Author Topic: Can't buy VTSAX at Schwab?  (Read 7322 times)

thedigitalone

  • 5 O'Clock Shadow
  • *
  • Posts: 97
  • Location: PNW
Can't buy VTSAX at Schwab?
« on: December 11, 2017, 11:52:59 AM »
The small brokerage firm that I was using was acquired by Schwab and we were migrated over last month to their platform.

I've been buying VTSAX whenever we had additional funds left after funding our tax deferred accounts, when I tried to buy $1,000 worth today it goes all the way through the buy process and then returns "We cannot process your order because shares for this fund are only available to institutional customers."

Googling around a bit it looks like you can't buy Vanguard funds directly through Schwab... grr

So, what to do? Go through the hassle and move to another brokerage? Buy a different fund?


seattlecyclone

  • Walrus Stache
  • *******
  • Posts: 5160
  • Age: 35
  • Location: Seattle, WA
    • My blog
Re: Can't buy VTSAX at Schwab?
« Reply #1 on: December 11, 2017, 12:01:38 PM »
Why not buy from Vanguard directly? There are no trading fees for any Vanguard funds if you use an account with Vanguard themselves.

tarheeldan

  • Pencil Stache
  • ****
  • Posts: 776
Re: Can't buy VTSAX at Schwab?
« Reply #2 on: December 11, 2017, 12:08:22 PM »
You should be able to buy VTI, the ETF version.

seattlecyclone

  • Walrus Stache
  • *******
  • Posts: 5160
  • Age: 35
  • Location: Seattle, WA
    • My blog
Re: Can't buy VTSAX at Schwab?
« Reply #3 on: December 11, 2017, 12:39:55 PM »
Also if you wish to stick with Schwab, look at SCHB. It's a direct competitor to VTI, roughly equivalent in holdings, fees, and performance. Schwab will let you trade it with no commissions.

MightyAl

  • Stubble
  • **
  • Posts: 132
Re: Can't buy VTSAX at Schwab?
« Reply #4 on: December 11, 2017, 12:46:28 PM »
Schwab just lowered their ER to 0.3% on a bunch of their index funds.  Lower than Vanguard or Fidelity.  You might want to look into them before jumping.

thedigitalone

  • 5 O'Clock Shadow
  • *
  • Posts: 97
  • Location: PNW
Re: Can't buy VTSAX at Schwab?
« Reply #5 on: December 11, 2017, 02:49:08 PM »
Thanks for all the feedback, I'll look into the Schwab index funds, I just got comfortable putting extra $ into VTSAX and not thinking about it much and it threw me off a bit when it didn't work.

Nate79

  • 5 O'Clock Shadow
  • *
  • Posts: 99
Re: Can't buy VTSAX at Schwab?
« Reply #6 on: December 11, 2017, 07:07:40 PM »
It is often difficult to buy the admiral shares of Vanguard mutual funds outside of Vanguard.

Sent from my SAMSUNG-SM-G930A using Tapatalk


aspiringnomad

  • Pencil Stache
  • ****
  • Posts: 887
Re: Can't buy VTSAX at Schwab?
« Reply #7 on: December 11, 2017, 07:54:13 PM »
Schwab just lowered their ER to 0.3% on a bunch of their index funds.  Lower than Vanguard or Fidelity.  You might want to look into them before jumping.

In case it's not obvious, SCHB is actually .03%, not .3%, and it's been that way for at least a year now I believe down from .04% previously.

OP, I also recommend trying out Schwab's ETFs. They're often a bit cheaper than Vanguard.

TreeTired

  • Bristles
  • ***
  • Posts: 451
  • Age: 135
  • Location: North Carolina
  • I think we can make it
Re: Can't buy VTSAX at Schwab?
« Reply #8 on: December 11, 2017, 08:46:20 PM »
If you want a mutual fund (Easier to just invest a given amount of money, and not worry about shares of an ETF that can leave you with a small amount of cash leftover) I believe the Schwab equivalent mutual fund is SWTSX
Schwab Total Stock Market Index Fund,  The investment seeks to track the total return of the entire U.S. stock market- as measured by the Dow Jones U.S. Total Stock Market IndexSM.

I think VTSAX tracks the same index, but I can't find that exact statement...

MightyAl

  • Stubble
  • **
  • Posts: 132
Re: Can't buy VTSAX at Schwab?
« Reply #9 on: December 12, 2017, 06:48:18 AM »
Schwab just lowered their ER to 0.3% on a bunch of their index funds.  Lower than Vanguard or Fidelity.  You might want to look into them before jumping.

In case it's not obvious, SCHB is actually .03%, not .3%, and it's been that way for at least a year now I believe down from .04% previously.

OP, I also recommend trying out Schwab's ETFs. They're often a bit cheaper than Vanguard.

Just a mistake of an order of magnitude.  Thanks for the correction.

aspiringnomad

  • Pencil Stache
  • ****
  • Posts: 887
Re: Can't buy VTSAX at Schwab?
« Reply #10 on: December 12, 2017, 10:02:56 PM »
Schwab just lowered their ER to 0.3% on a bunch of their index funds.  Lower than Vanguard or Fidelity.  You might want to look into them before jumping.

In case it's not obvious, SCHB is actually .03%, not .3%, and it's been that way for at least a year now I believe down from .04% previously.

OP, I also recommend trying out Schwab's ETFs. They're often a bit cheaper than Vanguard.

Just a mistake of an order of magnitude.  Thanks for the correction.

Or as a high fee advisor might say, what’s a decimal between friends? ;)