Originally Posted by
Bluedog
I use Vanguard and Schwab. I like both. Schwab probably more functionalities for "traders" but I'm a long term buy and hold investor. I've also used Fidelity in the past. Can't go wrong with any of those three in my opinion. Some people think Vanguard's (phone) service isn't as good as Schwab/Fidelity but I never call them so don't care. I do everything online. The few times I have called just to get information have been perfectly fine with them being helpful.
The only area that can be annoying with Vanguard is they are usually stricter/require more work in setting up accounts, transferring to a trust, joint ownership, etc. Require more paperwork, possibly not only a notary but signature medallion and they don't have local offices to figure that stuff out. Some people may view this favorably because of security concerns. But once the initial paperwork is done and account setup, I think vanguard is a great platform, particularly for those that are auto DCA into their mutual funds. I've also heard Vanguard is pickier on closing accounts to those that don't have a US address, while Schwab and others don't care much.
I use Vanguard for 75% and Schwab for 25% about... Schwab's cost basis team and calculator are good which helped me out for some really old stock purchases. Everyone has really upped their games and offerings in the last 10 years or so - competition is good for the consumer!
Why 2 different platforms?
"The greatest enemy of knowledge is not ignorance, it is the illusion of knowledge" -Stephen Hawking