Schwab Advisor Services Announces Formal Pledge to Independent Advisors

On the heels of the company’s annual Winter Business Update on February 4, 2020, Schwab Advisor ServicesTM today announced reaffirmation of its decades-long commitment to providing world-class custodial services to independent advisors. A leading custodian to advisor firms of every size, Schwab also asserted its dedication to serving firms on the smaller end of the continuum.

Charles Schwab CEO Walt Bettinger emphasized the company’s commitment to the RIA industry in his remarks at the Business Update: “We are highly committed to the RIA space. And when I say that, when I say the RIA space, I mean all RIAs of all sizes and shapes and forms.”

To further illustrate its commitment Schwab has created the following formal pledge that will appear in advertising and other communications:

Our pledge to the independent advisor community:

When it comes to independent advisors, we’re all in. Today, over half of the firms we serve have under $100 million in AUM. You are the future of this industry. This is our commitment to you and to every client we serve:

• Industry-leading custody services, with no AUM minimums and no custody fees – with no intention to raise them.
  Because we believe that every firm, of every size, deserves world-class support.

• Best-in-class technology and open architecture, including a rapidly growing network of third-party providers.
  We give you freedom to choose technology that fits the way you want to work.

• The best and the brightest service professionals in this industry.
  With deep experience helping firms just like yours, and a commitment to seeing the world through your eyes.

• In-depth practice management consulting and insights, for every firm on our platform.
  From our industry-leading RIA Benchmarking Study to cybersecurity resources, and more, we help you grow and stay on the leading edge.

• An account opening process that is digital and streamlined.
  We’re making conversion easy for you with a digital account opening process, so you can bring clients onboard securely with just a few clicks.

At the Business Update, Bernie Clark, EVP and head of Schwab Advisor Services, reminded attendees of this commitment, saying, “To start with, we love small clients, because these clients, they are all in. And the ‘under $100 million client’ is a sweet spot for how we built our business, in effect, from the beginning."

Clark noted later: “More than half of the firms we serve today have less than $100 million in AUM. They are the seeds for the future of this industry, and we have a responsibility to help them run their businesses and succeed. Our commitment to these firms is the same as to every client we serve, now and in the future.”

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.

Disclosures

Through its operating subsidiaries, The Charles Schwab Corporation (NYSE: SCHW) provides a full range of securities brokerage, banking, money management and financial advisory services to individual investors and independent investment advisors. Its broker-dealer subsidiary, Charles Schwab & Co., Inc. (member SIPC,www.sipc.org), and 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; compliance and trade monitoring solutions; referrals to independent fee-based investment advisors; and custodial, operational and trading support for independent, fee-based investment advisors through Schwab Advisor Services. Its banking subsidiary, Charles Schwab Bank (member FDIC and an Equal Housing Lender), provides banking and lending services and products. More information is available at www.schwab.com and www.aboutschwab.com.

Schwab Advisor Services™ serves independent investment advisors and includes the custody, trading, and support of Schwab.

Independent investment advisors are not owned by, affiliated with, or supervised by Schwab. For informational purposes only.

©2020 Charles Schwab & Co., Inc. (“Schwab”) All rights reserved. Member SIPC.

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