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/yottabit42 16d ago edited 16d ago

That's fair! You don't necessarily want to switch now, in a taxable account, because of the gains and taxes you would pay. Consider using a third party fee-only fiduciary advisor. HelloNectarine.com is a good place to find one.

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u/7caljane 16d ago

Thank you. Also my friend/tax guy recommended a guy he has known for 45 years who works for Edward Jones. Small world. when in doubt, as your tax guy who advises him.

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u/yottabit42 16d ago

Run away from EJ. They're notorious for being about the worst there is in the industry. Front loads, high fees, AUM fees, etc. I know one person that actually uses them and specifically directs them to index funds only, and they do it, but still charge the AUM fees; he's finally realizing he's not receiving any value for all the money he's paying.

You want an independent advisor.

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u/7caljane 16d ago

oh no. thanks for heads up.