A very small test case, Schwab vs Fidelity

Discussion of the Stock portion of the Permanent Portfolio

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ochotona
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A very small test case, Schwab vs Fidelity

Post by ochotona » Thu Dec 31, 2020 12:07 pm

I happened to have a little bit of dividend cash at Fidelity and Schwab, so I put them head to head:

Bought two shares of VTI, hit BUY button at almost the same time... within 1/2 sec. Market orders.

Fidelity filled at $193.66, and Schwab filled at $193.665.

If you have a million dollar trade, the "Schwab tax" would be $26 (and I do have trades that size, since I trendfollow with almost all of my portfolio). Chuck is stealing my lunch money.

And they slow-pay my divdends, and slow-approve my ACH transfers, and I can't do dollar-based trades but am left with tens of $ in my account which I can't deploy unless I buy their mutual funds to soak up those extra few Dollars. I hate doing that.

Glad I moved most of my stuff to Fidelity. More will move in future as bonds and CDs mature.
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Mark Leavy
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Re: A very small test case, Schwab vs Fidelity

Post by Mark Leavy » Thu Dec 31, 2020 12:28 pm

ochotona wrote:
Thu Dec 31, 2020 12:07 pm
Bought two shares of VTI, hit BUY button at almost the same time... within 1/2 sec. Market orders.

Fidelity filled at $193.66, and Schwab filled at $193.665.
1/2 a second on a market order is more than enough to account for the different fills.
I don't think this one comparison tells you anything useful yet.
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ochotona
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Re: A very small test case, Schwab vs Fidelity

Post by ochotona » Thu Dec 31, 2020 4:15 pm

Yeah need to keep repeating over time
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Mark Leavy
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Re: A very small test case, Schwab vs Fidelity

Post by Mark Leavy » Thu Dec 31, 2020 5:21 pm

ochotona wrote:
Thu Dec 31, 2020 4:15 pm
Yeah need to keep repeating over time
That will work.
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ochotona
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Re: A very small test case, Schwab vs Fidelity

Post by ochotona » Fri Jan 01, 2021 8:52 am

When my tactical portfolio go risk-off someday, I will have ample opportunity to sell VTI, VWO, and other ETFs and buy IEF the risk-off asset across several accounts on Fid and Sch. That will be interesting.
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