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|Subject: Re: Schwab for Bonds||Date: 11/28/2012 8:12 PM|
|Author: trader2012||Number: 34533 of 35222|
Much thanks for providing details of your own experiences with Schwab. That helps others make a more informed decision than my admitted one-sided, very specific viewpoint.
I like Schwab as a company a lot. They are a decent, reputable, squeaky-clean firm (in terms of how they fare in SEC audits) that doesn't front-run their customers. But their eminent and honorable founder, Chuck, doesn't like bonds, and --all internal mission statements to the contrary about intending to provide fixed-income products to their clients-- they fail to match what can be found elsewhere. Bonds just aren't their thing. Never have been; never will be. This isn't to say that I won't do a bond trade there on the rare occasion they're offering the best price. But I really set up the account so I could rotate some money back into mutual funds, an asset-class I haven't had anything to do with for a dozen years now.
As for stocks, I'd never execute them them, either, not when I have direct-access through IB at half-cent per share, and my margin rate is 1.66% as opposed to Schwab's 8.50%. But as a mutual-fund supermarket, they are competitive with their peers and, back in the day, I made good money using them as my broker.
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