Schwab Wealth Advisory services offers comprehensive wealth management guidance on various aspects of your financial life from budgeting and debt management to retirement and estate planning.

With this plan, you get to work with a personal financial advisor backed by a team of Schwab professionals. According to Schwab, 95% of its wealth advisors hold at least one professional designation in their field of expertise which can include tax-planning and portfolio management.

To open a Schwab Wealth Advisory account, you need at least $500,000 of investable assets.

Schwab Wealth Advisory Services: Benefits

Schwab’s Wealth Advisory plans may feature a variety of services including the following.

• Investment planning
• Retirement planning
• Tax management
• Estate planning
• Banking and credit management
• Education funding on behalf of loved ones

Schwab Wealth Management Fees

The fee for Schwab Wealth Advisory services starts at 0.80% of assets enrolled in the program. That fee drops as assets increase. Here’s a breakdown.

• First $1 million: 0.80%
• More than $1 million up to $2 million: 0.75%
• More than $2 million up to $5 million: 0.70%
• Assets above $5 million: 0.30%

These fees are generally lower than similar options at leading competitors like Fidelity Investments. You may find more cost-effective plans with firms like Vanguard, but they may have a larger minimum investment.

The Verdict: Is Schwab Advisory Services Worth It?

 

Charles Schwab has been helping clients manage their money and invest in their future since the 1970s. The well-known firm stands out for being among the first large brokerage companies to offer zero-commission stock and ETF trading. And with its recent merger with TD Ameritrade, it also increased its offering of robust research tools and platforms.

Additionally, most of its 600-plus wealth management advisors carry professional designations that require rigorous coursework and vast experience.

So this may be the right option if you have a sizable amount in assets and need professional guidance on managing it and preserving your financial legacy.

But anyone can open a taxable Schwab brokerage account with no minimum investment requirement. You can also take advantage of Schwab’s retirement accounts, which also have no minim investment. Learn if the Schwab Roth IRA is right for you. And if you’re a hands-off investor, you may be interested in Schwab’s robo-advisor option. See if Schwab’s Intelligent Portfolios can help you meet your investing goals.

If you’re curious about any other part of the Charles Schwab, check out this page: a regularly updated list of all our Charles Schwab, news coverage, and lists of benefits.

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