Among all the stock brokerages out there, there is one that I feel is tried and true. It has been around for decades, and it has shown that their revenue does not rely on fees such as commissions or any other basic services in today’s age. It has been well-known since my parent’s time and seemingly continues to show it is constantly evolving to keep up with current expectations.
Charles Schwab is my go-to brokerage because it really has it all. It has the no-commission trades; it has the amazing customer service, both through secure messaging and over the phone; it has the prestige. I have both of my investment accounts with Schwab and I do not see a need to change that any time soon. I currently have two accounts with Schwab. Both accounts are easily integrated within the app seamlessly where I can look at the performance separately and combined to look at specific details.
Schwab was the first traditional brokerage company that transitioned to no commission trades following the trend that companies like Robinhood set. This was just as game-changing as when Robinhood first hit the scene few years previously since this caused other large traditional brokerages such as TDAmeritrade and Fidelity to join in for fears of losing customers to Schwab. The best part of this was that commission fees made up the least profit for Schwab compared to the other brokerages.
The one function I wish it would have is the automatic investing capability that M1 Finance has where you can deposit money into a “pie” that has the breakdown that you have preselected. I assume at some point Schwab would include this capability among their repertoire. It would further simply the effort and work required and honestly, there are many people who do not seem to have any desire in investing in stocks because it is “too difficult”. I completely understand that sentiment with all the different types of stocks, index funds and methods there are. By implementing preselected pies where someone can worry about it once and then continue to contribute money with no extra stress, I believe Schwab can grab a lot more customers interests.
Charles Schwab also has a vast pool of daily information which can be read and listened to on the state of the market. This plethora of investing information really sets them apart from some of the newer competitors such as M1 Finance, WeBull, and Robinhood. All three are great in their own respects, but Schwab really takes the cake in having basically everything that an investor may want in a brokerage account. (If you are interested in my take on other brokerages, check it out here) Schwab has the IRAs and regular taxable brokerage accounts, checking accounts, small business retirement accounts, and even a college savings account. Below will be a referral link for Schwab’s brokerage accounts where if you are able to deposit as little as $1000, they will give you a free $100. There are different payouts depending how much you deposit. If you are going to open an account with them, make sure to use a referral link to get free money. But until next time…
We appreciate y’all for letting us be a part of your Break Time.
Checking out, Kenny