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

Latest news & opinion

Will Jeffrey Gundlach's Trump-like approach on Twitter work in financial services?

The DoubleLine CEO's attacks on Wall Street Journal reporters is igniting a discussion on what's fair game on social media.

Fidelity wins arb case against wine mogul but earns a rebuke from Finra

In the case of investor Peter Deutsch, Fidelity doesn't have to pay any compensation, but regulator said firm put its interests ahead of his.

Plaintiffs win in Tibble vs. Edison 401(k) fee case

After a decade of activity around the lawsuit, including a hearing before the U.S. Supreme Court, judge rules a prudent fiduciary would have invested in institutional shares.

Advisers get more breathing room to make Form ADV changes

RIAs can enter '0' in some new parts of the document before their annual filing next year.

Since banking scandal, Wells Fargo advisers with more than $19.2 billion leave firm

Despite a trying year, the firm has said it will sweeten signing bonuses for veteran advisers.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print