Charles Schwab Investing Review
Do we recommend Schwab as a brokerage for investors and traders?
How is Charles Schwab different from other investing platforms?
What is Charles Schwab? Well, we said what it is. It's a brokerage, but are there positives and negatives? Yes. The positives on this site compared to others out there like TD Ameritrade, E-Trade, even some of the robo-automated platforms like Betterment and Wealthfront, Charles Schwab is quite different. It's an established brand name.
I learned about Charles Schwab from my father who is a traditional investor, and I tried it out. I think that anybody who is in any investing world has heard of Charles Schwab. Charles Schwab himself is a very impressive investor who's been doing this and has been in this business for many, many years on Wall Street.
Other positives of Charles Schwab are that Charles Schwab also has regional branch offices. They've got local offices in cities where you're able to meet face to face, and I think if you're an investor who has more questions or a trader who is on their own, whichever one you are or consider yourself, it's still nice to meet with somebody. I think Charles Schwab has made a point of connecting any of their investors with a local representative who can help answer them. They're brokers who might answer their questions and give them more insight, so I think that's nice.
Also, Charles Schwab has one of the most fulfilled, most expansive research within their platform, so they give you free research once you're an investor, and they also provide nice commission-free ETFs. The research is unparalleled.
How can you improve Charles Schwab?
How can Charles Schwab the company, the brokerage, improve? Well, there are two things. One, their trading fees are astronomically expensive. These are expensive to the point where unless you're an investor who's making three or four trades in a year, if you're making more than that, I wouldn't recommend Charles Schwab. It's for long-term investors. It's not for people that like to trade more often, which is fine. There are sites, and you can find out more about those sites on our site as well, AngelKings.com. It's not for the person who trades more often because the expenses are quite high.
Overall, I rank Charles Schwab a 3 out of 5 as of this. If they improve the following, they might go up in our ranking. They need to lower their fees immediately. Their fees are way too high. They're in the ten, twenty dollar range just to make equity trades, which is just not going to cut it. Their IOS mobile app is absolutely atrocious, so nowadays with investors needing instant access vis-a-vis their iOS or Android, whichever one, this needs to be improved. They've got to do a better job developing and working with product teams to further build their mobile app out.
The third thing is customer service isn't that great. It's to the point where if Charles Schwab wants to be known as a long-term investing platform for high-end investors, introducing robo-investing or automated investing as a product takes away from their core branding, and their customer service has suffered as a result.
I hope that was helpful in looking at one brokerage of many out there. If you want to learn about investing, make sure to sign up for our course today. We look forward to hearing from you!