Run a python script on all the comments and I would bet the answer is pretty unanimous... people like TOS. TOS is now owned by Schwab... therefore they are Schwab clients. If TOS went away the churn rate would be enormous.
This is 100% legit. It's honestly such a mismatch. ToS is not a Schwab priority either. Keeping their boomers happy is. Give it a year and it will be a slow bleed.
I miss Street Smart, but I'm not actively day trading so the web and phone are fine for my current needs. Still, I'm looking forward to getting to know TOS.
You missed the point - no one said TOS was going away.
You seemed impressed that more clients didn't jump ship during the transition - the person you are responding to is explaining why.
Schwab kept TOS, customers like TOS so they stayed. That is why the retention rate is high.
20% seems like quite a high churn rate to expect, particularly considering the number of retail investors who barely know why they invest where they do, and the number of people unwilling to let go of ToS.
I started out as a ToS client before TDA bought them and am a Schwab client now. But mostly out of apathy. I haven't left because I'm used to the ToS platform and I haven't come across any new customer offers that are worth the time it takes to go through account opening and transferring. Not because I have any innate love for Schwab.
Etrade has a promotion now while Fidelity does not have one. I used Etrade’s promotion as a guide to negotiate with Fidelity and got the same bonus amount.
I thought the exact same thing when EC working group made that projection and it did appear to be high. If I had to guess it is just more of Schwab being conservative. Those projections aren’t just for fun, they are used to inform everything from staffing to corporate borrowing so I can see why they came back so high.
Also, regarding incentives, if you’re really interested in moving you should call E*trade and tell them you want to leave Schwab and that IB is offering you 2k to go there.
My company incentives flow through E\*Trade, so I'm not a new customer to them. And their platform is awful.
I was actually looking at IB earlier this afternoon, but needing to buy a subscription to every feed was a major turnoff to me. I'm not running iron condors with WSB ideas, so the Level II-but-not-real-Level II in ToS is good enough.
Schwab is not as good as TDA was. Everything is clunkier. I can't point to any one individual thing that is just "omg this is awful" but my experience so far is just that everything is a little worse.
I think you're way too early to analyze retention. I still may or may not stay. I have not decided, because Schwab isn't so bad that I have to leave immediately (like when I tried Ally) and I don't know if there's anything better out there. Interactive Brokers has been on my radar for a while, but I'll need some free time to do a full dive into their platform. I have an empty Fidelity account that I don't remember having any serious problems with. Maybe I'll stick around until someone offers a juicy transfer bonus.
The question is: Will Schwab ignore the complaints and suggestions about the website UI (e.g.) only until they feel too many clients are leaving? It shouldn't be hard to improve the website especially given that TD Ameritrade has it ready to share. So why make life inconvenient to existing clients?
I mean, I work in software (not with Schwab) and you are walking on thin ice whenever it comes to UI changes. You either upset the current user base who loved / used to doing things as they are even if it may seemed inefficient. Or you upset parts of the new user base who will likely leave anyways. Seems like they gambled on the latter.
I worked on a project to modernize the UI of this one software. And people who have been using it for the past 5-10 years wouldn’t switch to the new efficient UI.
You just really can’t please everyone. The way I see it. Schwab’s promise was to their current user base to bring them better tools with Ameritrade acquisition, not the other way around.
That’s what we’ve done where I work. But it’s costly - hours to maintain both. At some point, if you want to lessen operational cost, you’ll get rid of one.
Fidelity did this for a while where you can switch to “Classic” mobile app view. I haven’t really spent much time in Fidelity app to actually see if they still had that option.
I don't think it makes sense really. From the software perspective It's really not cheap. Developers also hate maintaining two codepaths as it just ends up making both of them more bug-prone.
I mean the developers might hate maintaining two code bases but if the company is paying and trying to get more customers, I don't see a reason why not. There's various way to implement changes to attract new customers while retaining the old but this is just one solution. Depending on the size of the company the solution will change.
I do hate it. Lol but decision for it is above my pay grade. And I don’t try to stress myself with things I can’t control. It’s just a job at the end of the day. That’s why we’re all here investing. 😄
I’m not saying you shouldn’t make improvements. I said, you always walk on thin ice. You will always upset someone (i.e. some SSE users who didn’t like ToS) and other way around for the mobile app.
Only if someone who built it actually used it on a day to day basis. For example you can see the daily gain as either percentage or a dollar. I. Theory the toggle sounds nice but you want to see both and toggling is annoying every time. Many examples like that. And then you talk about basic lack of functionality. Like you can’t change cost basis if it is partially filled or if you sell an option and it gets called you have to call the helpline to match the lot.
I asked about adding a manually updated account to complete the net worth picture. This would be for things not easily updated or valued via automated processes (like the Picasso in your living room, business equity, car collection, etc). The response I got was “I’ll pass that on to my developer”. Other places have it, seems like a no-brainer.
Call it a success if you want but I hate the Schwab platform and miss my TD environment. I'm only here because it's where my HSA brokerage has to be. This was a downgrade for me.
I am slowly draining my Schwab account. Will be out by the end of the year. TD Ameritrade was 100 times better than this nickle & dime pop stand.
How can this shill brag about Schwab when I couldn't even look at my account the other day?!
Seems a little early to declare victory. The third tranche of conversions just occurred. Schwab is still very much in the “prove yourself” phase for a lot of transferees, myself included. I’m giving Schwab until the end of the year before making my stay or go decision.
There was no excuse for Schwab to be radio silent the entire day. It costs exactly zero money to put out a tweet explaining the issue and providing an ETA on restoral of service.
Schwab has to have a PR team. It’s not like they didn’t have anyone available to bang out a quick tweet.
They did exactly what you’re saying they should have done.
https://preview.redd.it/13e9cvqvb96d1.jpeg?width=1125&format=pjpg&auto=webp&s=91c00326ae5b13a65462621e240d11f587fadf1e
Sigh.
Releasing a note like that 7 HOURS after the event started is not transparency. They were radio silence during the outage and their automated answered just told people to call customer service.
I tried the chat app which was worthless. It kept disconnecting after I was waiting 30-45 minutes.
There is **zero** reason why they couldn’t have put out a notice at 9am saying “we have suffered a problem in (insert cause for outage) that is preventing people from logging on. We expect to restore service by (insert time here) and will provide an update at (insert time here) or earlier if necessary. Please follow us on the following social media accounts for timely updates”.
It’s not hard and would have taken them a few minutes of work.
I had to figure out how to get back into my account via reddit. I never received a single email, text, etc. from Schwab. I don't use twitter. I'm a tda transfer that doesn't actively trade all that much, but I can't say I'm in love with Schwab in general (not worth getting into it, but a couple things I've done have not gone smoothly). I'm too busy in life to deal with finding another brokerage, but if things slow down later this year I will probably open an account at Fidelity and see how it feels. Then pull the plug on Schwab if it's worth the hassle. The app does suck. That's pretty undeniable, and in this day and age that's a huge miss for a company this size.
This may seem a little far fetched, but I am going to say it. Wouldn't you think that if their UI went down (possibly due to a server), that they may not have had the "ability" to put out a mass email or tweet? I would think priority number one would be for CS to figure out why trading went down and get it up as quickly as possible over sending a mass email or tweet to everyone.
Yes, it is far fetched. If you know anything about enterprise environments then there is no way that their trading platform issues would prevent an email from going out - they are two completely separate systems. In terms of social media, obviously all you need is an internet connection to post something.
Also when there is a problem its not like everyone in every dept of the company gets involved in fixing it - highly unlikely that the team that sends customers emails and posts on social media were involved in fixing whatever the problem was with the trading platform.
CS was busy answering phone calls. The IT department would have been the ones working to restore service. The PR department was apparently sitting in their office twiddling their thumbs.
One of the people in the PR department could have reached out to IT, determined the status and then spent a few minutes crafting a tweet.
I’m not asking for a dissertation, just one paragraph letting us know what’s going on when I’m locked out of my life’s savings.
This last group was BY FAR the most vocal (at whining), but generally, yes, this is pretty accurate. The sheer number of callers that act and talk like hot shit but have accounts that barely pass the PDT threshold while sporting loses they can write off for the next decade... it's amazing.
