... Schwab, TIAA (due to having Trad Ann and also TREA), and probably Fidelity for the remaining 403b brokerage.

RM
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badger42
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Re: E-Trade or Charles Schwab

Post by badger42 » Sat Jan 12, 2019 11:43 am

Schwab has been top notch for us. No complaints in many years.

We had some problems with E-Trade as part of the DLJ Direct -> CSFB Direct -> ETrade transition but that was a LONG time ago.

Island John
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Re: E-Trade or Charles Schwab

Post by Island John » Sat Jan 12, 2019 11:56 am

I've had accounts at both Schwab and E-trade, but I have more experience with Schwab. I prefer Schwab's web site and, as others have said, their customer service is great, both in how quickly you can connect with a person (both phone and chat) and with the knowledge of their agents. The customer service at E-Trade may be fine but I haven't dealt wit them in a while.

The fact that Schwab has brick and mortar locations is also a benefit for me since I am close to one. That might not be a factor for you, particularly if there's none close to you.

One additional service that doesn't get mentioned much is their estate services. My mother had an account at Schwab and when she passed away, I had to deal with their estate services group. They were excellent in handling all of the issues that had to be dealt with. Estate services may be way down the list of priorities but when I needed it they were great to work with.

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F150HD
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Re: E-Trade or Charles Schwab

Post by F150HD » Sat Jan 12, 2019 11:57 am

maybe I missed it, are you actively day-trading?

Not a fan of the Schwab website if you are trading.
To me, it feels more like a site designed for folks who want someone else to manage their money (which is fine if that's what one wants). 1/3 of Schwabs revenue comes from managing other peoples money.

Etrade....useful info: E*TRADE Adds Several of Today’s Most Popular ETFs to Commission-Free ETF Lineup
E*TRADE is now the only major online broker to offer Vanguard ETFs commission-free


Schwab also has some confusing/frustrating cost-basis practices (for lack of a better word). Its been discussed on this forum, and I experienced some of it.

Nate79
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Location: Delaware

Re: E-Trade or Charles Schwab

Post by Nate79 » Sat Jan 12, 2019 12:17 pm

We have both but I prefer Schwab, especially combined with their checking account. Schwab have excellent in house funds as well as decent free list.

DetroitRick
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Re: E-Trade or Charles Schwab

Post by DetroitRick » Sat Jan 12, 2019 12:41 pm

I can't speak to E-Trade, since I only have secondhand knowledge (what I've heard sounds fine, though). But as a Schwab customer since the 90's, here's a summary of my personal experience there:

- Product selection is broad, costs are low and pricing structure is very clear. This Includes a great selection of their own funds (mutual and ETF), as well as virtually all the others.
- Website has just about everything I can think of for account management - especially their exceptional performance reporting tools (risk/return, detailed performance, asset class performance, etc., specific to your portfolio). Their app is also stellar. But what I most like is that they constantly work to improve both.
- A very nice, comprehensive, optional trading platform - StreetSmart Edge (available as free downloadable software or a lighter web-accessible version).
- Lots of equity research available via website: their own (Schwab Equity reports), Morningstar, Credit Suisse, Reuters and more
- Strong fixed income offering and easy web access
- Excellent customer service
- Good branch resources (including training classes and seminars on timely topics)
- Security resources seem excellent to me - voice id, optional website tokens, very timely alerts (text, email, app), etc.
- Schwab Bank is cheap and convenient for checking, and more.
- International trading accounts are available and competitively priced
- Their account access plays VERY nice with Quicken
- Statements are detailed, timely and accurate (and long enough to convince me to go paperless)
- Good trade execution if you deal with stocks and/or bonds.

I've virtually never asked for advice, so can't speak to that. Local reps have mostly been good, only one exception during my tenure (and, coincidentally, he was out within 4 months anyway). Phone assistance for me has ranged from good to exceptional. I've had 2 poor experiences in all that time, and they escalated both and resolved them quickly. I have almost never contacted them with easy questions, I and love how they can quickly involve specialist experts when needed (bond desk, trading desk, tax reporting folks, etc). Wait time has been virtually non-existent when I make contact.

Their bond desk, as I've heard secondhand, is supposed to be stellar if you need advice on individual issues. I do buy individual issues, but have found their website and offering sufficient for my needs without that input. But you never know....

They do offer complete portfolio management services if you need them. And robo investing.

To sum up (finally!), I'm quite happy and satisfied there. And can report similar experiences from friends and family that I've referred to them as well. I've occasionally considered diversifying a portion of our portfolio to Fido, but just haven't ever been motivated enough to do so.

Katietsu
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Re: E-Trade or Charles Schwab

Post by Katietsu » Sat Jan 12, 2019 12:57 pm

I suspect both are fine and only the details differ. I have not used Schwab. I have used E*TRADE, TD Ameritrade and Fidelity. I do most investing/banking on my phone. I like E trade’s mobile app a lot. With $500,000, you should be assigned to “an elite team” that should be able to help if you have a customer service issue. Good selection of no transaction fee mutual funds and ETF’s.

One thing I find annoying about E*TRADE is that transferring from their brokerage account to a retirement account is treated the same as moving money from an outside source. This comes into play for me with IRA deposits. So if I make my traditional IRA contribution using funds from my brokerage account, those funds have a 3 to 5 day withdrawal hold. This means that I must wait that time to complete a Roth conversion.

Topic Author
Buster Smith
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Joined: Sat Nov 18, 2017 6:39 pm

Re: E-Trade or Charles Schwab

Post by Buster Smith » Sat Jan 12, 2019 3:06 pm

Thanks for all the information. Looks like either will work just fine.

Turbo29
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Re: E-Trade or Charles Schwab

Post by Turbo29 » Sat Jan 12, 2019 3:10 pm

E*trade also has a bank which offers a free checking account and also savings account that is currently paying 2.1%.

I've been them 20 years and I've never had a problem.

james7777
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Re: E-Trade or Charles Schwab

Post by james7777 » Sat Jan 12, 2019 3:27 pm

havent tried schwab but I love etrade. they have lots of zero commission ETF's and a 2.1% savings account. I came from a horrible capitol one investment account that screwed up my cost basis.

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