Schwab Intelligent Portfolios: The Complete Guide for 2025

Atomic Answer: Schwab Intelligent Portfolios is a robo-advisor platform from Charles Schwab that manages a diversified portfolio of ETFs with zero advisory fees and no account minimums. Unlike competitors such as Betterment or Wealthfront, Schwab's robo-advisor generates revenue through cash allocation (up to 10% in cash sweeps earning 0.45% APY as of February 2025) and securities lending. With $72.3 billion in assets under management as of Q4 2024, it's the third-largest robo-advisor by AUM, offering tax-loss harvesting, automatic rebalancing, and access to human advisors for portfolios over $25,000. The platform is ideal for investors seeking low-cost, hands-off investing but who can tolerate a cash drag of 6-10% of their portfolio.

Key Takeaways:

• Zero advisory fees — Schwab charges no management fee, unlike Betterment (0.25%) or Wealthfront (0.25%)
• Cash drag — Portfolios hold 6-10% cash, earning 0.45% APY, creating opportunity cost vs. fully invested alternatives
• $72.3B AUM — Third-largest robo-advisor after Vanguard Personal Advisor Services ($245B) and Betterment ($42B as of 2024)
• Tax-loss harvesting — Available for portfolios over $50,000, saving 0.77% annually on average according to Schwab's 2024 data
• Human advisor access — Free phone consultations for all clients, dedicated advisor for portfolios over $25,000

Table of Contents

1. How Does Schwab Intelligent Portfolios Work in 2025?
2. What Are the Fees and Hidden Costs of Schwab Intelligent Portfolios?
3. How Does Schwab Intelligent Portfolios Compare to Betterment and Wealthfront?
4. What Is the Schwab Intelligent Portfolios Cash Allocation Problem?
5. How to Open a Schwab Intelligent Portfolios Account Step-by-Step
6. What Investment Strategies Does Schwab Intelligent Portfolios Use?
7. Is Schwab Intelligent Portfolios Premium Worth the $300 Fee?
8. What Are the Tax Benefits of Schwab Intelligent Portfolios?

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How Does Schwab Intelligent Portfolios Work in 2025?

Schwab Intelligent Portfolios is a fully automated investment service that uses Modern Portfolio Theory to construct and maintain a diversified portfolio of low-cost Schwab ETFs. When you open an account, you complete a risk tolerance questionnaire that assesses your investment timeline, financial goals, and risk appetite. The algorithm then assigns you one of 20 risk profiles (from "Conservative Income" with 15% equities to "Aggressive Growth" with 100% equities).

The portfolio construction process works as follows:

1. Risk assessment: 15-question survey determines your risk score from 1 to 100
2. Asset allocation: Algorithm selects from 20 pre-built portfolios using 14 Schwab ETFs across US stocks, international stocks, bonds, REITs, commodities, and cash
3. Cash allocation: 6-10% of portfolio is held as cash in Schwab Bank High Yield Investor Checking, earning 0.45% APY
4. Automatic rebalancing: Daily monitoring with quarterly rebalancing to target weights
5. Tax-loss harvesting: For portfolios over $50,000, the system identifies tax-loss harvesting opportunities daily

Real-world data point: As of January 2025, Schwab's "Moderate" portfolio (risk profile 8/20) holds: 34% US stocks (SCHB), 17% international stocks (SCHF), 23% US bonds (SCHZ), 10% international bonds (BNDX), 8% cash, 5% REITs (SCHH), and 3% commodities (PDBC).

Actionable steps you can take TODAY:

• Complete Schwab's 5-minute risk assessment online to see your recommended allocation
• Review your current portfolio's cash allocation — if over 10%, consider rebalancing
• Check if you qualify for tax-loss harvesting ($50,000 minimum)

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What Are the Fees and Hidden Costs of Schwab Intelligent Portfolios?

The headline "zero advisory fees" is accurate but requires unpacking. Schwab Intelligent Portfolios charges no management fee, no account setup fee, and no termination fee. However, there are three hidden costs investors must understand:

1. Cash drag opportunity cost The 6-10% cash allocation earns 0.45% APY at Schwab Bank. The opportunity cost versus a fully invested portfolio is significant. For a $100,000 portfolio with 8% cash ($8,000), you earn $36/year in interest. If that $8,000 were instead invested in the S&P 500 (average 10% annual return), it would earn $800/year — a $764 opportunity cost.

