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Schwab Intelligent Portfolios
Introduction: A heavy hitter in the investment industry, Schwab has made their way into the robo advisor market. Intelligent Portfolios is a free service that provides many of the main robo advisor offerings
The Basics: Signing up: We thought that the investment account options could be better explained. There is a list of accounts you can open and without prior knowledge on exactly what you want to do, this can be confusing. So make sure you know what you want to open up if you move forward with this product. The Investments: Schwab definitely offers diversification through many different investment vehicles.
Cost: One of the best parts about Intelligent Portfolios is that it is free! Schwab makes money by placing your assets into their own funds and gathers a fee based upon that. Further, they are also able to generate income on the cash that is left in your account, allowing the company to generate a profit on these services while attempting to upsell you into other services over time.
The Positives: Furthermore, if you already have an account at Charles Schwab, it should be very easy to transfer it over. The Negatives: We don't like Schwab's use of their own products within their investment portfolio. This inherently creates a conflict of interest where Schwab makes more money with a higher fee product that may not be best suited for their client. Overall Wrap: Overall, we found Schwab's Intelligent Portfolios to be a great product for consumers. It is very easy to navigate and sign up and offers a wide range of potential investment account options to fit many scenarios. |
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