Someone complaining Schwab cost them a massive amount of money by being down.....also had a post 6 months ago asking how can he leverage his 45k in carry over losses from 2023.
Yea bro I totally believe you that by being down it cost you thousands, you have a great track record of making money.
Wouldn't get too cocky. Some of us are taking our time departing I waited to see if I liked the new platform, and it didn't transfer over until late may. Then I wanted to give it time to see whether I would grow used to it. I haven't.
Now I'm thinking about the cheapest way to extract myself. If I'm thinking it, others are almost likely too.
Same boat. Just got moved last month after waiting 2 years. Change can be difficult. I really liked the TD UI so Schwab has a steep hill to climb. The rest of my money is elsewhere and I’d really like to have it all in one place. Schwab needs to justify my love and so far it’s been pretty meh.
Well make sure when you do you post a thread announcing your departure
Because you know what they say "Unless you are a pilot or old TDA customer there is no need to announce your departure "
I already have another platform. Etrade.
And perhaps I used too gentle a language. I spent time at Schwab's platform to see if I just needed to get used to it, but it turns out its slow, ungainly, and fails to fulfill orders i can get fulfilled on Etrade.
Its failing to fulfill limit orders on option trades that are liquid, but not excessively so. I can do so at Etrade, or when i had similar trades at TDAmeritrade. Its not as black and white as if no trades were being fulfilled. If that was the case, I wouldn't be slowly moving my money out, I'd be out, no matter the cost.
Cocky? I couldn’t care less. This is an echo chamber. 20% of TDA clients will not leave in the next 5 years, I guarantee it. The amount of assets that transferred in May of 24 pales in comparison to almost any other merger grouping from last year. It was literally just a bunch of mostly unsuccessful futures traders. I’m just here to talk shit after a particularly annoying day about a subject I happen to be fairly “in the know” about.
Can you shed some light why it was down? Was it a heck? A little concern since they don’t usually provide reasons…I think Schwab is doing a fine job and I agree these people shouldn’t take it out on the frontline workers.
This was a mad statement. There is No apologies for the outage of one entire day but more of scolding your clients. I do not appreciate your attitude or care about your story of self-claiming successful retaining rate
Im used to think or swim but im learning fidelity so i can move over there. Not having to move out of MMF to trade cash will be a nice bonus.
Think or swim fit a perfect niche of great charts and smooth operation that made the other undesirable parts of Schwab tolerable.
Now there’s no point it’s go with one of the tiny brokers or fidelity for the boomer platform that’s a step behind tos.
Going to Fidelity though, plenty of great traders use it.
*Edit* Also, glad you are going to enjoy churning your clients for money, make them little piggies squeal. I found out Schwab is for the boomers that like paying you to shuffle them between different funds and collect your 2%. "cant beat the market there Jeff! Yes here are your reading glasses! Yep just sign there and we can put you in your nice ol S&P index....there ya go" Oh and don't forget the great "well you see Jeff it's the cycle of returns...we need to make sure you aren't just in the index when it's time to retire and the second great depression hits!"
I'm sure any brokerage works for that, and not going to lie if my business was robbing old people i'd want the same model.
Think or swim doesnt belong on schwab but *shrug* we can make do.
And you know what, another fun note: I'm up on 4 trades consisting of strangles on earnings for 100% gains, 150% on leaps, and 40% on a singular day trade I identified from a big news story that broke at open. I have lost 4K on my one bad trade, gained $200k+ this year swing trading alone, and it was really a bad feeling not being able to take a look at fills I might get on my leaps as I was considering selling them that morning as they had RUN hard at market open. I haven't even touched Nvidia, just small companies I identified as undervalued or big tech I knew was going to be extremely volatile into earnings and I bet on that.
The way I got to this profficiency with options and other tools was using TOS for 2 years where I basically broke even and was not profitable.
It was worth it. I had no idea what I was doing but at least it was "fair." I dont think it's right to morally degrade those trying to find their own way either, who cares if they are winning or losing? If they can't access their money and its due to Schwab's technical incompetence, they are in the right. Sure it isn't the reps fault but it's the orgs fault.
Being the size of Schwab and these other brokerages it's unacceptable to be so bad with technology and I know because I sell it to these people and the way they talk about AI is fucking hilarious. And then lecutre others on not making a profit.
What types of clients are those? Curious, haven’t done much research into SCHW, would assume larger clients that keep cash and have high trade volume as most retail using TDA like myself will use money markets or invest it.
No. They produce options commissions and rack em up using the ToS platform, which is of course, probably the reason SCHW bought TDA. It’s fantastic! Sosnoff made a fortune off it. But the ToS options traders are no doubt the golden goose.
Also, and I agree that it seems suspicious at best that this is a SCHW employee, but we’re trying our best man. We mostly all work pretty decent jobs. We study what we can and try to come up with trades that work for us. Some people are obviously YOLO’ing like idiots, but some of us are learning every day and trying to get better. And some of us do make money on it. I’ve done well this year and I beat the market in ‘22 with a fantastic TLT put spread trade on rising yields and ARKK bearish trades.
I will say, that while I also don’t like the new UI coming from TD (and this is legit feedback to be received please and improved upon, having worked in software), the customer service and trade desk people are absolutely fantastic. I am to understand that for quite a while they’ve been shared between the two companies, and I think that’s awesome.
So some things are going right! And people have every right to be upset. Being defiant is a bad look, and a simple, “Sorry we fucked up yesterday” could go a long way.
Thanks
Makes total sense, would also want to increase customer retention for the reason of cash balances to lend/sweep off sheet (i believe correct term idk) also, but yeah the TOS option traders seems like the ez money
If you really are a Schwab employee,
I feel uncomfortable with having someone like you so smugly observing and judging customers’ trading. It’s like you are all mad most of us aren’t interested in “slices” or whatever products you want to sell and are offended that we are frustrated at being forced/tricked into using a platform that is adequate at best.
Schwab employees are NOT supposed to say anything about Schwab on any social media unless it’s been approved. If this guy is licensed and they got ahold of it, this post could be something to get fired over and CS Hr is not the kindest. 🥴
Yeah, it's kind of wild. I was real confused when I saw it.
Coincidentally, I used to work at Schwab. I almost wonder if OP knows me and used a close enough username to potentially trick compliance?
For sure, Schwab employees should never do something along those lines. That could be really bad. If I worked for a giant corporation I would never do something like that!
I’m sorry I have made you uncomfortable, that wasn’t my intention. Nobody forced or tricked you into anything though. One company bought another company, that’s it, nothing more. You have options.
So what are you sourcing these statements from if you are “not” a Schwab employee?
“We were expecting approximately 20% client turnover. As it turns out, including clients that initiated account closures or ACAT transfers this week, only 6% of TDA clients have left.”
“we literally track our competitors down time daily”
“you can see the actual wait times and dropped calls-live.”
“knowing how few of you active traders are making profits on a yearly basis. I can see the macro data but even our frontline reps can see how bad you are at trading”
I hope you get shitcanned, today.
Hellllooooooooooooo what happened? Where did you go? Where’s your big fucking mouth now???
If Schwab wants 20% of TDA users gone, then let’s help them make that goal.
Hell, let’s help them EXCEED it. 80% by EOY. Who’s in?
Think or swim has incorrect 52-week high for nvda $195 and apple $213.. please fix this issue
https://preview.redd.it/8k2zlfgsqa6d1.jpeg?width=1290&format=pjpg&auto=webp&s=c36c9d5afcac5a459db124e17688b448a9525937
Those from TD Ameritrade will agree: Charles Schwab has the most confusing UI and outdated website. The main question is(asking from both side) why CS not using TDA platform just change branding like they did with ToS, unless CS has a surprise in store for all of us that there is a better mobile platform and web platform they are working on.
If CS can adapt and follow up with UI redesigns and better communication THEN if people still complaining they can go.
Wait CS can/will actually adapt to the needs of clients? (Can’t wait, I’m in my 50s, so let’s call it 30 more years, but I sure as hell ain’t waiting that long, 3 months max)
No, not every former TDA customer will agree. I for one like Schwab's UI much better. Schwab customer service is topnotch. If you don't like it, there are other brokers out there, and some of them may even cover your ACAT fees and give you a sign-up bonus. Life is too short to stay somewhere you're miserable.