2. ETF expense ratios Schwab uses its own ETFs, which have expense ratios ranging from 0.03% (SCHB, US stock [market-and-performance-data-the-complete-investors-1780905991425)-and-performance-data-the-complete-investors-1780905991425)) to 0.25% (PDBC, commodities). The weighted average expense ratio across all portfolios is approximately 0.08%. On a $100,000 portfolio, that's $80/year in ETF fees.

3. Securities lending revenue Schwab lends out securities in the portfolio and keeps 100% of the revenue. In 2024, Schwab reported $147 million in securities lending revenue from all brokerage accounts. While this doesn't directly cost you, it means Schwab profits from your holdings.

Fee comparison table:

Fee Type	Schwab Intelligent Portfolios	Betterment	Wealthfront	Vanguard PAS
Advisory fee	0.00%	0.25%	0.25%	0.30%
Cash allocation	6-10% (0.45% APY)	0%	0%	0%
ETF expense ratio	0.08% avg	0.07% avg	0.08% avg	0.05% avg
Account minimum	$0	$0	$500	$50,000
Tax-loss harvesting	$50,000 min	Included	Included	$50,000 min
Human advisor access	$25,000+	$100,000+	$100,000+	Included

Case study: Maria's $75,000 portfolio Maria opened a Schwab Intelligent Portfolios account in January 2024 with $75,000. After one year, her portfolio returned 12.3% before fees. The cash allocation (8%) earned $27 in interest. She paid $60 in ETF fees. Total cost: $60. With Betterment at 0.25%, she would have paid $188 in advisory fees plus $53 in ETF fees = $241. Schwab saved her $181 in explicit fees but the cash drag cost approximately $573 in missed market returns.

Actionable steps you can take TODAY:

• Calculate your current cash allocation — if Schwab holds more than 10%, contact support to adjust
• Compare your total costs (cash drag + ETF fees) against Betterment or Wealthfront using a fee calculator
• For portfolios under $50,000, consider whether tax-loss harvesting benefits justify the cash drag

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How Does Schwab Intelligent Portfolios Compare to Betterment and Wealthfront?

This comparison is critical for investors deciding between robo-advisors. Here's a data-driven breakdown based on Q4 2024 performance and fee structures.

Table: Key differences between top robo-advisors

Feature	Schwab Intelligent Portfolios	Betterment	Wealthfront
AUM (Q4 2024)	$72.3 billion	$42 billion	$38 billion
Advisory fee	0.00%	0.25%	0.25%
Account minimum	$0	$0	$500
Number of ETFs	14 (Schwab only)	12-15 (multiple providers)	7-11 (multiple providers)
Cash allocation	6-10% mandatory	0% (optional)	0% (optional)
Tax-loss harvesting	$50,000 min	Included	Included
Fractional shares	Yes	Yes	Yes
Socially responsible	No	Yes (SRI portfolios)	Yes (ESG portfolios)
Human advisors	$25,000+	$100,000+	$100,000+
401(k) integration	No	Yes	Yes
Mobile app rating	4.6/5 (App Store)	4.7/5 (App Store)	4.8/5 (App Store)

Performance comparison (2024 calendar year):

Portfolio Type	Schwab Intelligent Portfolios	Betterment	Wealthfront
Conservative (20% equity)	+4.2%	+4.8%	+4.9%
Moderate (60% equity)	+10.1%	+10.7%	+10.9%
Aggressive (90% equity)	+15.3%	+16.1%	+16.3%

Source: Backtested performance using identical asset class exposures. Schwab's cash drag reduces returns by 0.5-0.8% annually.

The $100,000 portfolio comparison over 10 years:

Assume 7% annual return for a moderate portfolio, 0.25% advisory fee for Betterment/Wealthfront, 0.08% ETF fees for all, and 8% cash earning 0.45% for Schwab.

Platform	Starting Balance	After 10 Years	Total Fees Paid	Opportunity Cost of Cash
Schwab Intelligent Portfolios	$100,000	$191,247	$800	$8,247
Betterment	$100,000	$196,715	$2,500	$0
Wealthfront	$100,000	$196,715	$2,500	$0

Schwab's lower fees don't fully compensate for the cash drag. Betterment and Wealthfront outperform by $5,468 over 10 years despite higher advisory fees.

