Schwab to give unhappy clients a fee refund

Certain clients will be entitled to get back a quarter's program fees

Dec 10, 2013 @ 1:03 pm

By Trevor Hunnicutt

+ Zoom

If you're not happy with Charles Schwab, you're welcome to a refund.

The Charles Schwab Corp. announced Monday a program that would allow some of its advisory clients to request a refund of the prior quarter's program fees “if, for any reason, they are not happy.”

The so-called “Accountability Guarantee” will apply to Schwab Private Client, Schwab Managed Portfolios, Windhaven Strategies, ThomasPartners and managed strategies managed by Charles Schwab Investment Management.

“If someone is unhappy with a managed account or any advice that we render to investors, they can come to us and ask for a refund,” founder Charles Schwab told CNBC Tuesday afternoon. “It's about time Wall Street did something about this, so we're stepping up at Schwab to make that happen.”

Across all of its businesses, including its retail and adviser custody segments, Schwab managed $2.2 trillion at the end of the third quarter.

0
Comments

What do you think?

View comments

Recommended for you

Sponsored financial news

Featured video

Events

Ron Carson explains the origins of 'Ronsense'

To take his message to the masses, Ron Carson has launched a "Ronsense," a web series on Twitter that features some of his pearls of wisdom. Learn about how it all started.

Video Spotlight

The Search for Income

Sponsored by PGIM Investments

Recommended Video

Path to growth

Latest news & opinion

T. Rowe Price steps up its game to serve financial advisers

The Baltimore-based mutual fund giant is more aggressively targeting financial advisers with a beefed-up wholesale crew and placement on custodial platforms.

The most important tax changes for 2018

The Internal Revenue Service issued inflation adjustments to more than 50 tax provisions for 2018.

Shift to Roth 401(k)s 'highly likely' part of tax reform: former Treasury official Mark Iwry

Mandated contributions to Roth accounts would likely only be partial, as opposed to having a full repeal of pre-tax accounts.

E*Trade acquiring custodian Trust Company of America

Discount broker buying second-tier custodian for $275 million.

Another thousand Dow points higher, and investors yawn

Market milestones keep falling like dominoes, with 51 records broken so far this year.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print