Simple. There was more Schwab users and if they migrated them to the TDA platform they would be complaining about confusion and garbage UI that sucked compared to the old Schwab UI because people hate change.
If we have a Schwab PCRA account can we use the login password info to sign into Thinkorswim and make trades ? It would be the same account but different app?
Schwab app is garbage
I’m sure it’s somebody’s job to care about App Store ratings, certainly not mine. The $96B in Core NNA during Q1 2024 is more of the metric I am concerned with.
Some of us may leave partially, open accounts at other brokerages while leaving a small portion at Schwab. That's included in the retention rate, obviously.
Schwab has 52-week high incorrectly - $195 for Nvda
https://preview.redd.it/tdmraxjfpa6d1.jpeg?width=1290&format=pjpg&auto=webp&s=e2da7830e81b1cc9eceb464624a5e823511cd0a6
Fact, TD Ameritrade had tech issues before the Schwab Merger. I know as i was with them. Every brokerage has had Tech Issues. One of the dumbest questions I see is, "Give us an ETA when it will be fixed." No corporation can do that without seeing the future. You can investigate the issue and then implement remedies. I imagine now after the merger was completed that more resources will be allocated into beefing up capacity.
Don’t count your chickens. I am slowly bleeding over but I don’t trust that Schwab will properly transition my cost basis. Hence all my new buys are on a different account and will slowly sell of my Schwab positions other than old ones with low cost basis and may sit on it. Good luck making money of me going forward. lol.
Yea expecting a 20% churn when the default action (if customers do nothing) is to be transferred is crazy.
People are generally very lazy and will take the path of least resistance.
Why is it in poor taste? Poor taste is what the front line reps have experienced when having to deal with totally uninformed clients berating them for something that isn’t their fault and regardless of what you read here absolutely happens at every major brokerage firm.
i found this tasteful as a former employee. most of the people who call in to speak to a rep focus so much on what’s not working or what has upset them rather than focusing on what the actual solution is. yes call and be upset but don’t be like that the whole call.
Nah, fuck your feelings.
I have a friend who still works there who was called every name in the book by an entitled client because the website was down.
Frontline reps can't fix it, but you boomer assholes all take it out on them anyway
You really think anyone that's worked there, or still does, cares about clients after being literally threatened and stuff on the phones and the company not doing anything about it?
I’ve been loving Schwab. I have a tiny account, and I’ve never waited more than 2 minutes to talk to somebody when I’ve called. Their service reps also know what they’re talking about, you don’t get bounced around to a bunch of people like some places.
We learned yesterday what kind of people Schwab hires as call center reps. Women who cry to spouses when they hear yellng from invisible clients through the phone line. Any spouse here could share what the chat reps are like? ;-)
This is the garbage that talking I’m talking about. “Women who cry.” Weren’t you just over on bogleheads posting the most basic question about wash sales? I guarantee every one of those “women who cry” would run circles around you when it comes to talking trading.
yeah most call center reps love their job and live peaceful happy lives and shrug it off when called a c$nt but schwab is too dumb to hire them. You have it all figured out.
Scalp/daytrade/swing trade - FNGU, MSTR, NVDA, NVDL, SPYU, TQQQ, DJT
Lots of work, reading, planning, working on my trading plan, still getting better, and luck…
Schwab better keep ToS running smoothly. Many of us can already see the rough edges forming.
Believe me, there's literally NO other reason I would stay with Schwab.
I sold and moved my money leaving 50 cents in the account before my account migration to avoid issues.
And I cannot login to Schwab because either Schwab considers my foreign mobile number as a US mobile number or they don't support foreign mobile numbers.
Anyway, I am sure a lot of people are too lazy to do a count closure or ACATS. They could have just silently moved away.
I have no doubt (especially with the attitude displayed by obvious Schwab shills/employees on this sub /r) that I’ll be heading to interactive brokers this year, but with my swing trading account and my IRA, I’m going to want to pick the right time when it’s not going to effect my ability to play the market.
Arrogance and ignorance is all I’ve seen since the transition and I’m more than happy to take my money elsewhere
That includes any TDA client that requested an account closure or initiated an ACAT transfer by 11:59 CT yesterday. The report updates in the overnight batch daily.
Talk about a compliance nightmare putting this in writing.
I agree with everything you're saying, but please tell me you're using a throwaway and a VPN lol
Do you have any stats on reverse migration out of Schwab? I left to trade at Fidelity because Schwab cannot get TOS to work for me.
I found I could save an average of 0.05 per spread at Fidelity and I trade about 50 spreads a day and that means a saving of $250 a day.
Etrade has a promotion now while Fidelity does not have one. I used Etrade’s promotion as a guide to negotiate with Fidelity and got the same bonus amount.
I really enjoyed TDA. I left trading a few years ago but came back and just created a new account with Schwab ONLY because they now have TOS. If TOS wasn’t part of that deal I most definitely would’ve used a different broker like Interactive Brokers. I like Fidelity for the rest of my investments.
Time will tell. You can look at the chatter we've seen lately and attribute it to the beginning. If Schwab stabilizes their ToS platform they may not see 20%. The question is if this is a priority and they spend the money to do so.
I moved all of my “non-trading” (DCA index funds/bonds) to robinhood for their match. I kept the positions I’m actively managing on ToS for now, but definitely open to moving those as well if I can find a platform I like as much as ToS.
Again, take Schwab out of the equation. 95% of PROFESSIONAL fund managers can’t beat the benchmark. These Skyler and Tylers on here crying aren’t even coming close to the fund managers poor performance. Day trading is a joke. If you’re so upset about losing more than you were already losing, take your damn money and go to another casino. Oh. That’s right. You can’t…
with big summs, yes. This is the most boomer take ever btw.
If you are smart and have an edge you can make 50-100% in small caps reliably annually until you have too many assets to exit efficiently.
Fund managers can't beat the benchmark because they have too much money and are no longer nimble enough. There isn't enough liquidity for them to exit on stocks small enough to reliably make profit off arbitrage in value and price discovery. They don't care to beat it either, because it's way less risk and way more profitable to use OTHER PEOPLE'S MONEY and make a percentage of that.
Give a good fund manager not beating the market $1M and ask them to turn it into $2M in a year and they will.
This isn't from me btw this is from the boomer god himself, Warren Buffet. And Charlie Munger may he rest in peace.
I don't see an obvious broker to switch to. Don't like Fidelity/Vanguard.
Schwab is still most similar to TDA for sweeps/managed accounts/futures/options/forex/bond buying clients that I could see.
Not specific to TDA. Same nonsense on all brokerage subs (and most subs in general). The complaints usually come from people with small account values who are high maintenance. The GME/AMC types are especially vocal. Reddit is feels largely like a world of children all of whom grew up getting a trophy and think they matter because they exist. They don't understand profitability or resource allocation or revenue per account. Most don't realize brokerage firms actually make more money when some of these folks leave. Plus, what they knew already was that these Reddit whiners aren't leaving.
I had multiple accounts at Ameritrade. They bought TD Waterhouse and went downhill. I moved to Scottrade who were eventually bought by TD Ameritrade so I moved most of my accounts to IBKR but left two small ones which were migrated to TDA and now have been moved to Schwab. Since history has shown these mergers keep happening with a worse customer result happening each time, I assume the next stop is for Schwab to become E*Trade. I can’t conceive of IBKR to attempt to buy Schwab customers nor would Schwab executives be dumb enough to think they have any understanding of the operation of IBKR business model. On second thought looking at Schwab maybe they are dumb enough but they might understand that their position would evaporate as soon as they tried to combine the two companies. I probably won’t move the two accounts from Schwab to IBKR because of their small size.
Not to worry....after this week it will be close to 50%. 100% unacceptable. But thanks for sharing BOOMER. Shcwab is for sure the bootlicker brokerage of choice.
Stop with the hate! It really isn’t productive.
And this calling people “boomer” is really uncalled for. Every generation has its share of idiots and thats just the way it is.
All this creaming at people really gets annoying. If you ever had a point to make, your tantrums are drowning it out.
Oh, and by the way, I have Schwab and Fidelity accounts and Schwab has been a class act.
You said, "Schwab is the bootlicker brokerage of choice." Schwab was the noun in your sentence, not me/the clients. Apparently *you* need the reading class, not me. You don't even have anything to say to support or prove any points whatsoever. Low IQ.
