Schwab sharpens focus on distinct needs of wealthiest client groups
The wealth management and investment needs of a millionaire client and those of a multi-millionaire are not the same and Charles Schwab wants to make the distinction.
With a fast-growing cohort of high-net-worth (HNW) and ultra-high-net-worth (UHNW) clients among the $7.6 trillion in client assets it manages, the firm is sharpening its focus on these two groups.
From now, the firm has two brands to manage its wealthiest clients with their level of investable assets determining which they will be automatically enrolled into:
Clients of either will have access to one of the firm’s dedicated consultants who will help them manage every aspect of their finances including creating a financial plan and directing them to other specialists within the firm on topics including tax, trust and estate planning, equity compensation, retirement planning, trading, and education and family support.
Several other benefits are common to both client streams but UNHW clients will also have an integrated banking and wealth management experience including access to a senior banker from Charles Schwab Premier Bank (SSB).
“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,” said Jonathan Craig, Managing Director and Head of Investor Services at Charles Schwab. “While we have been providing some of these benefits to clients for some time, we’re excited to introduce new benefits and package them all together into a premier experience, and we will continue to build on it with additional benefits and capabilities in the future.”
The wealthier segment of Schwab’s client base has seen
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