Charles Schwab & Co., Inc. expanded the availability of third-party and proprietary managed accounts to all its retail brokerage clients nationally.
Previously, Schwab’s managed account offering was available only through the fee-based services of Schwab Private Client(TM) or one of the independent investment advisory firms doing business through Schwab Institutional. Now, all qualified retail clients will be able to put the power of managed accounts to work for their portfolio with guidance and assistance from Schwab’s financial consultants.
“The expansion of our managed account services is in direct response to client need. More investors are demanding these sophisticated money management solutions, but don’t want to pay the high fees typical of full-commission brokerages where these accounts are primarily sold,” said Executive Vice President William Atwell, president of Schwab’s Individual Investor Enterprise. “Our managed account services represent the exact combination of value and service that investors have come to expect from Schwab. This continues our heritage of giving Main Street investors affordable access to the investing opportunities previously only available from Wall Street at high prices. Our managed account pricing is as much as 50 percent below the published rates of major competitors.”
Account minimums for managed accounts at Schwab are $100,000 for most equity strategies and $250,000 for most fixed income strategies.