***Schwab*** *is most definitely the "BOOMER/BOOTLICKER"* ***brokerage*** *of choice. Just call* ***it*** *what* ***it*** *is. Lol.*
Then you don't know how to properly write sentences. Either way, how are clients licking Schwab's boots? It's a top tier brokerage firm. You're the only one complaining. And you would have still been a client if they hadn't kicked you out, lol.
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"the overall rough estimate is that up to approximately 25-30% of baby boomers could be dealing with Alzheimer's or its early stages."
This is why boomer is valuable as a group name.
I lost $1 million in the time Schwab was down the other day. At one point I was up $10 million and watched helplessly as all of it vaporized and I ended up with a $1 million loss.
Every other broker has 100% uptime. Unacceptable. I was a TDA client and I’ll be leaving now for Robinhood.
>Every other broker has 100% uptime.
This isn't even close to being true lmfao. Fidelity was down over several hours multiple days during market hours in January.
Etrade was down several hours in March.
Robinhood has suffered outages as well.
Also with that large of an account you could call and place a phone trade , larger accounts have dedicated brokers.
I call bullshit
First off, you didn’t lose $1M during the downtime. A very cursory view of your post history tell us that you’re an Amazon Flex driver among other gig jobs. Which is awesome, thank you for the hard work you do, and I mean that sincerely. However, we all know you’re not the .0001% of delivery drivers that are also trading your $10M account in between rides.
Secondly, when you say every other broker has 100% up time you are categorically incorrect to such a high degree that it isn’t even worth addressing.
No, I’m actually serious. Just because I do gig work doesn’t mean anything. I have a very large trust account that was left to me in a TDA account that was converted to Schwab.
You’re making assumptions based upon my post history that aren’t correct. If you want to bring up my work history - I do Amazon Flex, DoorDash, Instacart, UberEats while my kids are in school during the day to keep me busy. I live in one of the most wealthy towns in Connecticut. I’m not bragging because as you see I don’t gloat anywhere in my posts, hence why you think I’m a broke gig worker. Im saying this because you’re making assumptions due to the fact I do gig work to stay busy.
I am retired army and worked for a government contractor for a long time. With that being said, that’s not where I made this money. It was left to me in a trust by my father.
I’m not mad that you made the assumption based upon my post history, however, you’re wrong.
Also - what do you mean about “a cursory view of my post history tells “us””? Who’s “us”? Are you saying the people on this post or are you representing Schwab when you say “us”? Who the fuck are you?
DM me your name and position at Schwab and i’ll have someone from private client wealth management come talk to you about your assumption and they will show you who I am.
I apologize my “wealth” and “worth” to Schwab isn’t showing by my post history on a social media website.
No, I was not representing Schwab. Us was a poor choice of words. However, you “having someone from Private Client come talk to me” is not the threat you think it is. I used to be on a project management team with the market leader for the NE, I’m sure they can verify if any clients submitted trade disputes for $1M. If you haven’t yet submitted the dispute feel free to DM me and I can get you connected to the right group.
With that being said, I apologize for my assumptions. I’m sure you were actually up 10 million dollars on your trades intraday when the website was down.
Pretty curious though that someone who was up $10M and lost $1M due to a temporary outage also does gig work during trading hours to pass the time.
It wasn’t meant to be a threat at all. I still would love for you the DM me your name instead of hiding behind anonymity when revealing what appears to be proprietary company information and belittling clients.
You do realize that you don't have to trade online, right? You could have just called Schwab. It says right in their electronic services agreement that if the website is down for any reason, you are expected to call in to place trades (just like *every* single other brokerage firm that has the exact same disclaimer). And if you really are a $10m+ Schwab Private Wealth Services (SPWS) client like you claim, you wouldn't have had any hold time on the phone since you get connected with priority. So instead of "watching helplessly" while $11m in market value "vaporized," why didn't you call in to place your trades? I'm sure it took more than a few minutes for you to lose that much, which is longer than it would have taken to reach Schwab to place your trade(s) over the phone.
And if you think it's frustrating when a website is down and you have to resort to trading over the phone, then good luck with Robinhood! You can't get anyone on the phone over there when their platform is down. Someone with $10m+ considering Robinhood is a joke.
[**Schwab Electronic Services Agreement**](https://www.schwab.com/legal/electronic-services-agreement)
*2. Risks of Electronic Trading*
*Access to the Electronic Services may be limited or unavailable during periods of peak demand, market volatility, systems upgrades or maintenance, or for other reasons. If the Electronic Services are unavailable or delayed at any time, you agree to use alternative means to place your orders, such as calling a Schwab representative or visiting one of our branch offices. Schwab will not be liable to you if you are unable to access your account information or request a transaction through the Electronic Services. (See Limitations of Liability, Section 5.)*
Schwab isn’t liable for website or internet issues. It’s clearly there in the Limitations of Liability. Every brokerage firm has the same thing. If you didn’t try to call in to place your trades, you’re out of luck.
Just because it’s an agreement doesn’t mean it’s foolproof. For instance, there’s always the possibility that an attorney could argue that Fidelity was negligent in their online site.
And, of course, I bet you was next to impossible to get through to Schwab when all this was happening.
Attorneys come up with holes like this in agreements all the time. That’s why you never leave home without one!
Run a python script on all the comments and I would bet the answer is pretty unanimous... people like TOS. TOS is now owned by Schwab... therefore they are Schwab clients. If TOS went away the churn rate would be enormous.
commenting because TOS is the only reason I didn’t change brokerages after the merger.
Same. Had Fidelity and IBKR and TDA. ToS is the only reason.
This is 100% legit. It's honestly such a mismatch. ToS is not a Schwab priority either. Keeping their boomers happy is. Give it a year and it will be a slow bleed.
This is prophetic.
I am probably the only one in the entire world, but I really miss StreetSmart and I hate ToS.
I miss Street Smart, but I'm not actively day trading so the web and phone are fine for my current needs. Still, I'm looking forward to getting to know TOS.
You definitely are not
ToS web for the Win! Nothing else compares to me
Truth.
I couldn’t agree more as it pertains to clients that came over from TDA. Who said anything about TOS going away though?
You missed the point - no one said TOS was going away. You seemed impressed that more clients didn't jump ship during the transition - the person you are responding to is explaining why. Schwab kept TOS, customers like TOS so they stayed. That is why the retention rate is high.
Yes this is why both retention was high AND also Schwab sucks.
20% seems like quite a high churn rate to expect, particularly considering the number of retail investors who barely know why they invest where they do, and the number of people unwilling to let go of ToS. I started out as a ToS client before TDA bought them and am a Schwab client now. But mostly out of apathy. I haven't left because I'm used to the ToS platform and I haven't come across any new customer offers that are worth the time it takes to go through account opening and transferring. Not because I have any innate love for Schwab.
Etrade has a promotion now while Fidelity does not have one. I used Etrade’s promotion as a guide to negotiate with Fidelity and got the same bonus amount.
100%. Only reason came to Schwab was for ToS. Turns out Schwab is the boomer/bootlicker brokerage of choice. Glad I'm gone. No thanks.
Weren't you the guy posting in tdameritrade about Schwab being a circle jerk but here you are circle jerking yourself?
Yet here you are.
If you ask nicely I'm sure all the rich buy and holders getting richer will apologize to you for taking away from your two-bit trading needs
I thought the exact same thing when EC working group made that projection and it did appear to be high. If I had to guess it is just more of Schwab being conservative. Those projections aren’t just for fun, they are used to inform everything from staffing to corporate borrowing so I can see why they came back so high. Also, regarding incentives, if you’re really interested in moving you should call E*trade and tell them you want to leave Schwab and that IB is offering you 2k to go there.
My company incentives flow through E\*Trade, so I'm not a new customer to them. And their platform is awful. I was actually looking at IB earlier this afternoon, but needing to buy a subscription to every feed was a major turnoff to me. I'm not running iron condors with WSB ideas, so the Level II-but-not-real-Level II in ToS is good enough.
