Ben & Jerry's
Footballguy
Daughter, 22, just out of College. Has 10k to invest. A Roth IRA is what I recommended but I really don't know. ETF, index funds etc. Are the Robo adviser options helpful?
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Is something like Charles Schwab a decent platform for a young investor? (1 Viewer)
- Thread starter Ben & Jerry's
- Start date
Desert_Power
Footballguy
SouthJersey
Footballguy
I'd recommend Schwab. I'd also recommend their checking/banking product. Been a customer for years.
-No minimum balance
-ATM fee reimbursement from anywhere
-fast/easy to move your money from your checking to savings/brokerage/IRA
-low fee index funds
-low fee robo advisor (I believe slightly more expensive then some but more or less in the same ballpark -- I don't use the product so I might be wrong)
-excellent customer service
The only downside is if you have a bunch of cash you had to find a Schwab location to deposit it. Though I rarely have that problem. Switched here from BOA over a decade ago and am so happy BOA does not get my business anymore.
-No minimum balance
-ATM fee reimbursement from anywhere
-fast/easy to move your money from your checking to savings/brokerage/IRA
-low fee index funds
-low fee robo advisor (I believe slightly more expensive then some but more or less in the same ballpark -- I don't use the product so I might be wrong)
-excellent customer service
The only downside is if you have a bunch of cash you had to find a Schwab location to deposit it. Though I rarely have that problem. Switched here from BOA over a decade ago and am so happy BOA does not get my business anymore.
culdeus
Footballguy
NutterButter
Footballguy
What the heck is a robo advisor? What would it even tell a 22 year old; put as much as you can into an s&p 500 index and let's meet up again in 20 years?
culdeus
Footballguy
More or less that's it. It spreads across a lot of sector indexes to tax harvest.
Craig_MiamiFL
Footballguy
Fidelity 
-OZ-
Footballguy
-OZ-
Footballguy
Just one guy’s opinion for long term investing My portfolio
M1. Set your / her portfolio and automatic contributions. Easy peezy.
Last edited by a moderator:
Mrs. Rannous
Footballguy
I have to recommend the Vanguard 500 Index Fund Admiral Shares Mr R says Warren Buffet concurs. Just set it and forget it. Later on, she can add bonds.
Vanguard has always been business professional. That was not the case with T Rowe Price. Don't even go there.
Vanguard has always been business professional. That was not the case with T Rowe Price. Don't even go there.
Ghost Rider
Footballguy
"No leeway, no compromise, just stupid bleeping jokes."
culdeus
Footballguy
pollardsvision
Footballguy
I use Schwab and love it. My niece is about the same age, and I recommended Fidelity to her for her Roth.
Main reason being that I think Fidelity is a bit more a one stop shot (though Schwab certainly is too). Big factor is Fidelity also has an outstanding HSA (Schwab doesn't have one). If she has a high deductible/HSA approved health plan, an HSA is a pretty powerful too. A Roth has a $6000 contribution limit, and the HSA is $3600, so that looks a lot like $10K
Both are outstanding choices. I personally like the UI of Schwab a little better, but that's a personal preference. I also prefer the Schwab branded ETFs more than Fidelity, though you get both from either shop.
Fidelity does have 4 completely free mutual funds. Not a huge deal, since there are so many nearly free options already.
I just told my niece to just start automatically contributing monthly to Fidelity's free Total Market Index Fund (FZROX) until she gets to a point where she wants to learn more an adjust her approach.
Congrats to you and your daughter. I hope she's excited about $10K turning into a near-million when she's ready to retire.
