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

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

INTV

Why some retirement plan advisers think Fidelity is invading their turf

InvestmentNews editor Frederick P. Gabriel Jr. and reporter Greg Iacurci talk about this week's cover story that looks at whether Fidelity Investments is stepping on the toes of retirement plan advisers.

Latest news & opinion

8 apps advisers love for getting stuff done

Smartphone apps that advisers are using in 2018 to run their business more efficiently.

Galvin's DOL fiduciary rule enforcement triggers industry plea for court decision

Plaintiffs warned the Fifth Circuit that Massachusetts' move against Scottrade signaled that the partially implemented regulation can raise costs for financial firms.

Social Security underpaid 82% of dually entitled widows and widowers

Agency failed to tell survivors that they could switch to a higher retirement benefit later.

Is Fidelity competing with retirement plan advisers?

As the Boston-based mutual fund giant expands the products and services it brings to the retirement market, some financial advisers say the firm is encroaching on their turf.

Gun violence hits investment strategies, sparks political debates with advisers

Screening out weapons companies has limited downside.

X

Hi! Glad you're here and we hope you like all the great work we do here at InvestmentNews. But what we do is expensive and is funded in part by our sponsors. So won't you show our sponsors a little love by whitelisting investmentnews.com? It'll help us continue to serve you.

Yes, show me how to whitelist investmentnews.com

Ad blocker detected. Please whitelist us or give premium a try.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print