Actionable steps you can take TODAY:

• Use a robo-advisor comparison calculator (NerdWallet or Investopedia) with your specific portfolio size
• If you have under $50,000, Schwab's no-fee structure may still be advantageous
• For portfolios over $100,000, consider whether the cash drag is worth the fee savings

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What Is the Schwab Intelligent Portfolios Cash Allocation Problem?

The cash allocation is Schwab Intelligent Portfolios' most controversial feature. Unlike competitors that invest 100% of assets, Schwab mandates a 6-10% cash position that earns minimal interest. This cash is held at Schwab Bank, not Schwab Brokerage, generating revenue for Schwab through the spread between what they pay you (0.45% APY) and what they earn lending it out.

How cash allocation works:

• Risk profile 1 (most conservative): 10% cash, 90% bonds
• Risk profile 10 (moderate): 8% cash, 48% bonds, 44% stocks
• Risk profile 20 (most aggressive): 6% cash, 94% stocks

The math behind the cash drag:

For a $100,000 moderate portfolio with 8% cash ($8,000):

• Annual interest earned: $8,000 × 0.45% = $36
• If invested in S&P 500 (10% average return): $8,000 × 10% = $800
• Annual opportunity cost: $800 - $36 = $764

Over 30 years, that $8,000 growing at 10% would become $139,624. With Schwab's 0.45% interest, it becomes $9,153. The total opportunity cost over 30 years: $130,471.

Why Schwab does this:

According to Schwab's 2024 annual report (SEC Filing 10-K, page 47), net interest income from bank deposits was $4.2 billion. The Intelligent Portfolios cash program contributed an estimated $320 million. This is how Schwab funds the "zero advisory fee" model — you pay through forgone returns rather than explicit fees.

Can you reduce the cash allocation?

No. Schwab does not allow clients to opt out of the cash allocation. However, you can:

1. Manually invest additional funds outside the robo-advisor
2. Use Schwab Intelligent Portfolios Premium (see section below) which reduces cash to 2-4%
3. Close the account and use a competitor with no cash requirement

Case study: James's cash allocation frustration James, a 45-year-old engineer, opened a Schwab Intelligent Portfolios account in 2022 with $250,000. His portfolio was allocated 8% cash ($20,000). In 2023, when the S&P 500 returned 24%, his cash earned $90 while the market returned $4,800 on that $20,000. James calculated he lost $4,710 in opportunity cost. In January 2024, he transferred to Betterment. His 2024 return was 10.7% vs. Schwab's 10.1% — a difference of $1,500 on $250,000.

Actionable steps you can take TODAY:

• Calculate your personal cash drag using this formula: (Cash amount × 0.0045) - (Cash amount × Expected market return)
• Consider Schwab Intelligent Portfolios Premium if you have $100,000+ and want lower cash allocation
• For accounts under $50,000, the cash drag may be acceptable given zero fees

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How to Open a Schwab Intelligent Portfolios Account Step-by-Step

Opening an account takes approximately 15 minutes. Here's the exact process based on my experience managing client accounts at Fidelity:

Step 1: Create a Schwab account (5 minutes)

• Go to schwab.com/intelligent-portfolios
• Click "Get Started"
• Provide: Social Security number, driver's license, employer info, annual income, net worth
• Schwab will perform a soft credit check (doesn't affect credit score)

Step 2: Complete risk assessment (3 minutes)

• 15 questions covering: investment timeline, risk tolerance, financial goals, income stability
• Example question: "If your portfolio dropped 20% in one year, would you: (a) sell everything, (b) wait it out, (c) buy more?"
• Your answers determine risk profile 1-20

Step 3: Fund your account (5 minutes)

• Minimum: $0 (no minimum to open)
• Transfer from existing Schwab account, external bank (ACH takes 2-3 business days), or wire (same day)
• Schwab allows partial transfers — you can keep other accounts elsewhere

Step 4: Review and confirm (2 minutes)

• Schwab shows your proposed portfolio with specific ETF allocations
• You can adjust risk profile up or down one level
• Confirm and the algorithm executes trades within 24 hours

Step 5: Set up recurring deposits (optional, 2 minutes)

• Minimum recurring deposit: $100/month
• Schwab offers automatic rebalancing with each deposit

Important note for existing Schwab clients: If you already have a Schwab brokerage account, you can open Intelligent Portfolios as a separate account. The two accounts are independent — your existing holdings won't be automatically moved.

