Schwab Sweeps $1M-Plus Clients Into New Private Client Services

Charles Schwab has announced that, effective immediately, investor clients with more than $1 million in assets at the firm will be automatically enrolled into Schwab Private Client Services, while clients with $10 million and up will be enrolled in Schwab Private Wealth Services.

These clients will have access to a dedicated Schwab consultant who is responsible for their overall relationship with Schwab, at no additional cost to them, according to a news release.

This consultant can help clients manage their financial life, help them choose the right level of advice or services they need, create a personalized financial plan, and connect them to a range of Schwab’s wealth management specialists, Schwab says.

See: Do Schwab’s New HNW Services Threaten Advisors?

Other features of the new program are priority assistance and specialized service from Schwab’s support teams; pricing benefits across Schwab’s bank and broker-dealer solutions; expanded borrowing choices; and access to a range of wealth management specialists on topics including tax, trust and estate planning, equity compensation, retirement planning and family support, according to the firm.

“These branded experiences underscore Schwab’s ability to meet the specific needs of our wealthier clients, but we are equally committed to ensuring that every client at Schwab receives a great experience, from those just getting started to those building wealth,” Jonathan Craig, head of investor services at Charles Schwab, explained in the announcement.

Craig says the firm has been providing some of these benefits to clients previously, but the new service approach brings everything together into a “premier experience.”

“These new experiences reflect our commitment to deliver meaningful differentiation for the growing number of wealthy clients we serve, who are increasingly attracted to our breadth of services and outstanding value,” Craig adds.