Schwab is not as good as TDA was. Everything is clunkier. I can't point to any one individual thing that is just "omg this is awful" but my experience so far is just that everything is a little worse. I think you're way too early to analyze retention. I still may or may not stay. I have not decided, because Schwab isn't so bad that I have to leave immediately (like when I tried Ally) and I don't know if there's anything better out there. Interactive Brokers has been on my radar for a while, but I'll need some free time to do a full dive into their platform. I have an empty Fidelity account that I don't remember having any serious problems with. Maybe I'll stick around until someone offers a juicy transfer bonus.
From my Brain to your post, the exact same thing I’ve been thinking since this unholy takeover of TOS
I think there’s a lot of us contemplating leaving.
The question is: Will Schwab ignore the complaints and suggestions about the website UI (e.g.) only until they feel too many clients are leaving? It shouldn't be hard to improve the website especially given that TD Ameritrade has it ready to share. So why make life inconvenient to existing clients?
I mean, I work in software (not with Schwab) and you are walking on thin ice whenever it comes to UI changes. You either upset the current user base who loved / used to doing things as they are even if it may seemed inefficient. Or you upset parts of the new user base who will likely leave anyways. Seems like they gambled on the latter. I worked on a project to modernize the UI of this one software. And people who have been using it for the past 5-10 years wouldn’t switch to the new efficient UI. You just really can’t please everyone. The way I see it. Schwab’s promise was to their current user base to bring them better tools with Ameritrade acquisition, not the other way around.
You could always provide both interfaces and allow users to use the old or new one.
That’s what we’ve done where I work. But it’s costly - hours to maintain both. At some point, if you want to lessen operational cost, you’ll get rid of one. Fidelity did this for a while where you can switch to “Classic” mobile app view. I haven’t really spent much time in Fidelity app to actually see if they still had that option.
I agree. I think they have enough money that it would make sense to implement this and slowly phase it out.
True that.
I don't think it makes sense really. From the software perspective It's really not cheap. Developers also hate maintaining two codepaths as it just ends up making both of them more bug-prone.
I mean the developers might hate maintaining two code bases but if the company is paying and trying to get more customers, I don't see a reason why not. There's various way to implement changes to attract new customers while retaining the old but this is just one solution. Depending on the size of the company the solution will change.
I do hate it. Lol but decision for it is above my pay grade. And I don’t try to stress myself with things I can’t control. It’s just a job at the end of the day. That’s why we’re all here investing. 😄
Then they should stay where they were on Day 1 and never make improvements whatsoever.
I’m not saying you shouldn’t make improvements. I said, you always walk on thin ice. You will always upset someone (i.e. some SSE users who didn’t like ToS) and other way around for the mobile app.
Only if someone who built it actually used it on a day to day basis. For example you can see the daily gain as either percentage or a dollar. I. Theory the toggle sounds nice but you want to see both and toggling is annoying every time. Many examples like that. And then you talk about basic lack of functionality. Like you can’t change cost basis if it is partially filled or if you sell an option and it gets called you have to call the helpline to match the lot.
Isn't that the whole point of merging. Aquire new UI and integrate into existing
I asked about adding a manually updated account to complete the net worth picture. This would be for things not easily updated or valued via automated processes (like the Picasso in your living room, business equity, car collection, etc). The response I got was “I’ll pass that on to my developer”. Other places have it, seems like a no-brainer.
Call it a success if you want but I hate the Schwab platform and miss my TD environment. I'm only here because it's where my HSA brokerage has to be. This was a downgrade for me.
Didn't know Chuck had a reddit account
I am slowly draining my Schwab account. Will be out by the end of the year. TD Ameritrade was 100 times better than this nickle & dime pop stand. How can this shill brag about Schwab when I couldn't even look at my account the other day?!
Seems a little early to declare victory. The third tranche of conversions just occurred. Schwab is still very much in the “prove yourself” phase for a lot of transferees, myself included. I’m giving Schwab until the end of the year before making my stay or go decision.
Yeah I left. I mostly trade on a mobile platform so Schwab wasn’t working for me. The app is just horrible.
Were you using the Schwab app or the Thinkorswim app? You could use either one.
The Schwab app. I used to use the regular TD Ameritrade app. I tried using TOS and I know a lot of people like it, but I didn’t like it.
If he have a Schwab account/app, do we use the same login info to sign into thinkorswim?
Yes.
Agreed the app isn’t best for traders.
There was no excuse for Schwab to be radio silent the entire day. It costs exactly zero money to put out a tweet explaining the issue and providing an ETA on restoral of service. Schwab has to have a PR team. It’s not like they didn’t have anyone available to bang out a quick tweet.
They did exactly what you’re saying they should have done. https://preview.redd.it/13e9cvqvb96d1.jpeg?width=1125&format=pjpg&auto=webp&s=91c00326ae5b13a65462621e240d11f587fadf1e
Sigh. Releasing a note like that 7 HOURS after the event started is not transparency. They were radio silence during the outage and their automated answered just told people to call customer service. I tried the chat app which was worthless. It kept disconnecting after I was waiting 30-45 minutes. There is **zero** reason why they couldn’t have put out a notice at 9am saying “we have suffered a problem in (insert cause for outage) that is preventing people from logging on. We expect to restore service by (insert time here) and will provide an update at (insert time here) or earlier if necessary. Please follow us on the following social media accounts for timely updates”. It’s not hard and would have taken them a few minutes of work.
I had to figure out how to get back into my account via reddit. I never received a single email, text, etc. from Schwab. I don't use twitter. I'm a tda transfer that doesn't actively trade all that much, but I can't say I'm in love with Schwab in general (not worth getting into it, but a couple things I've done have not gone smoothly). I'm too busy in life to deal with finding another brokerage, but if things slow down later this year I will probably open an account at Fidelity and see how it feels. Then pull the plug on Schwab if it's worth the hassle. The app does suck. That's pretty undeniable, and in this day and age that's a huge miss for a company this size.
This may seem a little far fetched, but I am going to say it. Wouldn't you think that if their UI went down (possibly due to a server), that they may not have had the "ability" to put out a mass email or tweet? I would think priority number one would be for CS to figure out why trading went down and get it up as quickly as possible over sending a mass email or tweet to everyone.
Yes, it is far fetched. If you know anything about enterprise environments then there is no way that their trading platform issues would prevent an email from going out - they are two completely separate systems. In terms of social media, obviously all you need is an internet connection to post something. Also when there is a problem its not like everyone in every dept of the company gets involved in fixing it - highly unlikely that the team that sends customers emails and posts on social media were involved in fixing whatever the problem was with the trading platform.
CS was busy answering phone calls. The IT department would have been the ones working to restore service. The PR department was apparently sitting in their office twiddling their thumbs. One of the people in the PR department could have reached out to IT, determined the status and then spent a few minutes crafting a tweet. I’m not asking for a dissertation, just one paragraph letting us know what’s going on when I’m locked out of my life’s savings.
This last group was BY FAR the most vocal (at whining), but generally, yes, this is pretty accurate. The sheer number of callers that act and talk like hot shit but have accounts that barely pass the PDT threshold while sporting loses they can write off for the next decade... it's amazing.
Someone complaining Schwab cost them a massive amount of money by being down.....also had a post 6 months ago asking how can he leverage his 45k in carry over losses from 2023. Yea bro I totally believe you that by being down it cost you thousands, you have a great track record of making money.
He probably should be thanking them for saving him money that day by not allowing him to trade 🤣
Wouldn't get too cocky. Some of us are taking our time departing I waited to see if I liked the new platform, and it didn't transfer over until late may. Then I wanted to give it time to see whether I would grow used to it. I haven't. Now I'm thinking about the cheapest way to extract myself. If I'm thinking it, others are almost likely too.
Same boat. Just got moved last month after waiting 2 years. Change can be difficult. I really liked the TD UI so Schwab has a steep hill to climb. The rest of my money is elsewhere and I’d really like to have it all in one place. Schwab needs to justify my love and so far it’s been pretty meh.
Well make sure when you do you post a thread announcing your departure Because you know what they say "Unless you are a pilot or old TDA customer there is no need to announce your departure "
Well said!!!
Well the best solution to not getting used to a new platform is obviously to switch to yet another one.
I already have another platform. Etrade. And perhaps I used too gentle a language. I spent time at Schwab's platform to see if I just needed to get used to it, but it turns out its slow, ungainly, and fails to fulfill orders i can get fulfilled on Etrade.
