Updated 2026-03-20

Schwab vs Lincoln Financial 401(k) Comparison

Compare Charles Schwab (#3, 9.1/10) and Lincoln Financial (#17, 6.9/10) side by side across fees, ratings, features, and investment options.

Overall Comparison

FeatureSchwabLincoln Financial
Overall Score9.1/106.9/10
Rank#3#17
AUM$8.5 trillion$350 billion
Participants28 million8 million
Plan Sponsors3,200+10,000+
Founded19711905

Ratings Comparison

CategorySchwabLincoln Financial
Fees & Costs4.5/53.3/5
Investment Options4.7/53.8/5
Customer Service4.7/53.9/5
Mobile App4.5/53.4/5

Fee Comparison

Fee TypeSchwabLincoln Financial
Admin Fees$0 - varies by planVaries by plan size
Expense Ratios0.03% - 0.80%0.10% - 1.5%
Trading Fees$0 for stocks/ETFsPlan dependent
Advisory Fees0% - 0.80%0.40% - 1.0%

Schwab Strengths

Lincoln Financial Strengths

Rollover, Loans & Withdrawals

FeatureSchwabLincoln Financial
Rollover PlatformSchwab.comLincoln Financial Portal
Loans AvailableYesYes
Withdrawal MethodsOnline via Schwab.com, Phone (800-724-7526), Schwab branch officesOnline via Lincoln Financial portal, Phone (800-454-6265), Through plan administrator
Distribution OptionsLump sum, Partial withdrawal, Systematic withdrawals, Rollover to IRALump sum, Partial withdrawal, Annuity conversion, Installment payments, Rollover to IRA, Required Minimum Distributions

Which Should You Choose?

Choose Schwab if you want:

  • Full-service seekers
  • Active traders
  • Those wanting local branches
  • TD Ameritrade users

Choose Lincoln Financial if you want:

  • Companies wanting guaranteed income options
  • Insurance-focused employers
  • Mid-size to large plans
  • Annuity seekers

Our Verdict: Schwab vs Lincoln Financial

Charles Schwab wins this comparison with a score of 9.1/10 vs 6.9/10. Schwab excels with excellent customer service with 24/7 support, making it the stronger choice for most investors in this matchup. However, the best choice ultimately depends on your specific needs, employer plan availability, and investment preferences.

Full Schwab Review Full Lincoln Financial Review

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Schwab vs Lincoln Financial: Complete 401(k) Comparison for 2026

Choosing between Charles Schwab and Lincoln Financial for your 401(k) is an important decision that affects your retirement savings. Schwab offers full service while Lincoln Financial is known for top 10 recordkeeper. In terms of fees, Schwab charges 0.03% - 0.80% expense ratios compared to Lincoln Financial's 0.10% - 1.5%. Schwab manages $8.5 trillion in assets and serves 28 million participants, while Lincoln Financial has $350 billion AUM and 8 million participants.

Key Differences: Schwab vs Lincoln Financial

When comparing Schwab and Lincoln Financial, consider their core strengths: Schwab excels with excellent customer service with 24/7 support, while Lincoln Financial stands out for strong guaranteed income and annuity options. Both providers offer a wide range of investment options including target-date funds, index funds, and managed accounts. Schwab's customer service rating is 4.7/5 compared to Lincoln Financial's 3.9/5. For mobile experience, Schwab scores 4.5/5 while Lincoln Financial scores 3.4/5.

Which Provider is Right for You?

Choose Schwab if you prioritize full-service seekers. Choose Lincoln Financial if you're looking for companies wanting guaranteed income options. Your decision should also consider your employer's plan availability, fee sensitivity, desired investment options, and customer service expectations. For detailed reviews, visit our individual Schwab and Lincoln Financial provider pages.

Frequently Asked Questions

Charles Schwab scores higher in our 2026 rankings with 9.1/10. Schwab is best for full-service seekers, while Lincoln Financial is best for companies wanting guaranteed income options. The right choice depends on your employer's plan and your priorities.

Schwab charges expense ratios of 0.03% - 0.80% with admin fees of $0 - varies by plan. Lincoln Financial charges 0.10% - 1.5% expense ratios with admin fees of Varies by plan size. Schwab's fees rating is 4.5/5 compared to Lincoln Financial's 3.3/5.

Yes, you can roll over between Schwab and Lincoln Financial. Schwab uses Schwab.com for rollovers, while Lincoln Financial uses Lincoln Financial Portal. A direct rollover avoids mandatory tax withholding. Contact your new provider to initiate the transfer.

Schwab offers 401(k) loans. Lincoln Financial offers 401(k) loans. Both providers typically allow loans up to 50% of your vested balance or $50,000, whichever is less.

Schwab scores 4.7/5 for investment options, while Lincoln Financial scores 3.8/5. Both offer target-date funds, index funds, and managed accounts. Schwab's investment options include Index Funds, Target Date Funds, Mutual Funds. Lincoln Financial offers Mutual Funds, Target Date Funds, Fixed Annuities.

For small businesses, consider plan minimums and per-participant costs. Schwab is best for full-service seekers, active traders, those wanting local branches, td ameritrade users. Lincoln Financial is best for companies wanting guaranteed income options, insurance-focused employers, mid-size to large plans, annuity seekers. Compare admin fees: Schwab charges $0 - varies by plan vs Lincoln Financial's Varies by plan size.

Pavlo Pyskunov

Pavlo Pyskunov

Managing Director & Investment Fund Director

Pavlo Pyskunov analyzes employer-sponsored retirement plans using IRS publications and DOL Form 5500 filings, helping workers maximize their 401(k) savings through data-driven guidance.

Last updated: 2026-03-20