Charles Schwab Ranks #1 in J.D. Power 2023 Full-Service Investor Satisfaction Study℠

WESTLAKE, Texas--(BUSINESS WIRE)-- Charles Schwab has earned the highest ranking in overall customer satisfaction in the J.D. Power 2023 U.S. Full-Service Investor Satisfaction Study,^SM. With an index score of 752 on a 1,000-point scale, Schwab scored 25 points above the industry average in overall satisfaction.

According to the study, which evaluates the experiences of more than 6,000 investors across 20 wealth management firms, Schwab also ranked first in the areas of “products and services,” “value for fees,” “ability to manage wealth how and when I want,” and “problem resolution.”

"Over the past 50 years we have aimed to challenge the status quo by offering a more modern way for investors to build and manage wealth,” said Jonathan Craig, head of Schwab Investor Services. “While the retail investing landscape has changed significantly in that time, our ‘Through Clients’ Eyes’ strategy has consistently enabled us to provide clients with a wide range of solutions, industry-leading technology, and high-quality service – all at a great value. We firmly believe investors shouldn’t have to make trade-offs to receive a positive experience and are proud to have achieved these high marks for satisfying their needs.”

As part of its “No-Trade Offs” approach, Schwab is committed to:

• Lower costs and minimums – Schwab has a long history of breaking down barriers to make investing, professional advice, and financial planning more accessible, including $0 online commissions on listed stocks, ETFs, options (plus $0.65 per options contract) and thousands of mutual funds with no minimum investment needed to open a brokerage account.
• Innovative tools, platforms, and experiences – Whether clients want to make a trade, do their own research, or access comprehensive education and market insights, Schwab delivers easy-to-use experiences and high-quality execution on the web, through its mobile app and its suite of advanced trading platforms for all types of investors and traders.
• Exceptional service and access to specialists – Schwab clients have access to 24/7 live online and phone support with experienced representatives and industry-leading response times, as well as teams of specialists across trading and wealth management. Clients can also meet financial consultants across more than 400 branches nationwide.

Craig added, “This recognition is a reflection of the dedication and commitment of Schwab’s employees, in particular the thousands of retail client-facing professionals who keep clients at the heart of everything they do each day."

Since its founding, Schwab has also continuously expanded its suite of products and services delivering comprehensive wealth management solutions and advice. In 2022, Schwab renamed its premier advisory solution, Schwab Private Client, to Schwab Wealth Advisory^™ to better reflect the depth of wealth advisory experience, dedicated service, and ongoing enhancements to investing solutions provided to clients. Schwab also delivers high-touch service through Schwab Advisor Network^®, the referral network serving investors throughout the nation with referrals to independent Registered Investment Advisors.

In addition, Schwab offers specialized investment management solutions to help clients meet goals ranging from steady income or diversification to more personal investing, including:

• Schwab Intelligent Portfolios® – Schwab’s automated investing service that builds, monitors, and automatically rebalances a portfolio of low-cost ETFs and a cash component.
• Schwab Intelligent Portfolios Premium® - Schwab’s service that combines automated investing and professional guidance, including unlimited 1:1 guidance from a CERTIFIED FINANCIAL PLANNER™, interactive planning tools, and a personalized plan based on a client’s goals.
• Wasmer Schroeder™ Strategies – Fixed income strategies across the duration, credit, and tax-efficiency spectrum; choices include both actively managed strategies and bond ladder strategies.
• ThomasPartners® Strategies - Two approaches that strive to deliver a reliable source of income with the potential for growth to help clients get to and through retirement.
• Windhaven® Strategies - Globally diversified strategies composed primarily of ETFs that strive to capture growth in rising markets while seeking to reduce exposure in declining markets.
• Schwab Managed Portfolios™ – A diversified portfolio of mutual funds or ETFs managed by Schwab Asset Management.
• Schwab Managed Accounts - A suite of separately managed accounts of individual securities, such as stocks or bonds, managed by a professional asset management firm.
• Schwab Personalized Indexing ™ - A separately managed account offering a customizable direct indexing strategy for greater personalization over a client’s investment strategy.

Schwab’s broad set of wealth and investment management solutions are backed by a Satisfaction Guarantee¹ unique among competitive wealth advisory offers. If a Schwab client is not satisfied for any reason, Schwab will refund any related commission, transaction fee or advisory program fee paid to the firm.

Schwab also provides access to experienced wealth management specialists who provide personalized guidance and help navigate complex planning topics including tax planning, estate planning, equity compensation and insurance.