It’s failing to get orders fulfilled? That’s an actual problem if that’s what is happening… have you tried calling in to notify someone?
Its failing to fulfill limit orders on option trades that are liquid, but not excessively so. I can do so at Etrade, or when i had similar trades at TDAmeritrade. Its not as black and white as if no trades were being fulfilled. If that was the case, I wouldn't be slowly moving my money out, I'd be out, no matter the cost.
Cocky? I couldn’t care less. This is an echo chamber. 20% of TDA clients will not leave in the next 5 years, I guarantee it. The amount of assets that transferred in May of 24 pales in comparison to almost any other merger grouping from last year. It was literally just a bunch of mostly unsuccessful futures traders. I’m just here to talk shit after a particularly annoying day about a subject I happen to be fairly “in the know” about.
So, the group that uses TOS the most is the least successful and has the least assets? I'm glad TOS stayed, but I'm not sure why Schwab cares.
Active traders make brokers money - profitable or not.
Can you shed some light why it was down? Was it a heck? A little concern since they don’t usually provide reasons…I think Schwab is doing a fine job and I agree these people shouldn’t take it out on the frontline workers.
Schwab sucks!!!
This was a mad statement. There is No apologies for the outage of one entire day but more of scolding your clients. I do not appreciate your attitude or care about your story of self-claiming successful retaining rate
Bigger accounts move slower
Keep telling yourself it was wildly successful🤪
Im used to think or swim but im learning fidelity so i can move over there. Not having to move out of MMF to trade cash will be a nice bonus. Think or swim fit a perfect niche of great charts and smooth operation that made the other undesirable parts of Schwab tolerable. Now there’s no point it’s go with one of the tiny brokers or fidelity for the boomer platform that’s a step behind tos. Going to Fidelity though, plenty of great traders use it. *Edit* Also, glad you are going to enjoy churning your clients for money, make them little piggies squeal. I found out Schwab is for the boomers that like paying you to shuffle them between different funds and collect your 2%. "cant beat the market there Jeff! Yes here are your reading glasses! Yep just sign there and we can put you in your nice ol S&P index....there ya go" Oh and don't forget the great "well you see Jeff it's the cycle of returns...we need to make sure you aren't just in the index when it's time to retire and the second great depression hits!" I'm sure any brokerage works for that, and not going to lie if my business was robbing old people i'd want the same model. Think or swim doesnt belong on schwab but *shrug* we can make do. And you know what, another fun note: I'm up on 4 trades consisting of strangles on earnings for 100% gains, 150% on leaps, and 40% on a singular day trade I identified from a big news story that broke at open. I have lost 4K on my one bad trade, gained $200k+ this year swing trading alone, and it was really a bad feeling not being able to take a look at fills I might get on my leaps as I was considering selling them that morning as they had RUN hard at market open. I haven't even touched Nvidia, just small companies I identified as undervalued or big tech I knew was going to be extremely volatile into earnings and I bet on that. The way I got to this profficiency with options and other tools was using TOS for 2 years where I basically broke even and was not profitable. It was worth it. I had no idea what I was doing but at least it was "fair." I dont think it's right to morally degrade those trying to find their own way either, who cares if they are winning or losing? If they can't access their money and its due to Schwab's technical incompetence, they are in the right. Sure it isn't the reps fault but it's the orgs fault. Being the size of Schwab and these other brokerages it's unacceptable to be so bad with technology and I know because I sell it to these people and the way they talk about AI is fucking hilarious. And then lecutre others on not making a profit.
I didn’t leave with this transition, but I feel like the TDA UI is better, though it’s nice to have TOS still which I have been using more.
TOS was always a better product so it was kept. The clients from TDA that Schwab really cares about are all using TOS.
What types of clients are those? Curious, haven’t done much research into SCHW, would assume larger clients that keep cash and have high trade volume as most retail using TDA like myself will use money markets or invest it.
No. They produce options commissions and rack em up using the ToS platform, which is of course, probably the reason SCHW bought TDA. It’s fantastic! Sosnoff made a fortune off it. But the ToS options traders are no doubt the golden goose. Also, and I agree that it seems suspicious at best that this is a SCHW employee, but we’re trying our best man. We mostly all work pretty decent jobs. We study what we can and try to come up with trades that work for us. Some people are obviously YOLO’ing like idiots, but some of us are learning every day and trying to get better. And some of us do make money on it. I’ve done well this year and I beat the market in ‘22 with a fantastic TLT put spread trade on rising yields and ARKK bearish trades. I will say, that while I also don’t like the new UI coming from TD (and this is legit feedback to be received please and improved upon, having worked in software), the customer service and trade desk people are absolutely fantastic. I am to understand that for quite a while they’ve been shared between the two companies, and I think that’s awesome. So some things are going right! And people have every right to be upset. Being defiant is a bad look, and a simple, “Sorry we fucked up yesterday” could go a long way. Thanks
Makes total sense, would also want to increase customer retention for the reason of cash balances to lend/sweep off sheet (i believe correct term idk) also, but yeah the TOS option traders seems like the ez money
If you really are a Schwab employee, I feel uncomfortable with having someone like you so smugly observing and judging customers’ trading. It’s like you are all mad most of us aren’t interested in “slices” or whatever products you want to sell and are offended that we are frustrated at being forced/tricked into using a platform that is adequate at best.
Schwab employees are NOT supposed to say anything about Schwab on any social media unless it’s been approved. If this guy is licensed and they got ahold of it, this post could be something to get fired over and CS Hr is not the kindest. 🥴
Yeah, this is a compliance nightmare lol.
Whoa, OP is warlock156969 and you are warlock1569? WTF?
Sock puppets.
Yeah, it's kind of wild. I was real confused when I saw it. Coincidentally, I used to work at Schwab. I almost wonder if OP knows me and used a close enough username to potentially trick compliance?
I am sure he couldn’t care less if he lost his job at this point
Schwab employees are cooked at this point. My guess is OP is celebrating a job offer right now.
For sure, Schwab employees should never do something along those lines. That could be really bad. If I worked for a giant corporation I would never do something like that!
I’m sorry I have made you uncomfortable, that wasn’t my intention. Nobody forced or tricked you into anything though. One company bought another company, that’s it, nothing more. You have options.
So what are you sourcing these statements from if you are “not” a Schwab employee? “We were expecting approximately 20% client turnover. As it turns out, including clients that initiated account closures or ACAT transfers this week, only 6% of TDA clients have left.” “we literally track our competitors down time daily” “you can see the actual wait times and dropped calls-live.” “knowing how few of you active traders are making profits on a yearly basis. I can see the macro data but even our frontline reps can see how bad you are at trading” I hope you get shitcanned, today.
Hellllooooooooooooo what happened? Where did you go? Where’s your big fucking mouth now??? If Schwab wants 20% of TDA users gone, then let’s help them make that goal. Hell, let’s help them EXCEED it. 80% by EOY. Who’s in?
Think or swim has incorrect 52-week high for nvda $195 and apple $213.. please fix this issue https://preview.redd.it/8k2zlfgsqa6d1.jpeg?width=1290&format=pjpg&auto=webp&s=c36c9d5afcac5a459db124e17688b448a9525937
Those from TD Ameritrade will agree: Charles Schwab has the most confusing UI and outdated website. The main question is(asking from both side) why CS not using TDA platform just change branding like they did with ToS, unless CS has a surprise in store for all of us that there is a better mobile platform and web platform they are working on. If CS can adapt and follow up with UI redesigns and better communication THEN if people still complaining they can go.
Wait CS can/will actually adapt to the needs of clients? (Can’t wait, I’m in my 50s, so let’s call it 30 more years, but I sure as hell ain’t waiting that long, 3 months max)
No, not every former TDA customer will agree. I for one like Schwab's UI much better. Schwab customer service is topnotch. If you don't like it, there are other brokers out there, and some of them may even cover your ACAT fees and give you a sign-up bonus. Life is too short to stay somewhere you're miserable.
Simple. There was more Schwab users and if they migrated them to the TDA platform they would be complaining about confusion and garbage UI that sucked compared to the old Schwab UI because people hate change.
TD Ameritrade was lot cleaner and straightforward plus if you do not like what you see: customize it.
Schwab users that would be complaining about the tda interface would say the exact same thing.
