Charles Schwab Intelligent Portfolios Review:
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So the best part about the intelligent portfolios tool and really the thing that caught my eye is they currently charge zero fees to use this including no transfer fees, management fees, or anything like that. Now they do offer a premium level service that we'll talk about later on in the video and there are a few fees that come along with that but for your average investor who's just getting started, the standard intelligent portfolios tool is really all you need and that one is going to be completely free which is awesome.
The average expense ratio for the ETFs that Charles Schwab invests in is around 0.11% which is pretty decent considering all of the amazing tools you're going to get with the service and remember even if you tried to replicate something like this on your own, you would still have to pay those expense ratios so unfortunately there's no avoiding that. Now as far as where your money is being invested, this is another area that I feel Charles Schwab really does excel in and offers you a lot more options than your typical Robo-advisor. At the moment they give you 81 different portfolio options that are built from 53 different ETFs that span 10 different families of funds and 20 different asset classes including US markets and global markets, with a focus on income investments as well such as a dividend portfolio.
Charles Schwab currently offers individual accounts, joint accounts, traditional IRAs, Roth IRAs, SEP IRA’s which is one that a lot of competitors don't offer, inheritance rollover IRA's, plus they have trust account options and what's called UGMA and UTMA accounts which are basically custodial accounts that you can set up for your children. Outside of all of the fantastic investment tools and options, I will also point out that the advantage of going with such a large company like Charles Schwab means that not only do you have tons of other financial tools at your disposal but Charles Schwab also offers 24/7 customer support that is very highly rated.
The biggest downside is that at the moment, there is a minimum investment of at least $5000 for the intelligent portfolios that we've been talking about so far and a minimum investment of $25,000 for the premium intelligent portfolios. The other bummer is that while Charles Schwab does use the strategy called tax loss harvesting that we've seen from many competitors, you have to have at least $50,000 invested in order to take advantage of this feature but overall this is a really great automated investing platform and the biggest advantages are obviously no fees on the standard account, quick access to the other amazing financial tools that Charles Schwab offers, and perhaps best of all in my opinion, a much wider scope of investment options because they are such a large brokerage.
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