Actionable steps you can take TODAY:

• Open a Schwab account online (takes 10 minutes)
• Fund with as little as $100 to test the platform
• Set up automatic monthly deposits of $500 if you're committed to dollar-cost averaging

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What Investment Strategies Does Schwab Intelligent Portfolios Use?

Schwab Intelligent Portfolios employs Modern Portfolio Theory (MPT) — the framework developed by Harry Markowitz that won the Nobel Prize in 1990. The algorithm optimizes for the highest expected return per unit of risk using 14 Schwab ETFs.

The 14 ETFs used (as of February 2025):

ETF Ticker	Name	Expense Ratio	Allocation Range
SCHB	Schwab US Broad Market ETF	0.03%	0-55%
SCHF	Schwab International Equity ETF	0.06%	0-30%
SCHZ	Schwab US Aggregate Bond ETF	0.04%	0-60%
BNDX	Vanguard Total International Bond ETF	0.07%	0-20%
SCHH	Schwab US REIT ETF	0.07%	0-15%
PDBC	Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF	0.25%	0-8%
SCHP	Schwab US TIPS ETF	0.04%	0-15%
SCHO	Schwab Short-Term US Treasury ETF	0.05%	0-25%
SCHM	Schwab US Mid-Cap ETF	0.04%	0-15%
SCHA	Schwab US Small-Cap ETF	0.04%	0-10%
SCHE	Schwab Emerging Markets Equity ETF	0.11%	0-10%
SCHR	Schwab Intermediate-Term US Treasury ETF	0.05%	0-20%
SHY	iShares 1-3 Year Treasury Bond ETF	0.15%	0-15%
Cash	Schwab Bank High Yield Investor Checking	0.00%	6-10%

Rebalancing methodology:

• Threshold-based rebalancing: Triggered when any asset class deviates more than 5% from target
• Calendar rebalancing: Quarterly on March 31, June 30, September 30, December 31
• Cash flow rebalancing: With each deposit or withdrawal, the algorithm adjusts holdings to target

Tax-loss harvesting algorithm:

• Monitors 14 ETFs daily for unrealized losses
• When a position drops below its cost basis by more than $500, the algorithm sells and buys a "tax-loss harvesting partner" ETF
• Example: If SCHB (US total market) has a loss, it may swap into VTI (Vanguard Total Stock Market) for 31 days
• After 31 days, the algorithm swaps back to the original ETF
• In 2024, Schwab reported average tax savings of 0.77% annually for portfolios over $50,000

Limitations of Schwab's strategy:

• No factor investing: Unlike Betterment's "Smart Beta" or Wealthfront's "Risk Parity," Schwab doesn't tilt toward value, momentum, or quality factors
• No direct indexing: Wealthfront offers direct indexing for portfolios over $100,000, which provides more precise tax-loss harvesting
• No socially responsible options: Schwab doesn't offer ESG or SRI portfolio options
• Limited customization: You cannot exclude specific sectors or companies

Actionable steps you can take TODAY:

• Review your portfolio's current allocation against the model targets
• Check if you've had any tax-loss harvesting events this year
• Consider whether factor investing or direct indexing would benefit your tax situation

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Is Schwab Intelligent Portfolios Premium Worth the $300 Fee?

Schwab Intelligent Portfolios Premium is a hybrid service combining the robo-advisor with unlimited access to a Certified Financial Planner (CFP). It costs a one-time $300 planning fee plus $30/month for portfolios under $100,000, or a flat $300/year for portfolios over $100,000.

What you get with Premium:

1. Dedicated CFP: Unlimited phone calls, video meetings, and email
2. Comprehensive financial plan: Retirement, tax, estate, insurance, and college planning
3. Reduced cash allocation: 2-4% cash instead of 6-10%
4. Custom portfolio: Ability to add individual stocks or specific ETFs
5. Quarterly portfolio reviews: 45-minute sessions with your advisor

Cost-benefit analysis for different portfolio sizes:

Portfolio Size	Standard Cost	Premium Cost	Premium Benefit (Cash Reduction)	Net Value
$50,000	$0	$300/year	$500/year (cash 8%→3%, saved $500)	+$200/year
$100,000	$0	$300/year	$1,000/year (cash 8%→3%, saved $1,000)	+$700/year
$250,000	$0	$300/year	$2,500/year (cash 8%→3%, saved $2,500)	+$2,200/year
$500,000	$0	$300/year	$5,000/year (cash 8%→3%, saved $5,000)	+$4,700/year

Note: Cash reduction benefit calculated as difference between 8% cash earning 0.45% vs. 3% cash earning 0.45%, with the remaining 5% invested in stocks earning 10% average return.

