Entering Its Third Decade, Schwab's Premier Advisory Solution Announces Plans for New Name That Reflects Comprehensive Wealth Management Capabilities
Charles Schwab & Co., Inc., today announced plans to change the name of its premier advisory solution, which made its debut two decades ago. Next month, Schwab Private Client (SPC) will be renamed Schwab Wealth Advisory (SWA) to better reflect the depth of wealth advisory experience, dedicated service, and ongoing enhancements to investing solutions delivered to its more than 70,000 households representing approximately $146 billion in assets as of December 31, 2021.
Schwab Private Client was launched in the spring of 2002 to meet the needs of clients looking for holistic investment management. From its inception, the focus has been to provide investors with deep experience in investment management, dedicated service, and value. Over the past 20 years, Schwab has continued to enhance the breadth and depth of the offer to provide a comprehensive wealth management solution with a personalized approach delivered by an experienced team - all backed by a Satisfaction Guarantee¹ unique among competitive wealth advisory offers.
The average household in the newly named Schwab Wealth Advisory has over $2 million enrolled in the solution. "The success of this program is evidenced by the tremendous growth we've seen over time," said Rick Wurster, President of The Charles Schwab Corporation. "We're incredibly proud that these clients have entrusted us with their financial lives and are relying on us to put the wealth they've attained to work for their futures and their families."
Unique in its support of clients who want to stay involved and in control of their portfolios, with support from a one-on-one relationship with an experienced wealth advisor, SWA offers:
Wurster continued, "As we enter our third decade of supporting clients' wealth management needs, clients can expect to continue to benefit from our strengths across a range of advisory and investing capabilities including asset management, financial planning, digital innovation, and more - all tailored to their unique needs."
There is no change to client service, relationships, or cost associated with the name change from Schwab Private Client to Schwab Wealth Advisory. The annual fee for the program currently starts at 0.80% of billable assets, and the fee rate decreases at higher asset levels.
Schwab Advisor Network, the industry-leading referral network serving investors throughout the nation with referrals to independent Registered Investment Advisors, will continue to complement Schwab's suite of advisory services. Also making its debut in 2002, Schwab Advisor Network today features 170 RIAs in the program who provide highly customized investment management, financial planning, insurance, tax strategies, and estate planning, depending on an investor's specific needs.
In addition to the high touch service delivered by Schwab Wealth Advisory and Schwab Advisor Network, Schwab also offers managed investing solutions for investors who prefer a more automated or hybrid approach, in addition to a range of more specialized solutions. Schwab's additional managed investing solutions include:
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.
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*Certain services may be provided by affiliated professionals and third-party firms. Schwab Wealth Advisory does not provide specific individualized legal or tax advice. Please consult a qualified legal or tax advisor where such advice is necessary or appropriate.
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