Launch of Schwab PlanTM Gives All Schwab
Clients a Modern Way to Access a Personalized Financial Plan
Regardless of Asset Level
As part of its ongoing commitment to democratize access to
investing and financial planning, Charles Schwab today announced
the launch of Schwab Plan, a free digital financial plan designed
to help investors establish and stay on track toward their
personalized retirement goals. Schwab Plan is available to all
Schwab clients with no minimum asset requirement, significantly
expanding access to retirement planning to the millions of retail
investors that Charles Schwab serves. With this move, Schwab is now
the only large retail brokerage to offer complimentary financial
planning to all clients, combined with no account minimums for
individual investors1, zero commission online equity, option and
ETF trades2, and a Satisfaction Guarantee3.
“Saving and investing for retirement continues to be the most
vital goal for investors of all ages, and a plan provides a path
that helps people retire the way they want,” says Stephanie King,
vice president of Charles Schwab’s planning and portfolio group.
“Planning gives investors more confidence about reaching their
goals, and it also helps them remain focused on things like saving,
portfolio diversification, and staying the course – something that
is especially important given this period of uncertainty we’re all
in right now.”
Schwab Plan Combines Sophisticated Planning with an Easy,
Accessible Client Experience
Schwab Plan is a digital self-guided financial plan available
through Schwab.com that helps investors build a personalized plan
that includes a range of factors such as desired retirement age,
retirement goals, social security expectations, portfolio risk
profile and asset allocation, and various income sources.
To begin the process, clients complete a short questionnaire,
and in as little as 15 minutes they are able to generate a
retirement plan that shows retirement goals and probability of
funding those goals, a comparison of an individual’s current asset
allocation to a recommended allocation based on plan inputs, and
suggested next steps to get and stay on track. Schwab Plan can also
aggregate and factor in accounts held outside of Schwab. While
Schwab Plan is available to clients at no cost, any investments
they ultimately make may incur costs such as fund operating
expenses and advisory fees.
Key additional features of Schwab Plan include:
- Interactive planning dashboard and tools – Schwab Plan
has an interactive dashboard that allows clients to model how
near-term changes in their lives, such as changes to income or
retirement age, can impact long-term outcomes. The planning
dashboard can also be used by Schwab clients who already have a
financial plan through one of the firm’s other planning services
but want to model different scenarios in their financial
lives.
- Sophisticated analytics – Schwab Plan combines an easy
and straightforward experience with sophisticated financial
planning analytics such as probability of reaching goals
calculations and Monte Carlo simulations.
- Dynamic plan updates – Every time a client visits or
makes updates to their plan, they receive an updated probability of
reaching their goals to see how they are tracking against their
retirement goal.
- Access to financial professionals – All Schwab clients
have access to financial professionals 24/7 via phone, email, or
chat if they need help with service or general questions.
“We believe everyone, regardless of how much money they have,
should have access to tools that help them take control of their
financial future,” says Cynthia Loh, Charles Schwab vice president
of digital advice. “But we know that not enough people have access
to financial planning, whether it’s because minimums and fees are
out of reach or because the planning experience is just too
complicated or overwhelming. Our goal with Schwab Plan is to
provide investors with a modern planning tool that is similar to
what professionals use, but streamlined to make the experience
easier and more accessible for people who want to get started
planning on their own.”
In conjunction with the launch of Schwab Plan, Schwab has also
created an online Financial Planning Hub that features an array of
goals-based calculators, tools, and educational planning content to
help investors get quick answers on topics such as retirement,
saving for college, and buying a home. Investors can find out if
they are saving enough for retirement, determine how much they can
afford to withdraw in retirement, get an estimated monthly college
savings goal, and plan for a home purchase using a mortgage
calculator. While Schwab Plan is only for Schwab clients, the
Financial Planning Hub is available to both Schwab clients and
non-clients.
