Charles Schwab financial advice

I honestly only listen to financial advice from people who have actually made more money than I have. I really have no use for tips from folks struggling to make ends meet, and frankly, most of these self-proclaimed "advisors" are just broke individuals trying to scrape together a tiny commission for themselves. It’s kind of funny when you think about it... 😈

George The user said:I only take financial advice from people who have actually made more money than I have. I have zero interest in listening to the broke; most of these self-proclaimed "advisors" are just struggling nobodies trying to scrape together a tiny commission. Please. 😈

This industry is still finding its footing here in the States. In Germany, licensed advisors who’ve actually grinded through the Allianz academy are pulling in numbers that just aren't even on the radar locally. Even an American advisor with a license earns significantly more than what we see around here. $6667 More.
So, George, how much do you actually pull in?
Besides, you’ve got personal bankers. Have you ever actually bothered to ask yours how much they pull in?

Can you actually go to them for advice once they've already screwed you over on insurance and everything else? And if you do, what kind of "advice" are you even going to get?

Give them a workout. See if they can actually handle something useful, like helping you file your tax return.
If they’re pushing insurance on you, make them work for it. Ask for a few different options. Have them run the numbers on life, home, mutual funds, and those private retirement accounts. If they start talking nonsense, just cut them loose—not worth the headache. But if they actually know their stuff? Then maybe listen to what they have to say.

Linda Taylor3 said:I don't see how that affects you. From what I gather, the advice is free and nobody is forcing anything on you.

Oh please, they aren't forcing you to join Amway, Herbalife, or any other pyramid scheme either—everything comes down to personal choice. Back when I first started working at OVB, I already had a clear idea that I wanted life insurance and some kind of savings plan, so selling it to me was easy. But the way they operated felt exactly like those multi-level marketing setups. It’s always the same routine: drawing up these ridiculous charts and explaining them like you're five years old. That’s just the typical American approach to client management—dressing up simple concepts in layers of unnecessary philosophy. I remember how they’d spend an entire hour on a first meeting, when all they really needed to do was figure out our goals and financial capacity, then schedule a follow-up once the actual plan was ready. During that first sit-down, the guy spent his time lecturing me on why being wealthy is better than being broke (no kidding!), and then he topped it off by saying, "Don't tell your friends what we discussed; it's better if I present this to them directly, just like I did with you." It's the exact same pitch as Amway or Golden! Nobody tells you the full story upfront; instead, you have to show up to some initial presentation where they brainwash you and try to corner you into a social situation where everyone is pressuring you to agree that their way is the only way. If you're soft, you'll cave even if you know what they're offering is total garbage. I know this firsthand because I accidentally ended up at one of those meetings thanks to a friend who is still stuck in Amway today, still living at home, and hasn't seen a dime of that promised wealth even after eight years. Honestly, I get the same vibes from these people. They aren't technically forcing you into anything, but their sales tactics are aggressive, and if you lack backbone, you're going to fold. You need to know exactly what you want before you walk in, and more importantly, you need to know how to politely tell them to shove it. And if that doesn't work, a good old-fashioned American "get lost" always does the trick. Hahaha.

Just to be clear: my housing savings plan turned out to be completely useless, though I did get my initial investment back along with a tiny bit of interest, so I didn't technically lose money—I just missed my chance to buy an apartment. As for life insurance, it’s a solid move; I’d choose that every single time. And someone hit the nail on the head earlier—you really have to vet these people, because you might actually stumble upon someone who knows what they're doing. My experience with one particular guy was honestly fascinating and would make for some pretty great movie material. I won't drop his name here, but if any of you ran into him, you'd recognize him instantly by his favorite boast: "I'm one of the top five brokers in the world," hahahahaha! He doesn't work there anymore, though. I actually ran into him in town the other day looking totally disheveled and worn down. I guess that's just the modern look for brokers these days...