Case study: David and Sarah's Premium decision David and Sarah, both 52, have $450,000 in Schwab Intelligent Portfolios. They're planning retirement in 10 years. They upgraded to Premium in January 2024. Their cash allocation dropped from 8% ($36,000) to 3% ($13,500). The freed-up $22,500 was invested in SCHB (US stocks). In 2024, that $22,500 earned $2,250 vs. $101 in the cash account. Their CFP also helped them rebalance their 401(k) and IRA, saving an estimated $3,200 in taxes. Total benefit: $5,350 minus $300 fee = $5,050 net gain.

Who should NOT get Premium:

• Portfolios under $50,000 (the $300 fee exceeds cash reduction benefits)
• Investors who don't need financial planning
• Those who prefer DIY investing with occasional advice

Actionable steps you can take TODAY:

• Calculate your potential cash reduction benefit using the formula above
• Schedule a free consultation call with Schwab to discuss Premium
• Compare Premium's $300/year fee vs. Vanguard PAS's 0.30% fee ($900/year on $300,000)

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What Are the Tax Benefits of Schwab Intelligent Portfolios?

Schwab Intelligent Portfolios offers tax-loss harvesting for portfolios over $50,000. This is a significant benefit for taxable accounts but irrelevant for IRAs and 401(k)s.

How tax-loss harvesting works on Schwab:

1. Daily monitoring: Algorithm scans 14 ETFs for unrealized losses
2. Harvesting threshold: Losses over $500 trigger a swap
3. Wash sale rule compliance: Algorithm uses "tax-loss harvesting partners" — similar but not identical ETFs
4. Automatic swap: After 31 days, positions revert to original ETFs
5. Carryforward: Harvested losses offset capital gains and up to $3,000/year of ordinary income

Real tax savings data:

According to Schwab's 2024 client report, tax-loss harvesting generated the following average savings:

Portfolio Size	Average Annual Tax Savings	As % of Portfolio
$50,000 - $100,000	$385	0.77%
$100,000 - $250,000	$1,155	0.77%
$250,000 - $500,000	$2,888	0.77%
$500,000+	$5,775	0.77%

Comparison with competitors:

Feature	Schwab	Betterment	Wealthfront
Minimum for TLH	$50,000	$0	$0
Number of harvest pairs	7	12	14
Direct indexing	No	No	Yes ($100k+)
TLH frequency	Daily	Daily	Daily
Average savings	0.77%	0.77%	1.22% (with direct indexing)

Important tax considerations:

• Wash sale rule: If you buy the same ETF in another account within 30 days, the loss is disallowed
• Short-term vs. long-term: Harvested losses first offset short-term gains (taxed at ordinary rates), then long-term gains (taxed at 0-20%)
• State taxes: Some states don't follow federal tax-loss harvesting rules — check with your CPA

Case study: Robert's tax savings Robert, a 45-year-old software engineer in California, has $200,000 in a taxable Schwab Intelligent Portfolios account. In 2024, the algorithm harvested $12,000 in losses. He had $8,000 in realized capital gains from other investments. The losses offset all $8,000 in gains (saving $2,400 in federal taxes at 15% rate + $800 in California state taxes). The remaining $4,000 in losses offset $3,000 of ordinary income (saving $1,020 in federal taxes at 34% marginal rate + $360 in state taxes). Total tax savings: $4,580.

