Charles Schwab Wealth Management – Services, Offerings, Pros and Cons

Charles Schwab Wealth Management provides a flexible investment management approach designed to meet a range of client preferences. Services include automated and self-directed investing options, along with personalized investment planning supported by a dedicated financial advisor.

Charles Schwab Background

Who Is Charles Schwab?

Charles Schwab is recognized as one of the leading brokerage firms globally, managing trillions in assets and serving a broad range of investors. Its scale reflects robust operational capacity and a well-established presence in the financial services industry.

The platform supports a wide variety of investment activities, including trading across multiple asset classes such as equities and bonds. Schwab is also known for offering advanced investment planning and wealth advisory services through its team of financial advisors, who specialize in developing customized financial strategies for clients seeking personalized planning.

The firm was founded in 1971 by Charles Schwab, initially under a different name. Schwab, a Stanford graduate with a degree in economics and a master’s in business administration, noticed that many investment firms at the time operated on commission-based sales. His vision was to create a firm that prioritized client needs over product sales incentives—a principle that remains foundational to the company today.

Here’s the innovation Schwab introduced:

He challenged the traditional brokerage model by offering equity securities at significantly reduced costs while putting clients in control of their investment choices.

Instead of relying on commission-based sales, Schwab compensated sales representatives with hourly wages. Investors were provided with up-to-date research, market data, and the freedom to make informed decisions. They could also access real-time quotes 24/7—an approach that continues to influence Charles Schwab’s wealth management services today.

At the time, this model was disruptive and sparked strong criticism from firms using the conventional commission-based structure. However, Schwab remained focused on his mission: empowering clients through transparency, technology, and investor education.

The company was acquired by Bank of America in 1981 but was later repurchased by Charles Schwab in 1987, followed by its public offering. In 2019, Schwab finalized its acquisition of TD Ameritrade, keeping the TD Ameritrade platform operational to support its client base.

Today, Charles Schwab’s wealth management offerings cater to a wide range of investor needs, emphasizing accessibility, innovation, and investor autonomy.

What Does Charles Schwab Wealth Management Do?

Charles Schwab Wealth Management offers investment and financial planning services through its Private Client program, which is available to individuals with at least $1 million in liquid assets.

But here’s something important to note: Schwab isn’t limited to just high-net-worth investors. As a brokerage platform, Charles Schwab supports a wide range of clients, including:

• Beginning investors
• Active traders
• Middle-income individuals
• High-net-worth investors
• Retirees
• And everyone in between

Some mutual fund accounts on the platform have no minimum investment requirement, while the Private Client tier requires a higher threshold. For active traders, Schwab’s platform supports real-time execution across asset classes, though some trades may involve commissions depending on the investment type.

Whether you’re looking to build your first portfolio or seeking private wealth advisory services, Charles Schwab offers investment guidance for a broad variety of financial profiles.

Let’s take a moment to reflect:

What are your goals for your wealth and investments?

Some investors prioritize long-term growth. Others focus on retirement readiness, minimizing taxes, or safeguarding assets. Many seek a balance of these objectives.

In the following sections, we’ll break down Charles Schwab’s wealth management services to help you assess whether their offerings align with your financial goals.

That said, no single provider fits everyone’s needs. While Charles Schwab may suit many, others may benefit from exploring different firms or wealth management models. By the end of this page, you’ll be better positioned to decide which approach works best for your situation.

Already have investments at Charles Schwab?

If so, it’s worth noting that many independent wealth advisors use Charles Schwab as a custodian for client assets.

This setup means you may be able to continue using your existing Charles Schwab accounts while working with an external advisor. Your account history, cost basis details, and bank or card connections typically remain intact. In many cases, this eliminates the need for time-consuming transfers like ACATs or IRA rollovers when transitioning between advisory services.

If you’re considering a change in your wealth management strategy but prefer to retain your current Schwab account setup, this type of arrangement may offer a more seamless transition.

To see how your current setup could align with a new management approach, start here:

Charles Schwab Planning and Investment Tools

Charles Schwab’s wealth management platform offers a broad suite of investment tools designed to support various investor styles. Whether you’re a self-directed investor, an active trader, or someone seeking hands-on support from a financial advisor, the platform provides flexible options to meet your needs.

One of its standout offerings is StreetSmart Edge, a platform developed specifically for active traders and those who prefer a more hands-on, independent investment experience.

Services for Active Investors

Charles Schwab’s wealth management platform offers a range of tools designed for investors who prefer a more active role in managing their portfolios. Users can access robust research capabilities to evaluate investment options across mutual funds, individual stocks, and exchange-traded funds (ETFs), supporting informed decision-making.

The platform’s StreetSmart Edge system enhances this with over 150 customizable screening criteria, including fund performance, Morningstar categories, benchmark indices, and asset classes. In addition to StreetSmart Edge, Charles Schwab provides two other trading platforms to match varying investor experience levels and preferences.

Charles Schwab Mutual Fund Selection

For those exploring fund investments, Charles Schwab wealth management offers an expansive selection, more than 16,000 mutual funds. Of these, over 4,000 are available without sales loads or transaction fees. Additionally, approximately 500 mutual funds have expense ratios of 0.5% or less, making it easier for investors to find low-cost options.

The selection spans equity funds, bond funds, ETFs, index funds, and more. To support ongoing research, clients receive daily market insights and commentary from trusted sources such as Credit Suisse, Reuters, Morningstar, and Ned Davis.