Yeah, I guess that whole aggressive, pit-bull style of selling is pretty much standard for anyone grinding on commission or working in cold outreach—it’s just how they operate. But honestly? It feels like a specific breed of person who rarely ever feels a shred of embarrassment about it... which is wild. Anyway, despite my cynicism, the advice actually helped me out. My plan is to just stick to life insurance and call it a day; I have zero interest in anything else, and frankly, I can't afford to chase more anyway... plus, I'm not falling for any more gimmicks. I've been burned before—some Amway recruiters wouldn't take "no" for an answer, and then things went south fast once the whole thing turned into a total disaster. 🙂

Meroving said:It’s always the same old song and dance with them—drawing up all these little charts and explaining things like we’re toddlers. That’s just how they do things in the States. It’s the typical American approach to client management. Way too much philosophy wrapped around incredibly simple concepts. I remember back when I first met one of their guys; he spent an entire hour on our initial consultation. In reality, all he needed to do was figure out what our goals were and what our budget looked like, then schedule a follow-up once the actual financial plan was ready. Instead, during that first meeting, he spent his breath lecturing me on why being wealthy is objectively better than being broke—I mean, really?! And to top it off, he hit me with the classic, "Please don't share what we discussed with your friends; I'd rather be the one to present this information to them directly." It was the exact same high-pressure pitch you hear from Amway or those multi-level marketing schemes!

When was the last time you visited OVB? Maybe they’ve actually grown up since then.

My advisor was actually decent. I was just at their office about a month ago. He walked me through exactly what I was looking for. Specifically, I wanted to talk about life insurance. The guy laid out four different policies they work with and basically told me to either pick one of those or go find something else entirely elsewhere. He wasn't pushy at all. His whole vibe was just, "Look, if you want it, take it; if not, no big deal."

Look, companies like Amway or Herbalife are just peddling useless junk, but OVB? They actually represent those massive, household-name financial giants you see everywhere. They aren't out there trying to sell you their own homegrown insurance policies or some random investment fund they cooked up in a basement.

Gerald Thomas11 said:So Joe, what’s your actual salary?
Besides, you have access to a Personal Banker. Have you even asked yours how much they pull in?

I haven't been working just for a paycheck for a long time now😬
My Personal Banker doesn't sit there trying to give me financial planning advice; instead, he just makes sure I can handle all my banking business sitting down rather than standing in some endless line. Every once in a while, he’ll answer a specific question if I have one, too. He hasn't even tried to push any of the bank's "products" on me unless I specifically ask about them, which I appreciate. Honestly, he's a pretty sharp young guy.😁

PS I know my blunt attitude might rub some "financial advisors" the wrong way, but I truly don't see what they could possibly advise me on. It feels just as silly as asking a stockbroker which specific stocks I should be buying or selling. Bob... let them play around with their own money instead of mine. 😈

Glad to hear you're killing it, Joe. Not working for a paycheck, having a sharp Personal Banker on speed dial... sounds great. I guess you don't need any advice from anyone else, do you?
But some people just don't get finance. They need a hand. If everyone actually knew what they were doing, this whole forum wouldn't even exist.

I don't really see how this advice can be considered objective when OVB has contracts with several savings banks—including mine, just recently—and a handful of insurance companies, rather than working with everyone. I’d much rather take advice from a neutral advisor, because right now we're basically getting steered toward specific companies' programs, regardless of whether they actually offer the best terms for the clients.

I haven't actually sat down for a consultation with them yet, but I will. Only then will I give an honest opinion—otherwise, this is all just my own assumption.

casualtrucker7 said:I just don't see how any advice can be considered objective when OVB has contracts with a handful of savings banks (including mine, just recently) and certain insurance companies, rather than everyone in the market.

They have deals with three out of the four major housing savings associations, which, if you ask me, covers pretty much the whole field.

And as for insurance, they’ve got Allianz, Mercury, General, and Vienna Insurance Group. You really think they're going to go out of their way to sign a contract with Euroherac or an Adriatic firm? Highly unlikely.
Which big-name insurer do you think is actually missing from their lineup?

