Thread regarding Charles Schwab Corp. layoffs

Any TOA out under 5m doesn't matter. Gl

Keeping my assets at Schwab until I find out where my advisor is but I will pull out of Schwab regardless later. My advisor is also a friend. Can't condone that kind of behavior from a business. Told me my advisor resigned - my a$$. Lying to clients on top of their sh1tty behavior.

I have arranged interviews with CFP's at two other large firms to see how they would approach my needs and to go over their credentials.

I have also reached out to my former person at Schwab thru LinkedIn, so far no response but hopefully he pops up before I have to make any changes.

Same thing happened to me. I want the ability to pick my advisor not just accept the "young" one they have assigned. When I questioned them about choosing a different advisor they stated that is not how it is done anymore - with almost 1.5 mil in Investments - not an acceptable answer

Do what will give you peace of mind. It's your money. If you can find where your previous financial advisor lands, go there. I know he will feel appreciated after being let go from Schwab and he will probably give you extra effort for that.

I have my 401k at Fidelity and my portfolio with Schwab. So far, doesn't matter either way to me where my money is at. I've been at this for a long time and I find that it's all the same regardless of where I keep my $. But if Schwab tries to mess with me (try to get me to put my money in a higher fee plan) or my advisor, I will take my money elsewhere. Not hard to look at LinkedIn to see where he went.

Schwab values youth (aka "yes" people). Not experience or knowledge. Terrible decisions are made at the top and the bottom employees and customers suffer. Seems they just want to run the business to the ground and bleed the company dry and retire rich. Those at the top only care about themselves and try to blame the employees for their failures. It's really sad.

Regarding the comment about Schwab's bank product, I moved everything to Fidelity and their Cash Management product is better in my view than Schwab's. Still have debit card, check writing, bill pay and ATM rebates but you earn 2.69% on your cash not the offensive 0.45% Schwab pays. FDIC insured and they utilize five sweep banks so the insurance is up to $1.25 million not just $250,000.

The decision is yours. I would consider

1. Diversification. While you won't lose money, a system outage or other issue may make having all assets with one institution problematic.

2. Communication. Clearly Schwab failed to consider geography, clarity and goals. I would interview representatives at branch offices near you with any reputable firm. Have clear objectives and concerns. You can select any representative at any branch. I wouldn't not settle for the assigned person.

3. Youth isn't a dealbreaker every time. I have had three 20+ veterans over the past five years. One was superb, one dreadful and one acceptable but not up on the latest technologies. The latter kicked everything out to a new employee. The backfill was good, but it wasn't as clean as one person.

4. Schwab clearly wants to make the retail product weaker to upsell private client. They also don't want to alienate assets. With 1M you have some appeal. Use it.

5. I like Warren Buffett's approach. You want to manage his accounts? Fine. Show that you have a track record of outperformance in your personal accounts.

6. When you make your list, consider specifics beyond the marketing. Make up what if questions and explore the representative's willingness to buck the corporate message. Liz Ann is just as bad as CNBC (if you want to lose money, listen to them). A good rep will balance the analysis with their own rationale. And I really appreciate when they can dump the script. For example, I have enough assets to risk 90%+ and ride out downturns. Want to pi-s me off? Insist that I have a 60/40 portfolio.

I would keep it simple. Frame, interview, select. Schwab would have one strike for their lack of customer service for an existing customer going in.

Lastly, I would retain some Schwab presence if only for the bank product.

Good luck.

It su-ks what is happening to Schwab. Our Wealth Advisor was great. He knew us and our goals and took the time to get our entire portfolio and estate in order. Just makes no sense to me that they fired the entire team. I don't know any of the people at my local office now. They are so new they are not even on the team members page of the website.

I believe your gut is serving you well. There is no way you should be leaving your future finances in the hands of somebody so inexperienced. The older you get what you pay for is very apropos you should be paying between 75 basis points and one percent for financial planning advice. I believe schwab probably is cheaper than that but you’re probably getting what you pay for schwab is not the company that used to be by a longshot, they fired Benny Senior many experience individuals because of the mistakes that were made by senior Management. The revenue streams have been seriously damaged and the only way they can continue to be potentially as profitable as before as to cut back on service this is require them to go with a much younger, much less experience betting Nger has let down not only the employees but the shareholders and also the customers.

The merger with TD Ameritrade was a disaster, and it’s still shocking that the regulators allowed to go through. choice for customers is severely reduced and massive barriers to entry exist. This allows firms like Schwab to continue the cutting its most experienced most loyal employees to the expense of the customers

I would definitely consider moving to Fidelity or a different financial advisory firm.

Yes. If you have a million and want some seasoned financial advisors I’d use UBS. It’s where I moved my money to after I “left” Schwab.