You have every right to wonder what’s going on with Charles Schwab. Its stock is off 30% this month. Its banking unit’s sweep account is bleeding deposits. Thankfully, dear reader, you’ve been with me through thick and thin, and by now, you know the deal.
Schwab is a publicly traded company. It gobbles up smaller companies to help it grow. To help it meet quarterly earnings estimates. Sometimes they don’t pan out. Your Survival Guy doesn’t think you need your broker to “grow.” Just keep the money safe. And forget a broker/wealth manager. I want you to be with an advisor held—by law—to a fiduciary standard like I am. All you need to do is ask.
How about Vanguard? I’m not thrilled they’re a political beast with ESG. I’m not thrilled when you’re stuck with only Vanguard’s funds in a managed account. Whether it’s a Vanguard mutual fund or a Vanguard exchange traded fund (ETF), it doesn’t matter. You know from here that the mutual fund is broken when you get a tax bill from the fund in a year in which it lost money. And Vanguard’s bond ETFs don’t offer enough choices.
Notice how BlackRock is walking back ESG. When investors tire of their shares being voted with OPP (other people’s politics), they vote with their feet. That’s an attention-getter.
I had a nice conversation with you yesterday. You emailed Your Survival Guy telling me you’re retiring soon, and it’s time for you to get a plan together. Your Survival Guy called, and you were surprised it was me. You thought you might be hearing from some lower branch on Your Survival Guy’s tree of life. Not a chance. I want to talk with you.
Don’t settle for a conversation with a phone rep fresh out of college—who was a day trader this time last year—but needed to get a real job.
Action Line: If you want to talk with me, you just need to let me know.