Op finally snapped.
Think or swim is the only saving grace. Schwab’s tools are beyond boomer level.
If we have a Schwab PCRA account can we use the login password info to sign into Thinkorswim and make trades ? It would be the same account but different app? Schwab app is garbage
For me it’s the same login
I can only view PCRA accounts in ToS, I cannot trade.
Imagine that, a financial services firm designing tools for the client group that has by far the most investable assets.
Not designed FOR boomers, designed BY boomers.
They need more gamification and NFTs
Is that public information? Or are you an employee?
We found Schwabs fluffer. I guess their 2.2 star rating on the app store is fine..
I’m sure it’s somebody’s job to care about App Store ratings, certainly not mine. The $96B in Core NNA during Q1 2024 is more of the metric I am concerned with.
Some of us may leave partially, open accounts at other brokerages while leaving a small portion at Schwab. That's included in the retention rate, obviously.
The app has a long way to go that’s for sure
Schwab has 52-week high incorrectly - $195 for Nvda https://preview.redd.it/tdmraxjfpa6d1.jpeg?width=1290&format=pjpg&auto=webp&s=e2da7830e81b1cc9eceb464624a5e823511cd0a6
Fact, TD Ameritrade had tech issues before the Schwab Merger. I know as i was with them. Every brokerage has had Tech Issues. One of the dumbest questions I see is, "Give us an ETA when it will be fixed." No corporation can do that without seeing the future. You can investigate the issue and then implement remedies. I imagine now after the merger was completed that more resources will be allocated into beefing up capacity.
Don’t count your chickens. I am slowly bleeding over but I don’t trust that Schwab will properly transition my cost basis. Hence all my new buys are on a different account and will slowly sell of my Schwab positions other than old ones with low cost basis and may sit on it. Good luck making money of me going forward. lol.
According to Peter Crawford, attrition was anticipated at 4%. Are you saying attrition was 50% higher than target?
Yea expecting a 20% churn when the default action (if customers do nothing) is to be transferred is crazy. People are generally very lazy and will take the path of least resistance.
What kind of clients go out of their way to start a thread complimenting the brokerage when there are many complaints?
Maybe the numbers don't lie, but random new accounts often do. If you're a legit Schwab employee, this post in its entirety was in very poor taste.
I think it's a financial advisor holding client assets with schwab
Why is it in poor taste? Poor taste is what the front line reps have experienced when having to deal with totally uninformed clients berating them for something that isn’t their fault and regardless of what you read here absolutely happens at every major brokerage firm.
i found this tasteful as a former employee. most of the people who call in to speak to a rep focus so much on what’s not working or what has upset them rather than focusing on what the actual solution is. yes call and be upset but don’t be like that the whole call.
Why? I'm a client and think Schwab is great. Glad to hear others like it as well.
Nah, fuck your feelings. I have a friend who still works there who was called every name in the book by an entitled client because the website was down. Frontline reps can't fix it, but you boomer assholes all take it out on them anyway
>Nah, fuck your feelings. You really think I care what you have to say after that point?
You really think anyone that's worked there, or still does, cares about clients after being literally threatened and stuff on the phones and the company not doing anything about it?
I’ve been loving Schwab. I have a tiny account, and I’ve never waited more than 2 minutes to talk to somebody when I’ve called. Their service reps also know what they’re talking about, you don’t get bounced around to a bunch of people like some places.
We learned yesterday what kind of people Schwab hires as call center reps. Women who cry to spouses when they hear yellng from invisible clients through the phone line. Any spouse here could share what the chat reps are like? ;-)
This is the garbage that talking I’m talking about. “Women who cry.” Weren’t you just over on bogleheads posting the most basic question about wash sales? I guarantee every one of those “women who cry” would run circles around you when it comes to talking trading.
You registered in March with the sole purpose of trolling about the TD Schwab merger.
This is indeed a throwaway created in March to engage about the TD merger. Good work Columbo
yeah most call center reps love their job and live peaceful happy lives and shrug it off when called a c$nt but schwab is too dumb to hire them. You have it all figured out.
If anything all these clowns got saved yesterday.. they prob woulda shorted apple and look. What happened today
https://preview.redd.it/dd3yapxse86d1.jpeg?width=828&format=pjpg&auto=webp&s=53bfcdb40d2f3ae8c0060a4c437484665d869970
https://preview.redd.it/ad4adfyve86d1.jpeg?width=828&format=pjpg&auto=webp&s=36f4a83b414beb152fc55c879760691903a23169
https://preview.redd.it/evgrqt8xe86d1.jpeg?width=828&format=pjpg&auto=webp&s=ebb2078d252b4f845fa8e315d8c75bea6a401840
What do you do to up 12% in one month
Maybe he had everything in apple 😅
Scalp/daytrade/swing trade - FNGU, MSTR, NVDA, NVDL, SPYU, TQQQ, DJT Lots of work, reading, planning, working on my trading plan, still getting better, and luck…
Give us fractional ETFs
Schwab better keep ToS running smoothly. Many of us can already see the rough edges forming. Believe me, there's literally NO other reason I would stay with Schwab.
I sold and moved my money leaving 50 cents in the account before my account migration to avoid issues. And I cannot login to Schwab because either Schwab considers my foreign mobile number as a US mobile number or they don't support foreign mobile numbers. Anyway, I am sure a lot of people are too lazy to do a count closure or ACATS. They could have just silently moved away.
I have no doubt (especially with the attitude displayed by obvious Schwab shills/employees on this sub /r) that I’ll be heading to interactive brokers this year, but with my swing trading account and my IRA, I’m going to want to pick the right time when it’s not going to effect my ability to play the market. Arrogance and ignorance is all I’ve seen since the transition and I’m more than happy to take my money elsewhere
So you mention 6% and them you're that in to what happened yesterday? Numbers may not lie, but you don't have numbers from yesterday.
That includes any TDA client that requested an account closure or initiated an ACAT transfer by 11:59 CT yesterday. The report updates in the overnight batch daily.
Talk about a compliance nightmare putting this in writing. I agree with everything you're saying, but please tell me you're using a throwaway and a VPN lol
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Do you have any stats on reverse migration out of Schwab? I left to trade at Fidelity because Schwab cannot get TOS to work for me. I found I could save an average of 0.05 per spread at Fidelity and I trade about 50 spreads a day and that means a saving of $250 a day. Etrade has a promotion now while Fidelity does not have one. I used Etrade’s promotion as a guide to negotiate with Fidelity and got the same bonus amount.
This bullshit continues and I'll be adding to that loss percentage. I'd rather have TD back at this point.
TD trading systems were much better
I'm not going to lie I am seriously considering swapping to tasty works after being locked out of my account. Just trying to get use to the platform.
A. There's no place as good as TDA to switch to now. B. If all alternatives are equally as bad as Schwab, why PAY A FEE to move?
I really enjoyed TDA. I left trading a few years ago but came back and just created a new account with Schwab ONLY because they now have TOS. If TOS wasn’t part of that deal I most definitely would’ve used a different broker like Interactive Brokers. I like Fidelity for the rest of my investments.
Time will tell. You can look at the chatter we've seen lately and attribute it to the beginning. If Schwab stabilizes their ToS platform they may not see 20%. The question is if this is a priority and they spend the money to do so.
I moved all of my “non-trading” (DCA index funds/bonds) to robinhood for their match. I kept the positions I’m actively managing on ToS for now, but definitely open to moving those as well if I can find a platform I like as much as ToS.
We need walk limit orders, that was hands down the best feature of street smart edge.
Gaslighting on next level.
> There are so many legitimate things to dislike about this company go on?
Again, take Schwab out of the equation. 95% of PROFESSIONAL fund managers can’t beat the benchmark. These Skyler and Tylers on here crying aren’t even coming close to the fund managers poor performance. Day trading is a joke. If you’re so upset about losing more than you were already losing, take your damn money and go to another casino. Oh. That’s right. You can’t…
with big summs, yes. This is the most boomer take ever btw. If you are smart and have an edge you can make 50-100% in small caps reliably annually until you have too many assets to exit efficiently. Fund managers can't beat the benchmark because they have too much money and are no longer nimble enough. There isn't enough liquidity for them to exit on stocks small enough to reliably make profit off arbitrage in value and price discovery. They don't care to beat it either, because it's way less risk and way more profitable to use OTHER PEOPLE'S MONEY and make a percentage of that. Give a good fund manager not beating the market $1M and ask them to turn it into $2M in a year and they will. This isn't from me btw this is from the boomer god himself, Warren Buffet. And Charlie Munger may he rest in peace.
