Why? Local can rip you off as well.
What's wrong with Schwab or Fidelity?
That is absolutely correct, but the retail, store-front investment houses, along with those like Merril-Lynch are horrible with regards to advice, fees and overall yield.
My point is this - like many needs in life, you really should establish a relationship with service providers in your area, mainly with those that are from the area. How do you do that? Well, it takes some effort, grey matter, common sense and experience. The experience can come from paying attention to things that matter starting at a young age instead of TikTok/etc.
I always hear people B*******ing and griping about how rich people have it made. If you want to be "rich", do what "rich" (real rich) people do - pay attention to them. Many of them use trusted, vetted, local advisors.