If that’s the whole list, they’re missing Grawe, the major US investment funds, and all the decent mutual funds out there.

They’re missing out by not including offers from Fannie Mae—you aren't seriously suggesting Vanguard has better terms than Zions Bank, are you? Besides, not having State Farm in their lineup suggests they don't really grasp who holds one of the top five portfolios in America. It helps that State Farm maintains a solid 50/50 split between life and non-life insurance, and honestly, anyone complaining about insurance clearly doesn't get the math behind it. As for funds, I'm not sure if they even offer them, but managing those would require more than just sitting through a couple of seminars put on by advisors.

casualtrucker7 said:They’re missing a Fannie Mae offer. You can't seriously be telling me Vanguard has better terms than Zions Bank? Besides, not having State Farm in their lineup shows they don't even know who the top five players in the US are. Especially since State Farm maintains a solid 50/50 split between life and property insurance—anyone complaining about coverage clearly doesn't get what that means. As for funds, I don't know if they offer them, but managing those requires more depth than just sitting through a couple of seminars held by advisors.

Now you've got me defending them, haha.
Does Vanguard have better terms than Zions Bank? Depends on who you ask. No single savings institution is the best for everyone; otherwise, the competition wouldn't exist. I don't know these new terms well enough to speak on them, but I can tell you how things looked last year. RBC and Zions Bank had an interest rate ratio of roughly 3% on savings versus 6% on loans. Vanguard was at 2% and 5%. So, if someone wanted a low-interest loan, they went with Vanguard. If they wanted better returns on savings, they chose between RBC and Zions, where RBC was more favorable due to their 30:70% quick tariff split. Zions wasn't competitive there. I won't mention Bank of America because back when I was selling mortgages, they weren't even in the picture yet.
Just to be clear, what I wrote isn't the current situation. I don't want to mislead anyone.
It would be helpful if someone put the current rates for all the institutions in a single table. Savings rates, loan rates, and repayment terms.
Regarding insurance, I mentioned what they're lacking. Maybe they could eventually add Allstate. State Farm is a relatively young firm that still needs to prove itself. Ten years in the game isn't enough for me to hand over my trust for the next thirty.
I'm insured with Mercury. They haven't been in the US long, but based on volume, they're among the top 5 or 6, and they've been around for over 200 years.
It's logical that a German advisory firm would prefer foreign insurance providers.

It’s all fine and well, but at that point, you’re basically just pitching specific insurance products—it shouldn't be framed as neutral or objective advice.

The owner's interests are always driving the bus here; they'll push whichever firm offers the biggest commission. And what happens when you realize later on some trivial detail—like the bank you chose actually has lower interest rates than a competitor they don't partner with? What kind of advice is that? Sorry, buddy, but I guess it's not their fault they didn't have a contract with us...

casualtrucker7 said:Everything sounds fine on paper, but let’s call it what it is: specific insurance sales advice. You can't claim to be neutral or objective when you're just pushing a product.

The client's interest is always secondary to whatever contract pays the highest commission. They'll steer you toward a specific provider every time. And what happens when you realize later on some trivial detail—like the bank you've been funneling money into offers a lower interest rate than three others on the market they don't even carry? What kind of "advice" is that? Sorry, pal, but you can't blame them if they didn't have a contract with us in the first place...

I wasn't the one talking about objectivity. But look, what happens if you work for one specific bank and your client finds out there are three others offering better rates?
Edward Jones, Merrill Lynch, Vanguard—they’re all salespeople. Period. They live off commissions. Their edge is that they can pivot and offer an alternative if the client hates the first pitch. casualtrucker7, you're working for Bank of America. Fine. But what if a client wants a mortgage but doesn't like Bank of America? It's not about the terms or the rates at that point; they just don't like the brand. Are you going to offer them something else? Maybe just push some Bank of America mutual funds instead?

