If you are planning on opening a new brokerage account, you might be interested in two of the top investment brokerages Charles Schwab and Vanguard. Both financial institutions were established in the 70s and continue to draw a crowd of investors. Charles Schwab has over $3 trillion in assets under management (expected $5 trillion after TD Ameritrade acquisition) while Vanguard as over $4 trillion. More importantly than the popular vote is the amount of money you will shell out in fees. You will also want a brokerage that has decent customer service in case you have questions or need help with your account. Both firms excel in these areas, but if you are a frequent trader, Charles Schwab is more investor-friendly than its counterpart. However, if you find yourself drawn to Vanguard funds, consider creating an account with Vanguard. Their in-house offerings have the lowest fees, you will be supporting client-owned funds, and will benefit the most from investing with them long-term. I
Robinhood and Ally Invest may look similar on the surface, but these two low-fee brokers have a fair number of differences between them. Robo-investment platforms are shaking up the investment brokerage space and giving a greater number of investors access to popular features such as fractional shares, forex, and crypto. If you are new to investing or just looking to lower your portfolio fees, check out our in-depth, comparison as we dive into the current features, pros, and cons, and alternatives of Robinhood and Ally Invest.
The Main Differences Between Robinhood and Ally InvestThe main differences between Robinhood and Ally Invest are:
- Robinhood allows fractional shares trading, whereas Ally Invest only offers full share trading
- Robinhood has cryptocurrency trade support, whereas Ally Invest does not
- Ally Invest has 24/7 customer service (online chat, phone, and email), whereas Robinhood has a slower response time by phone and email
Both TIAA and Vanguard offer long-term investment options for retirement plan and lifestyle goals. While both have been in business for several years (TIAA over 100 years, Vanguard over 40…