Schwab Intelligent Portfolios

I’ve been using the Intelligent Portfolios app for a little over a year and it’s been great! It took a while to see a significant update, but clearly they’ve been working hard as the new update is super! I love that the mobile team continues to pay attention to the details and add delightful features to keep the experience fresh and interesting. I hope the next update gives me account balances on all of my Schwab accounts, and of course even more delight :) And dear Apple, why is the featured review (the 1-star) still featured? It’s over a year old so not actually helpful.

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Not sure why this isn’t made clear before Charles Schwab customers waste time with this app and login, but apparently you need to create a new second Charles Schwab account (with all of the verifications and information disclosure’s that go with any Charles Schwab account) before you can even use this app. I have a standard Charles Schwab brokerage account, I figured I would add this app so I could monitor my portfolio, as there are about 10 different Charles Schwab apps in the iOS App Store, but this one was the only one with decent reviews. So I was pretty surprised when after being in my login and password that it prompted me to create/open a new, 2nd account. Charles Schwab needs to get control of this and quit letting PR/advertising run their client services (thus this is why there are 10 different Charles Schwab apps in the App Store, they are simply using it as a advertising vehicle and not as a useful tool for their customers)

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I opened a normal SEP IRA, Schwab decided I must’ve wanted an “Intelligent IRA” because it’s their new flavor of the week product that they’ll push at whatever cost it seems. For me, they took my $100k and immediately lost nearly $5000. By the time I’d realized what was going on I requested they freeze the account to avoid further losses. They didn’t. Instead it hemorrhaged under this “Intelligent” strategy for over 1.5 months and no less than 15 emails and 10 calls while attempting them to place my funds into the account i wanted all along. And when they did, zero refund on the money they stole. And of course, it wasn’t in cash, it was in their Bs collection of laughably bad investments. So then I am expected to foot the bill for all the sales in an attempt to get back to par. When the world turns on the bankers, I’ve got gallows ready for the thieves at Schwab and the likely arrogant millennial moron whose algorithm leads their “Intelligent” Division.

First, the app doesn’t always load. There have been 2- and 3-day periods when I’ve tried logging into my CS account to check my balance only to discover that I can’t get beyond the sign-in page. Beyond that, many if not most of the links to tantalizing headlines to CS advice articles are broken. It’s clear that the peeps charged with maintaining the Schwab website are not on the ball. It’s very disappointing, because it begs the question, are their financial peeps mediocre too? So far my returns would say so. :-(

I’m very pleased with my Schwab Intelligent Portfolios account. It’s a great product and the app interface is very nice. I appreciate having an iPad version of the app. Betterment and Wealthfront (who I’ve tried out before) don’t have iPad apps. Also Schwab’s customer service is flawless and tops everyone else. I wish I could adjust my allocation to have less cash (more of my portfolio invested) but that’s a small gripe compared to how positive everything else has been. Highly recommended!