George2 said:I haven't worked for a paycheck in ages.😬
My Personal Banker doesn't sit there trying to give me financial advice; instead, he just makes sure I can handle my banking business sitting down rather than standing in some endless line. He’ll answer specific questions if they pop up, too. He hasn't even tried to push any of the bank's "products" on me unless I explicitly asked about them. Honestly, he's a pretty sharp young guy.😁

PS: I know my blunt attitude might ruffle the feathers of those "Financial Advisors," but frankly, I don't see what they could possibly advise me on. It's like asking a stockbroker which stocks I should be buying or selling. brrrr... let them play around with their own money, not mine.😈

You’re one of those "outliers."
Personal advisors are really meant for the masses, and for many people, they actually are necessary.

Just because you think you could offer better guidance than some random financial advisor isn't a standard for measurement.

Besides, if you're living off your investments rather than a salary, you're almost certainly more successful than 99.99% of financial advisors—and even that top 0.01% is probably just a statistical anomaly.🙂.

The real issue is that most personal bankers and financial advisors aren't even aware of the majority of financially lucrative opportunities available here in the States.

They are, for the most part, trained salespeople. I don't see much difference between them and those door-to-door vacuum salesmen, though I suppose a certain segment of the population needs their services just as much as they need those vacuums.

What kind of answer do you really think you'd get if you asked one of those "experts" where to invest a million Dollars or Euro? It wouldn't matter the currency.

Gerald Thomas11, you either missed my last post or didn't accept it... I was actually addressing the exact point you're throwing at me—that it isn't right to offer "Financial Advisor" services without clarifying that you're working specifically for certain institutions.

Look, obviously I’m biased if I work for Bank of America, but a client doesn't have to accept our terms—they aren't dealing with some neutral "Financial Advisor," they're dealing with a "Bank of America Financial Advisor." They know that the second they walk into our branch. When I give advice on how to best invest their money (which, I guess, is what financial advisors actually do), I suggest they check out all the other banks and compare them against our rates. That way, they can decide which option is best FOR THEM, not just what works for me. Okay?

To me, that style of "advising" feels more like selling the obvious—kind of like when a brand advertises cholesterol-free oil, even though there isn't really such a thing as oil with cholesterol anyway.

To wrap this up: I’m fine with advice like "invest in life insurance," "look into a 401(k)," or "check out mortgage options and mutual funds." But I’m not interested in being told to buy *this* specific policy or *that* specific fund without hearing the most important part: "since I don't earn a commission from other firms, they might actually be a better deal."

Finally, we’re speaking the same language. Around here, you don't just find a "Financial Advisor"—it’s always some "Bank of America Financial Advisor" or an "Edward Jones advisor" or a "Merrill Lynch guy." If the advisor actually does their job and is upfront about who they represent and whose interests they're really serving, there shouldn't be any issues. At the end of the day, the buyer makes the call.

Smiley said:Look, obviously I'm biased if I'm working for JP Morgan Chase, but a client isn't forced to accept our terms. I'm not just some random "financial advisor"; I'm a "JP Morgan Chase group financial advisor," which is something they know the second they walk through our doors. But when it comes to actually advising them on how to invest their money—which, let's be honest, is what financial advisors are actually paid to do—I tell them to go ahead and scout every single savings account and bank out there. I tell them to compare everything against our rates so they can decide what's best FOR THEM, not what's best for me. Got it?

It feels like you’re judging OVB without having any clue how they actually operate.
Let me break down how it works based on my own experience.
1. They introduce the firm and their partners and explain basically what they do.
2. They run some kind of analysis to figure out your specific goals and what you can actually afford.
3. You sit down with an advisor who presents the absolute best options available from their network. They explain how to maximize tax breaks. You can ask them anything under the sun regarding finances.
4. At the end of the day, the ball is in your court to decide whether to take the deal or not.

Regarding those JP Morgan Chase mortgage savings plans—if you really work at JP Morgan Chase, then you definitely know that signing a contract through OVB is actually more favorable for the client than doing it directly with JP Morgan Chase. You don't get hit with that 1% upfront commission. I guarantee you won't hear a single employee at JP Morgan Chase mention that.