Entering Its Third Decade, Schwab’s Premier Advisory Solution Announces Plans for New Name That Reflects Comprehensive Wealth Management Capabilities
Charles Schwab has announced the rebranding of its advisory service from Schwab Private Client (SPC) to Schwab Wealth Advisory (SWA) effective next month. This change aims to better reflect its comprehensive wealth management services, which currently serve over 70,000 households with approximately $146 billion in assets as of December 31, 2021. The average household in SWA has more than $2 million in enrolled assets. The program maintains its annual fee starting at 0.80% of billable assets, decreasing with higher asset levels, with no change in client service or costs.
- The rebranding aims to enhance the service's appeal and reflect its comprehensive nature.
- SWA serves over 70,000 households with approximately $146 billion in assets, indicating significant market presence.
- The average household in the newly named SWA has over $2 million, demonstrating strong client wealth.
- There is no change to client service or costs associated with the rebranding.
- None.
Schwab Private Client to be renamed Schwab Wealth Advisory
Schwab Private Client was launched in the spring of 2002 to meet the needs of clients looking for holistic investment management. From its inception, the focus has been to provide investors with deep experience in investment management, dedicated service, and value. Over the past 20 years, Schwab has continued to enhance the breadth and depth of the offer to provide a comprehensive wealth management solution with a personalized approach delivered by an experienced team - all backed by a Satisfaction Guarantee¹ unique among competitive wealth advisory offers.
The average household in the newly named Schwab Wealth Advisory has over
Unique in its support of clients who want to stay involved and in control of their portfolios, with support from a one-on-one relationship with an experienced wealth advisor, SWA offers:
- A comprehensive wealth management strategy that encompasses key aspects and stages of a client’s financial life, from investment management to financial planning, retirement, education planning, and more.
-
A personalized wealth management approach based on a client’s preferences, needs, and goals, led by a dedicated wealth advisor who coordinates with the client’s local branch financial consultant along with access to specialists in income generation, options, insurance*, equity compensation*, and estate planning*.
- Invitations to exclusive events featuring nationally known, distinguished speakers from a wide variety of industries.
Wurster continued, “As we enter our third decade of supporting clients’ wealth management needs, clients can expect to continue to benefit from our strengths across a range of advisory and investing capabilities including asset management, financial planning, digital innovation, and more – all tailored to their unique needs.”
There is no change to client service, relationships, or cost associated with the name change from Schwab Private Client to Schwab Wealth Advisory. The annual fee for the program currently starts at
Schwab Advisor Network, the industry-leading referral network serving investors throughout the nation with referrals to independent Registered Investment Advisors, will continue to complement Schwab’s suite of advisory services. Also making its debut in 2002, Schwab Advisor Network today features 170 RIAs in the program who provide highly customized investment management, financial planning, insurance, tax strategies, and estate planning, depending on an investor’s specific needs.
In addition to the high touch service delivered by Schwab Wealth Advisory and Schwab Advisor Network, Schwab also offers managed investing solutions for investors who prefer a more automated or hybrid approach, in addition to a range of more specialized solutions. Schwab’s additional managed investing solutions include:
- Schwab Intelligent Portfolios – Schwab’s automated investing service that builds, monitors, and automatically rebalances a portfolio of low-cost exchange traded funds 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.
- Schwab Managed Portfolios – A diversified portfolio of mutual funds or ETFs managed by Schwab Asset Management.
- 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 that offers a personalized indexing strategy of individual securities.
- 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.
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 aboutschwab.com. Follow us on Twitter, Facebook, YouTube, and LinkedIn.
Brokerage Products: Not FDIC Insured • No Bank Guarantee • May Lose Value
*Certain services may be provided by affiliated professionals and third-party firms. Schwab Wealth Advisory does not provide specific individualized legal or tax advice. Please consult a qualified legal or tax advisor where such advice is necessary or appropriate.
-
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 Private Client ("SPC"), Schwab Managed Portfolios™ ("SMP"), Schwab Intelligent Portfolios Premium® ("SIP Premium"), and Managed Account Connection® ("Connection") investment advisory services sponsored by Schwab (together, the "Participating Services"); and (2) commissions and fees listed in the Charles Schwab Pricing Guide forIndividual 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 byCharles 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 SPC, 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.
Through its operating subsidiaries,
Portfolio Management provided by
Schwab Advisor Network ("SAN") advisors are independent and are not employees or agents of
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
Portfolio management services are provided by
Portfolio Management for Schwab Personalized Indexing is provided by
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. Please refer to the
ThomasPartners Strategies, Windhaven Strategies, and Wasmer Schroeder Strategies are 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.
©2022
(0622-2UUE)
View source version on businesswire.com: https://www.businesswire.com/news/home/20220616005692/en/
Charles Schwab
415-667-0344
michael.cianfrocca@schwab.com
Source:
FAQ
What is the new name for Schwab Private Client?
When will Schwab Private Client be rebranded?
What assets does Schwab Wealth Advisory manage?
What is the average household asset in Schwab Wealth Advisory?