I see some posts about how to prepare for layoff and one of the things is to ensure access to the employee branch. What services do you use from EB? Thanks in advance
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Thank you @1khi+1olK4dpf, yes that helps a lot.
Employee branch can help you with financial planning and advice. They can run simulations based on your current savings, assets, and goals to give you a probability of achieving certain outcomes (like retirement ir funding kids college). If you don’t want to manage your investments yourself (choosing funds, rebalancing, measuring risk tolerance), then they can help match your preferences to a managed account where you’ll pay a discounted fee compared to clients.
It’s not necessarily something you “cannot find elsewhere”… but the financial planning is free as an employee where you’d pay elsewhere. Also most advisors have minimums (like at Schwab clients need $1m to qualify for an FC at a physical branch. $250k for a virtual FC).
…. So if you haven’t amassed much wealth yet, you may not be eligible for advice at other places, but as a Schwab employee they’ll help you regardless of how much you have saved. They can also help you weigh & prioritize next steps. Like paying down high interest debt, emergency savings, retirement savings (is it more advantageous to contribute to roth or traditional in your situation?)
I’ve had great interactions with Employee Branch. It’s a good resource to check in on your financial situation and make sure you’re taking the right steps to set yourself up for success.
Hope that helps.
OP here, the question was, what services does Employee Branch provide you cannot find elsewhere? I read the documentation on the employee portal, there are some discounts that's all I can see.
Personally, I was poorly treated by a know-it-all with terrible attitude and never returned. I would be better of having account anywhere else but can’t.this is one thing I will not miss.
I’ll be moving my money out almost immediately. Schwab will not make a dime off of me.
Yeah, it's like an olive branch. All employees have access to it. We usually use it as a good source of food, that gives us energy and nutrition to get through the long days. After notification, you will have access to the olive branch during your 60 day period. At the end of the 60 day period, you are cut off from the employee olive branch. But you will be grandfathered into a different branch. It's not as tasty, nor as nutritious, but it still gets the job done. You will need to pay for all olives consumed after that. Hope this helps OP, and great question!