At the end of 2022, $500 billion of Investor Services client assets were receiving ongoing advisory services.

The official J.D. Power 2023 U.S. Full-Service Investor Satisfaction Study,^SM press release can be viewed here. Use of study results in promotional materials is subject to a license fee.

J.D. Power 2023 U.S. Full-Service Investor Satisfaction Study Methodology

Data was collected between October 2022-January 2023 and resulted in 6,000+ evaluations of Full-Service wealth management firms (n= 516 respondents for Schwab up from n= 316 in 2022). The target respondents for this study are full-service investors, defined as those who work directly with a dedicated financial advisor, or team of advisors, to manage their primary investment account.​

Disclosures

The standard online $0 commission does not apply to over-the-counter (OTC) equities, transaction-fee mutual funds, futures, fixed-income investments, or trades placed directly on a foreign exchange or in the Canadian market. Options trades will be subject to the standard $0.65 per-contract fee. Service charges apply for trades placed through a broker ($25) or by automated phone ($5). Exchange process, ADR, and Stock Borrow fees still apply. See the Charles Schwab Pricing Guide for Individual Investors for full fee and commission schedules.

Please read the Schwab Intelligent Portfolios Solutions™ disclosure brochures for important information, pricing, and disclosures related to the Schwab Intelligent Portfolios and Schwab Intelligent Portfolios Premium programs. Schwab Intelligent Portfolios® and Schwab Intelligent Portfolios Premium® are made available through Charles Schwab & Co. Inc. (“Schwab”), a dually registered investment advisor and broker dealer.

Portfolio management services are provided by Charles Schwab Investment Advisory, Inc. ("CSIA"). Schwab and CSIA are subsidiaries of The Charles Schwab Corporation.

There is no advisory fee or commissions charged for Schwab Intelligent Portfolios. For Schwab Intelligent Portfolios Premium, there is an initial planning fee of $300 upon enrollment and a $30-per-month advisory fee charged on a quarterly basis as detailed in the Schwab Intelligent Portfolios Solutions™ disclosure brochures. Investors in Schwab Intelligent Portfolios and Schwab Intelligent Portfolios Premium (collectively, “Schwab Intelligent Portfolios Solutions”) do pay direct and indirect costs. These include ETF operating expenses which are the management and other fees the underlying ETFs charge all shareholders. Schwab does not charge an advisory fee for the SIP Program in part because of the revenue Schwab Bank generates from the cash allocation (an indirect cost of the Program). The portfolios include a cash allocation to FDIC-insured Deposit Accounts at Charles Schwab Bank, SSB ("Schwab Bank"). Schwab Bank earns income on the deposits, and earns more the larger the cash allocation. The lower the interest rate Schwab Bank pays on the cash, the lower the yield. Some cash alternatives outside of Schwab Intelligent Portfolios Solutions pay a higher yield. Schwab Intelligent Portfolios Solutions invests in Schwab ETFs. A Schwab affiliate, Charles Schwab Investment Management Inc., receives management fees on those ETFs. Schwab Intelligent Portfolios Solutions also invests in third-party ETFs. Schwab receives compensation from some of those ETFs for providing shareholder services, and also from market centers where ETF trade orders are routed for execution. Fees and expenses will lower performance, and investors should consider all program requirements and costs before investing. Expenses and their impact on performance, conflicts of interest, and compensation that Schwab and its affiliates receive are detailed in the Schwab Intelligent Portfolios Solutions disclosure brochures.

Schwab Personalized Indexing is available through Schwab's Managed Account Connection^® program ("Connection"). Please read Schwab's disclosure brochure for important information and disclosures relating to Connection and Schwab Managed Account Services.

Please refer to the Charles Schwab Investment Management, Inc. Disclosure Brochure for additional information.

Portfolio management for Schwab Personalized Indexing is provided by Charles Schwab Investment Management, Inc. (CSIM). Schwab Asset Management is the dba name for CSIM, a registered investment adviser and an affiliate of Charles Schwab & Co., Inc. ("Schwab"). Both CSIM and Schwab are separate entities and subsidiaries of The Charles Schwab Corporation.

There are risks associated with any investment approach, and each Schwab Personalized Indexing strategy and equity market segment has their own set of risks based on client strategy selection and further customization.

Strategies that use screening to exclude certain investments may not be able to take advantage of the same opportunities or market trends as strategies that do not use screens. There can be no assurance that the strategies will achieve their desired outcomes. Each investing strategy brings with it its own set of unique risks and benefits.

