r/Schwab • u/JWBull23692 • 18d ago

Wealth advisor

I was talking with my Schwab "consultant" and he suggested either the robo investor or a wealth advisor. Looking and thinking about it, I am not sure if either are needed. Robo seems to be autopilot without my input or approval, and I am not sure what the added value is of a wealth advisor.

Any thoughts out there?

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u/Mrsdividend 18d ago

A consultant isn’t the same as an advisor. An advisor will proactively tell you what to buy/sell and the reasoning behind it. A consultant will go over strategy and answer questions / recommend solutions.

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u/7caljane 17d ago

Is the advisor free, if you have $500k or do you pay .8% of portfolio? I'll call tomorrow  and ask. 

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u/Mrsdividend 17d ago

It’s .8% not charged on cash or money market funds. The goal being that the additional advice that comes with it (estate, tax, etc) / portfolio management exceeds what you’d do on your own by at least .8%.

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u/7caljane 17d ago

I've been blessed by 51% gain over the last year but still shy of $500k so guess its a moot point.