Schwab Plan Adds to Schwab’s Existing Suite of Digital and
Face-to-Face Financial Planning Services
Schwab Plan is the latest addition to a range of financial
planning services available to Schwab clients. In March 2019,
Schwab, in its capacity as a registered investment advisor,
introduced Schwab Intelligent Portfolios Premium, a digital
subscription-based financial planning and automated investing
service which provides unlimited access to a CERTIFIED FINANCIAL
PLANNER™ professional, interactive planning tools, and a
personalized roadmap for reaching financial goals. Schwab
Intelligent Portfolios Premium charges an initial one-time $300 fee
for planning and a $30 monthly subscription after that ($90 billed
quarterly), which does not change at higher asset levels.
Investors who prefer a more in-depth or one-on-one planning
experience can work with a Financial Consultant in a local Schwab
branch. Financial Consultants can help clients determine the right
planning and advisory service for their needs, including Schwab
Private Client and Schwab Advisor Network, the firm’s referral
program that connects investors with local independent investment
advisors.
More information about Schwab Plan is available here.
About Charles Schwab
The Charles Schwab Corporation (NYSE: SCHW) is a leading
provider of financial services, with more than 360 offices and 14.2
million active brokerage accounts, 1.7 million corporate retirement
plan participants, 1.5 million banking accounts, and $4.3 trillion
in client assets as of July 31, 2020. Through its operating
subsidiaries, the company provides a full range of wealth
management, securities brokerage, banking, asset management,
custody, and financial advisory services to individual investors
and independent investment advisors. Its broker-dealer subsidiary,
Charles Schwab & Co., Inc. (member SIPC, www.sipc.org), and
affiliates offer a complete range of investment services and
products including an extensive selection of mutual funds;
financial planning and investment advice; retirement plan and
equity compensation plan services; referrals to independent,
fee-based investment advisors; and custodial, operational and
trading support for independent, fee-based investment advisors
through Schwab Advisor Services. Its banking subsidiary, Charles
Schwab Bank (member FDIC and an Equal Housing Lender), provides
banking and lending services and products. More information is
available at www.aboutschwab.com. Follow us on Twitter, Facebook,
YouTube and LinkedIn.
Disclosures
IMPORTANT: The projections or other information generated by
Schwab Plan™ regarding the likelihood of various investment
outcomes are hypothetical in nature, do not reflect actual
investment results and are not guarantees of future results.
Investing involves risk, including loss of principal.
1 Schwab has no account minimums except for Schwab One
Organization and International Accounts
2 The standard online $0 commission does not apply to trades
placed through a broker ($25) or by automated phone ($5). See the
Charles Schwab Pricing Guide for Individual Investors for full fee
and commission schedules. Availability may be limited, plans are
subject to change, and other exclusions or conditions may
apply.
3 If you are not completely satisfied for any reason, at your
request Charles Schwab & Co., Inc. (“Schwab”), Charles Schwab
Bank (“Schwab Bank”), or another Schwab affiliate, as applicable,
will refund any eligible fee related to your concern within the
required time frames. Schwab reserves the right to change or
terminate the guarantee at any time. Go to schwab.com/satisfaction
to learn what’s included and how it works.
Please read the Schwab Intelligent Portfolios Solutions™
disclosure brochures for important information, pricing, and
disclosures related to the Schwab Intelligent Portfolios and Schwab
Intelligent Portfolios Premium programs. Schwab Intelligent
Portfolios® and Schwab Intelligent Portfolios Premium™ are made
available through Charles Schwab & Co. Inc. (“Schwab”), a
dually registered investment advisor and broker dealer. Portfolio
management services are provided by Charles Schwab Investment
Advisory, Inc. ("CSIA"). Schwab and CSIA are subsidiaries of The
Charles Schwab Corporation.
Schwab Private Client Investment Advisory, Inc. is a Registered
Investment Advisor and affiliate of Charles Schwab & Co.,
Inc.
Schwab Advisor Network member advisors are independent and are
not employees or agents of Charles Schwab & Co., Inc.
©2020 Charles Schwab & Co., Inc. (Member SIPC). All Rights
Reserved.
(0820-0C9X)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200820005241/en/
Marianne Ahlmann Charles Schwab 415-667-1115
marianne.ahlmann@schwab.com
Charles Schwab (NYSE:SCHW)
Historical Stock Chart
From Feb 2024 to Mar 2024
Charles Schwab (NYSE:SCHW)
Historical Stock Chart
From Mar 2023 to Mar 2024