Charles Schwab is a better choice for investors seeking a wider array of investment options and lower minimum investment requirements, while T. Rowe Price may appeal to those who prefer actively managed ETFs and personalized retirement management.
| Attribute | Charles Schwab | T. Rowe Price |
|---|---|---|
| Investment Options | Stocks, bonds, ETFs, mutual funds, options, cryptocurrency, alternative investments (hedge funds, private equity, real estate), and cash products like CDs and money market funds. Access to international stocks and fractional shares of S&P 500 companies. | Stocks, bonds, ETFs, mutual funds, actively managed ETFs |
| Account Management Fees | No advisory fee for Schwab Intelligent Portfolios. Schwab Intelligent Portfolios Premium has a $300 initial planning fee and a $30 monthly advisory fee. Traditional management accounts have fees ranging from 0.20% to 0.90%. | Annual account service fee (waivable under certain conditions) |
| Minimum Investment Requirements | Self-directed accounts: No minimum. Schwab Intelligent Portfolios (robo-advisor): $5,000. Schwab Intelligent Portfolios Premium: $25,000. Traditional management accounts: $25,000. Wealth management accounts: $1 million. Independent local investment advisors: $500,000. | $2,500 for brokerage accounts, $1,000 for Brokerage IRAs, $1 for some money market funds |
| Research and Educational Resources | Market insights, educational resources, interactive courses, articles, videos, and podcasts. The Schwab Center for Financial Research provides fact-based viewpoints, research, and guidance. | Investment insights, market news, tax planning tools, expert consultations |
| Trading Platform and Tools | Schwab.com, Schwab Mobile app, and thinkorswim (desktop, web, and mobile). Tools for charting, analysis, and order placement. | Tools and resources designed to evolve with participants' retirement needs |
| Customer Service Quality and Responsiveness | High ratings for customer service. 24/7 phone support with knowledgeable representatives. J.D. Power has ranked Charles Schwab Bank #1 in customer satisfaction among checking providers for six years in a row. | Customer service via secure messages, personal investment advisors, and customer service representatives |
| Retirement Planning Services | Various IRA accounts (Traditional, Roth, and Rollover) and retirement planning assistance. Guidance on retirement contributions and tax implications. | IRAs, Roth IRAs, rollover 401(k)s, retirement plans for self-employed and small business owners, Personalized Retirement Manager (PRM) |
| Financial Advisor Availability | Dedicated financial consultants are generally available to clients with $500,000 or more in assets. All clients can access investment professionals for support. | Available, private portfolio management for accounts with balances of $5 million or more |
| Mobile App Functionality | Invest, research, bank, trade, move money, track portfolios, and deposit checks. Real-time quotes, news, charting, and Face ID login. | Check account balances, view asset allocation, track fund performance, conduct fund research, buy/sell/exchange T. Rowe Price Mutual Funds & ETFs |
| Commission Fees for Trades | Stocks and ETFs: $0 online commission. Options: $0.65 per contract. Mutual Funds: No transaction fees on thousands of funds from Schwab Mutual Fund OneSource. Other mutual funds may have fees up to $74.95 per purchase. Bonds: $1 per bond (minimum $10, maximum $250) for secondary trades. No commission for Treasury bonds. | $0 commission for online stock and ETF trades, fees for representative-assisted trades, fees plus per-contract charge for options trades |
| Account Security Measures | Multi-layered technology, trained specialists, and secure processes. "Schwab Security Guarantee" that covers losses due to unauthorized activity. Security alerts and two-step verification. | Firewall technology, intrusion-prevention systems, Account Protection Program, multi-factor authentication |
| Range of Account Types | Individual and joint brokerage accounts, retirement accounts (IRAs, 401(k)s), education savings accounts, trust accounts, and bank accounts (checking and savings). Specialized accounts like global accounts for trading foreign stocks. | Individual, joint owner, trust, accounts for minors, Roth IRAs, traditional IRAs, general investing accounts, 529 plans |