1. If you are not completely satisfied for any reason, at your request Charles Schwab & Co., Inc. (“Schwab”), Charles Schwab Bank, SSB (“Schwab Bank”), or another Schwab affiliate, as applicable, will refund any eligible fee related to your concern. Refund requests must be received within 90 days of the date the fee was charged. Two kinds of “Fees” are eligible for this guarantee: (1) “Program Fees” for the Schwab Wealth Advisory (“SWA”), Schwab Managed Portfolios™ (“SMP”), Schwab Intelligent Portfolios Premium® (“SIP Premium”), and ManagedAccountConnection® (“Connection”)investment advisory services sponsored by Schwab (together, the “Participating Services”); and (2) commissions and fees listed in the Charles Schwab Pricing Guide for Individual Investors or the Charles Schwab Bank Pricing Guide.
   
   For more information about Program Fees, please see the disclosure brochure for the Participating Service, made available at enrollment or any time at your request. The Connection service includes only accounts managed by Charles Schwab Investment Management, Inc., an affiliate of Schwab. The guarantee does not cover Program Fees for accounts managed by investment advisors who are not affiliated with Schwab or managed by Schwab‐affiliated advisors outside of the SWA, SMP, SIP Premium, and Connection services.
   
   The guarantee is only available to current clients. Refunds will only be applied to the account charged and will be credited within approximately four weeks of a valid request. No other charges or expenses, and no market losses will be refunded. Other restrictions may apply. Schwab reserves the right to change or terminate the guarantee at any time.

About Charles Schwab

At Charles Schwab we believe in the power of investing to help individuals create a better tomorrow. We have a history of challenging the status quo in our industry, innovating in ways that benefit investors and the advisors and employers who serve them, and championing our clients’ goals with passion and integrity.

More information is available at www.aboutschwab.com. Follow us on Twitter, Facebook, YouTube and LinkedIn.

The Charles Schwab Corporation (NYSE: SCHW) is a leading provider of financial services, with 34 million active brokerage accounts, 2.4 million corporate retirement plan participants, 1.7 million banking accounts, and $7.38 trillion in client assets as of February 28, 2023. Through its operating subsidiaries, the company provides a full range of wealth management, securities brokerage, banking, asset management, custody, and financial advisory services to individual investors and independent investment advisors. Its broker-dealer subsidiaries, Charles Schwab & Co., Inc., TD Ameritrade, Inc., and TD Ameritrade Clearing, Inc., (members SIPC, https://www.sipc.org), and their affiliates offer a complete range of investment services and products including an extensive selection of mutual funds; financial planning and investment advice; retirement plan and equity compensation plan services; referrals to independent, fee-based investment advisors; and custodial, operational and trading support for independent, fee-based investment advisors through Schwab Advisor Services. Its primary banking subsidiary, Charles Schwab Bank, SSB (member FDIC and an Equal Housing Lender), provides banking and lending services and products. More information is available at https://www.aboutschwab.com.

Schwab Advisor Network ("SAN") advisors are independent and are not employees or agents of Charles Schwab & Co., Inc. ("Schwab"). Schwab prescreens advisors and checks their experience and credentials against criteria Schwab sets, such as years of experience managing investments, amount of assets managed, professional education, regulatory licensing and business relationship as a client of Schwab. Advisors pay fees to Schwab in connection with referrals. Schwab does not supervise advisors and does not prepare, verify or endorse information distributed by advisors. Investors must decide whether to hire an advisor and what authority to give the advisor. Investors, not Schwab, are responsible for monitoring and evaluating an advisor's service, performance and account transactions. Services may vary depending on which advisor an investor chooses.

Portfolio Management provided by Schwab Wealth Advisory, Inc., a Registered Investment Adviser and affiliate of Charles Schwab & Co., Inc. (Schwab). Please read the Schwab Wealth Advisory and the Schwab Wealth Advisory, Inc. Disclosure Brochures for information and disclosures about this program. The Wealth Advisor, Associate Wealth Advisor, and other representatives making investment recommendations in your Schwab Wealth Advisory accounts are employees of Schwab Wealth Advisory, Inc.

TD Ameritrade, Inc. and TD Ameritrade Clearing, Inc. are separate but affiliated companies and subsidiaries of TD Ameritrade Holding Corporation. TD Ameritrade Holding Corporation is a wholly owned subsidiary of The Charles Schwab Corporation. TD Ameritrade is a trademark jointly owned by TD Ameritrade IP Company, Inc. and The Toronto-Dominion Bank.

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Kathryn Mancusi

Charles Schwab

917-543-2382

kathryn.mancusi@schwab.com

Source: The Charles Schwab Corporation