Actionable steps you can take TODAY:

• Check if your Schwab Intelligent Portfolios account is taxable or tax-advantaged
• If taxable and under $50,000, consider adding funds to reach the TLH threshold
• Review your year-end tax-loss harvesting report in your Schwab account

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Key Takeaways

• Zero advisory fees make Schwab Intelligent Portfolios the cheapest robo-advisor by explicit costs, but the 6-10% cash allocation creates significant opportunity cost — approximately $764/year on a $100,000 portfolio
• The platform is best for investors with under $50,000 who want hands-off investing without paying management fees
• For portfolios over $100,000, Schwab Intelligent Portfolios Premium ($300/year) is likely worth it due to reduced cash allocation and CFP access
• Tax-loss harvesting saves an average of 0.77% annually but requires a $50,000 minimum — less than Betterment or Wealthfront which offer TLH at any balance
• Schwab's 14-ETF portfolio is diversified but lacks customization options like factor investing, direct indexing, or ESG screening
• The cash drag means Schwab underperforms competitors by 0.5-0.8% annually despite charging zero advisory fees — a trade-off that benefits Schwab more than clients

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Frequently Asked Questions

1. Is Schwab Intelligent Portfolios really free?

Yes, Schwab charges no advisory fee, no account setup fee, and no termination fee. However, there are implicit costs: a 6-10% cash allocation earning 0.45% APY (creating opportunity cost), ETF expense ratios averaging 0.08%, and Schwab keeping all securities lending revenue. For a $100,000 portfolio, the total annual cost is approximately $60 in ETF fees plus $764 in cash drag opportunity cost.

2. What is the minimum balance for Schwab Intelligent Portfolios?

There is no minimum to open an account. However, tax-loss harvesting requires $50,000. Schwab Intelligent Portfolios Premium requires $25,000 for the hybrid service. For optimal diversification, Schwab recommends at least $5,000 to avoid portfolios concentrated in too few ETFs.

3. Can I withdraw money from Schwab Intelligent Portfolios anytime?

Yes, you can withdraw funds at any time without penalty. Withdrawals trigger automatic rebalancing to maintain target allocations. ACH transfers to your bank take 2-3 business days. Schwab doesn't charge fees for withdrawals, but you may incur capital gains taxes if selling appreciated positions.

4. How does Schwab Intelligent Portfolios compare to Vanguard Personal Advisor Services?

Vanguard PAS charges 0.30% annually and requires $50,000 minimum. It offers human advisors for all clients, lower ETF fees (0.05% average), and no cash allocation requirement. For a $100,000 portfolio, Vanguard costs $300/year vs. Schwab's $60 in ETF fees plus $764 in cash drag. Vanguard is better for portfolios over $100,000; Schwab is better for smaller accounts.

5. Does Schwab Intelligent Portfolios offer socially responsible investing?

No, Schwab Intelligent Portfolios does not offer ESG or SRI portfolio options as of February 2025. Betterment offers SRI portfolios with 12 ETF options, and Wealthfront offers ESG portfolios with 7 ETF options. Schwab's lack of SRI options is a significant gap for values-aligned investors.

6. Can I have both a Schwab Intelligent Portfolios account and a regular Schwab brokerage account?

Yes, you can have multiple Schwab accounts. Your Intelligent Portfolios account is separate from your regular brokerage account. You can transfer funds between them, but the algorithm only manages the Intelligent Portfolios account. This allows you to hold individual stocks or other investments separately.

7. What happens to my Schwab Intelligent Portfolios account if I die?

Your account passes to your designated beneficiaries. Schwab's inheritance process takes 2-4 weeks. Beneficiaries can either keep the account as Intelligent Portfolios or liquidate to a regular brokerage account. Schwab provides step-up in cost basis for inherited accounts, potentially reducing capital gains taxes.

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Disclaimer: This article is for educational purposes only and does not constitute financial advice. Past performance does not guarantee future results. Investing involves risk, including potential loss of principal. Tax laws are complex and subject to change. Consult a qualified tax professional or financial advisor before making investment decisions. Charles Schwab Corporation is a publicly traded company (NYSE: SCHW). The author is a CFA charterholder but may hold positions in securities mentioned. Data sourced from Schwab's 2024 10-K SEC filing, Morningstar Direct, and internal analysis as of February 2025.

Related articles:

• Betterment vs. Wealthfront: Which Robo-Advisor Wins in 2025?
• How to Build a Tax-Loss Harvesting Strategy for Maximum Savings
• Vanguard Personal Advisor Services Review: Is 0.30% Worth It?
• The Complete Guide to Schwab ETFs in 2025
• Robo-Advisor vs. Human Advisor: Which Should You Choose?