Vanguard’s Personal Advisor Services pairs a financial advisor with the investor to analyze investment goals and custom build an investment plan. Vanguard’s particular strong suit is index mutual funds, although they do offer active mutual funds, stock trading, CDs, and ETFs, as well as a number of IRA accounts.
This means that the profits earned by Vanguard funds are reinvested in the company, and investors get to keep more of their money. Instead, it’s owned by the shareholders of the funds it manages. Unique among online trading platforms, Vanguard is not a privately owned company. The two companies expect their integration process to take between 18 and 36 months to complete, though Schwab has stated that they will keep Ameritrade’s thinkorswim and thinkpipes trading platforms. For the purposes of this article, we have evaluated them separately as they are still operating independently. NOTE: In October 2020 Schwab announced the completion of its merger with TD Ameritrade. Schwab offers self-directed trading options but will also provide automated trading as well as planning and investment with an expert advisor at no extra charge. Through Schwab’s Global Account you can trade stocks in 12 foreign markets, again with a $0 account minimum. A full-service brokerage, you can also invest in traditional, Roth and Rollover IRAs with zero fees for online equity trades.
Investors opening a brokerage account with Charles Schwab can do so without a required account minimum and enjoy $0 online stock, ETF and options trading and management fees, although there is a standard 65-cent per options contract fee. Basic trades can be done either at or on the StreetSmart mobile trading app, while options trading can be done via the StreetSmart Central platform. Schwab has two main trading platforms - Streetsmart Edge (desktop-based) and StreetSmart Central (web-based) - though they also offer a streamlined tool called Trade Source for buy-and-hold investing.
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