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Portfolio > Asset Managers

Schwab Repackages Investment Services

By Staff Writer

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NU Online News Service, Feb. 10, 2004, 1:22 p.m. EST – The Charles Schwab Corp., San Francisco, is changing the way it markets its retail investment services.[@@]

The company will be spending millions of dollars on television and print advertising over the next few months to promote a new “Schwab Personal Choice” program.

Schwab will be using the program to package 8 new and existing levels of service, ranging from basic online trading services to the Schwab Private Client and Schwab Advisor Network services.

The Schwab Private Client service is Schwab’s service for clients with big accounts who want Schwab advisors to help manage their portfolios. The service ended 2003 with 14,300 clients and $16 billion in assets.

The Schwab Advisor Network, another well-established service, provides free referrals to independent advisors who want to work with Schwab. Schwab says it made 20,000 referrals to network advisors in 2003.

Schwab is hoping that promoting itself as a company that offers a range of service options, rather than a simple choice between no-frills service and high-end service, will help it keep more investors with assets in the $100,000 to $1 million range, the company says.

Schwab will be promoting the Schwab Personal Choice program with a multimillion-dollar print and television advertising campaign.

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