Schwab to give unhappy clients a fee refund

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

By Trevor Hunnicutt

Dec 10, 2013 @ 1:03 pm (Updated 9:47 am) EST

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.

  @IN Wire

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