Ask Terry Questions Charles Schwab

Charles Schwab

By Terry Savage on April 09, 2023 | Investments

Hi Terry,
I have an IRA and a managed account at Charles Schwab. Awhile back an advisor at Schwab talked me into putting more money into bonds rather than the stock market. Now I read in the New York Times that Schwab is losing a lot of money. Should I stay with them or switch over to Vanguard or Fidelity? I thought of switching to Vanguard about a year ago but someone said it’s difficult if Vanguard and Schwab don’t have the same stock funds.

Terry Says

You are confusing a lot of different issues.
1. Bonds lost money last year — as interest rates rise, bond prices fall. So last year was a bad year for both stocks and bonds. You talked to an “advisor” who likely made a commission on this transaction.
2. Schwab is a perfectly safe place to keep your money and your account is insured up to $500,000 — not for trading losses/market losses — but against malfeasance.
3. I would suggest you get a different “advisor” — and leave your money at Schwab. But this time, ask if you will pay fees or commissions for his/her advice.
4. If you want to pay a simple fee for an entire financial plan, check out



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