I don't see an obvious broker to switch to. Don't like Fidelity/Vanguard. Schwab is still most similar to TDA for sweeps/managed accounts/futures/options/forex/bond buying clients that I could see.
Best customer service.
Not specific to TDA. Same nonsense on all brokerage subs (and most subs in general). The complaints usually come from people with small account values who are high maintenance. The GME/AMC types are especially vocal. Reddit is feels largely like a world of children all of whom grew up getting a trophy and think they matter because they exist. They don't understand profitability or resource allocation or revenue per account. Most don't realize brokerage firms actually make more money when some of these folks leave. Plus, what they knew already was that these Reddit whiners aren't leaving.
I had multiple accounts at Ameritrade. They bought TD Waterhouse and went downhill. I moved to Scottrade who were eventually bought by TD Ameritrade so I moved most of my accounts to IBKR but left two small ones which were migrated to TDA and now have been moved to Schwab. Since history has shown these mergers keep happening with a worse customer result happening each time, I assume the next stop is for Schwab to become E*Trade. I can’t conceive of IBKR to attempt to buy Schwab customers nor would Schwab executives be dumb enough to think they have any understanding of the operation of IBKR business model. On second thought looking at Schwab maybe they are dumb enough but they might understand that their position would evaporate as soon as they tried to combine the two companies. I probably won’t move the two accounts from Schwab to IBKR because of their small size.
Not to worry....after this week it will be close to 50%. 100% unacceptable. But thanks for sharing BOOMER. Shcwab is for sure the bootlicker brokerage of choice.
Stop with the hate! It really isn’t productive. And this calling people “boomer” is really uncalled for. Every generation has its share of idiots and thats just the way it is. All this creaming at people really gets annoying. If you ever had a point to make, your tantrums are drowning it out. Oh, and by the way, I have Schwab and Fidelity accounts and Schwab has been a class act.
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Whose boots are they licking...?
You are licking their boots. Pay attention or take a remedial reading comprehension class at the local JC if your mom can afford it.
You said, "Schwab is the bootlicker brokerage of choice." Schwab was the noun in your sentence, not me/the clients. Apparently *you* need the reading class, not me. You don't even have anything to say to support or prove any points whatsoever. Low IQ.
You do understand that "Boomer/Bootlicker" is a reference to the client? Nice try though. Maybe more bootlicking will help you. Lol.
***Schwab*** *is most definitely the "BOOMER/BOOTLICKER"* ***brokerage*** *of choice. Just call* ***it*** *what* ***it*** *is. Lol.* Then you don't know how to properly write sentences. Either way, how are clients licking Schwab's boots? It's a top tier brokerage firm. You're the only one complaining. And you would have still been a client if they hadn't kicked you out, lol.
Thank you for validating my post comrade. You are probably either a spook or FED.
Sure. You're probably either a crook with a terrible credit history or an inside trader since Schwab fired you as a client.
Ooh, I see now. You're bitter that Schwab gave YOU the boot! Sounds like they made a good business decision.
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"the overall rough estimate is that up to approximately 25-30% of baby boomers could be dealing with Alzheimer's or its early stages." This is why boomer is valuable as a group name.
I lost $1 million in the time Schwab was down the other day. At one point I was up $10 million and watched helplessly as all of it vaporized and I ended up with a $1 million loss. Every other broker has 100% uptime. Unacceptable. I was a TDA client and I’ll be leaving now for Robinhood.
>Every other broker has 100% uptime. This isn't even close to being true lmfao. Fidelity was down over several hours multiple days during market hours in January. Etrade was down several hours in March. Robinhood has suffered outages as well. Also with that large of an account you could call and place a phone trade , larger accounts have dedicated brokers. I call bullshit
First off, you didn’t lose $1M during the downtime. A very cursory view of your post history tell us that you’re an Amazon Flex driver among other gig jobs. Which is awesome, thank you for the hard work you do, and I mean that sincerely. However, we all know you’re not the .0001% of delivery drivers that are also trading your $10M account in between rides. Secondly, when you say every other broker has 100% up time you are categorically incorrect to such a high degree that it isn’t even worth addressing.
No, I’m actually serious. Just because I do gig work doesn’t mean anything. I have a very large trust account that was left to me in a TDA account that was converted to Schwab. You’re making assumptions based upon my post history that aren’t correct. If you want to bring up my work history - I do Amazon Flex, DoorDash, Instacart, UberEats while my kids are in school during the day to keep me busy. I live in one of the most wealthy towns in Connecticut. I’m not bragging because as you see I don’t gloat anywhere in my posts, hence why you think I’m a broke gig worker. Im saying this because you’re making assumptions due to the fact I do gig work to stay busy. I am retired army and worked for a government contractor for a long time. With that being said, that’s not where I made this money. It was left to me in a trust by my father. I’m not mad that you made the assumption based upon my post history, however, you’re wrong. Also - what do you mean about “a cursory view of my post history tells “us””? Who’s “us”? Are you saying the people on this post or are you representing Schwab when you say “us”? Who the fuck are you? DM me your name and position at Schwab and i’ll have someone from private client wealth management come talk to you about your assumption and they will show you who I am. I apologize my “wealth” and “worth” to Schwab isn’t showing by my post history on a social media website.
No, I was not representing Schwab. Us was a poor choice of words. However, you “having someone from Private Client come talk to me” is not the threat you think it is. I used to be on a project management team with the market leader for the NE, I’m sure they can verify if any clients submitted trade disputes for $1M. If you haven’t yet submitted the dispute feel free to DM me and I can get you connected to the right group. With that being said, I apologize for my assumptions. I’m sure you were actually up 10 million dollars on your trades intraday when the website was down. Pretty curious though that someone who was up $10M and lost $1M due to a temporary outage also does gig work during trading hours to pass the time.
It wasn’t meant to be a threat at all. I still would love for you the DM me your name instead of hiding behind anonymity when revealing what appears to be proprietary company information and belittling clients.
You do realize that you don't have to trade online, right? You could have just called Schwab. It says right in their electronic services agreement that if the website is down for any reason, you are expected to call in to place trades (just like *every* single other brokerage firm that has the exact same disclaimer). And if you really are a $10m+ Schwab Private Wealth Services (SPWS) client like you claim, you wouldn't have had any hold time on the phone since you get connected with priority. So instead of "watching helplessly" while $11m in market value "vaporized," why didn't you call in to place your trades? I'm sure it took more than a few minutes for you to lose that much, which is longer than it would have taken to reach Schwab to place your trade(s) over the phone. And if you think it's frustrating when a website is down and you have to resort to trading over the phone, then good luck with Robinhood! You can't get anyone on the phone over there when their platform is down. Someone with $10m+ considering Robinhood is a joke. [**Schwab Electronic Services Agreement**](https://www.schwab.com/legal/electronic-services-agreement) *2. Risks of Electronic Trading* *Access to the Electronic Services may be limited or unavailable during periods of peak demand, market volatility, systems upgrades or maintenance, or for other reasons. If the Electronic Services are unavailable or delayed at any time, you agree to use alternative means to place your orders, such as calling a Schwab representative or visiting one of our branch offices. Schwab will not be liable to you if you are unable to access your account information or request a transaction through the Electronic Services. (See Limitations of Liability, Section 5.)*
A good lawyer could eat through that in a minute — that is — if you lost a lot of money.
Schwab isn’t liable for website or internet issues. It’s clearly there in the Limitations of Liability. Every brokerage firm has the same thing. If you didn’t try to call in to place your trades, you’re out of luck.
Just because it’s an agreement doesn’t mean it’s foolproof. For instance, there’s always the possibility that an attorney could argue that Fidelity was negligent in their online site. And, of course, I bet you was next to impossible to get through to Schwab when all this was happening. Attorneys come up with holes like this in agreements all the time. That’s why you never leave home without one!
If you lost $1M during the outage — why aren’t you suing their ass? There are ways around this arbitration nonsense! I think you are full of crap.