These clients will have access to a dedicated Schwab consultant responsible for their overall relationship with Schwab at no additional cost, according to a news release.
The consultants aim to help clients “manage their financial life,” choose the right level of advice or services, create a personalized financial plan, and connect them with Schwab’s wealth management specialists, the firm noted.
“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,” according to Jonathan Craig, head of investor services at Charles Schwab.
As of May 31, Schwab’s total client assets were $7.65 trillion, up 5% from May 2022 and flat compared to April 2023. Assets in Schwab’s retail business — Investor Services — stood at roughly $4 trillion as of March 31, while assets in the firm’s investment advisor business — Advisor Services — were $3.6 trillion.
Through June 2023, the HNW and UHNW client segments have grown to represent more than two-thirds of the firm’s total retail client assets. Clients with more than $1 million at Schwab are have grown at a rate of more than 10% annually over the last five years, while clients with more than $10 million at the firm are growing at a rate of nearly 20%, according to the firm.
Schwab is expected to announce its second quarter earnings on Tuesday. Analysts expect its earnings per share for the period ending June 30 to be $0.75 — down 23% from a year ago — and its revenues to be $4.6 billion, off Q2’22 by roughly 10%.
– Janet Levaux and John Manganaro contributed to this report.
A Charles Schwab location in New York. Photo: Bloomberg