Types of Charles Schwab Accounts

Charles Schwab Wealth Management provides a wide range of account types to suit diverse financial planning needs. These include traditional and Roth IRAs, 401(k)s, SEP IRAs, solo 401(k)s for business owners, 529 education savings plans, health savings accounts (HSAs), trust accounts, and charitable investment accounts, among others.

Charles Schwab Online and Mobile Access

Charles Schwab’s wealth management platform is supported by a highly rated mobile app that mirrors the full functionality of its desktop website. Recognized by J.D. Power in 2019 for investor satisfaction, the app allows users to securely access their accounts, monitor investments, and execute trades from anywhere, at any time. This digital accessibility enhances the overall client experience by providing flexibility and real-time control over investment decisions.

Charles Schwab Customer Service

Charles Schwab Wealth Management provides 24/7 customer service, giving clients access to live support around the clock.

In addition to this accessibility, Charles Schwab supports trading across 12 different currencies, allowing investors to engage with international markets more efficiently. This global reach, combined with strong customer support, helped the firm earn recognition from Investor’s Business Daily in 2020 for offering one of the best brokerage services available.

This level of service and platform functionality makes Charles Schwab a strong option for those seeking a flexible and responsive investment platform.

Charles Schwab Banking

Charles Schwab operates over 300 local offices—more than any other major brokerage firm. In most metropolitan areas, investors can easily find a nearby Charles Schwab location, making in-person financial services more accessible than many competitors.

Charles Schwab Investment Advisory Services

Opening a brokerage account with Charles Schwab provides access to a range of investment advisory and financial planning services. These offerings include personalized planning and strategic investment advice from experienced advisors.

The overview below highlights the core services available through Charles Schwab’s wealth management division, offering a glimpse into the features and potential benefits available to prospective clients.

Robo Advisor

Charles Schwab Wealth Management offers an automated advisory solution—also known as a robo advisor—for individuals seeking a low-cost, technology-driven approach to managing their investments. This digital service can:

• Build and manage a diversified portfolio
• Automatically rebalance allocations over time
• Monitor performance and adjust as needed
• Execute tax-loss harvesting to help offset investment gains

This robo-advisor service provides periodic updates related to investment planning, including aspects of tax and estate strategies aligned with your profile. A minimum of $5,000 is required to get started.

Accessible via mobile app, the service does not charge advisory fees or commissions, making it a budget-friendly entry point into automated portfolio management.

Dedicated Charles Schwab Financial Advisor

Charles Schwab Co. Inc. has an extensive team of financial advisors, many of whom support clients with $1 million or more in liquid assets through its Private Client service. This offering is designed for individuals seeking personalized attention and a more tailored approach to managing their financial goals.

A Blend of Automated and Live Financial Advisors

For individuals interested in combining technology with human insight, Schwab offers a hybrid advisory service. Clients receive assistance from a Certified Financial Planner™ (CFP) alongside automated portfolio management tools. The planner develops an investment strategy, and the automated system helps implement it. This service typically requires a $25,000 minimum investment, a $300 one-time planning fee, and a monthly service charge.

Charles Schwab Financial Advisor Network

For more localized support, Schwab also maintains a referral network that connects clients with independent financial advisors in their area. While Schwab itself does not charge a fee for this referral service, a minimum of $500,000 in investable assets is generally required, and the referred advisors set their own fee structures.

As with any financial decision, selecting the right advisor involves more than just evaluating a platform’s convenience or digital tools. Your chosen advisor may influence decisions that shape your financial future, lifestyle, and long-term wealth planning.

Schwab Managed Investment Portfolios

For those seeking a diversified portfolio built using Charles Schwab exchange-traded funds (ETFs), this service offers portfolio construction and ongoing management by Schwab advisors. A minimum investment of $25,000 is required.

Schwab Managed Account Select

This service is designed for investors looking to have their assets—such as individual stocks and bonds—professionally managed by independent asset management firms. The minimum investment starts at $100,000, with additional options requiring $250,000 or more. These accounts may be tailored to specific goals, including tax-aware investing, retirement income generation, fixed-income strategies, and global market exposure.

Across these programs, clients may open various account types, including individual and joint brokerage accounts, IRAs, 401(k) rollovers, trust accounts, and custodial accounts.

The right option often depends on your overall financial picture—your net worth, lifestyle goals, estate considerations, and long-term planning needs. If you’re seeking a more tailored, research-based approach to managing your wealth, it may help to explore additional options suited to high-net-worth investors.

Wealth Management from Charles Schwab Private Client

Charles Schwab Private Client is designed for individuals seeking high-net-worth wealth management. The minimum requirement to enroll in this service is $1 million in liquid assets, meaning non-liquid holdings such as real estate do not apply toward the threshold.

Clients enrolled in this program work with a dedicated team that may include:

• A financial consultant to manage your ongoing relationship with Schwab
• A private financial advisor who helps develop your strategy and provides access to specialized planning services, such as tax considerations
• A senior associate advisor who supports implementation
• A client service team to assist with administrative and account maintenance tasks

This team works collaboratively to create and adjust your investment strategy, while you retain full decision-making authority. You’ll receive access to data, reporting, and planning tools that support informed decision-making.

The annual fee for this service starts at 0.80% of assets under management, with the rate decreasing as asset levels increase.

What Types of Clients Does Schwab Private Client Accept?

Charles Schwab Private Client is designed for individuals with at least $1 million in liquid investable assets. This service targets high-net-worth clients who seek a more personalized and strategic approach to investment and wealth planning.

Clients using Schwab Private Client retain full control of their accounts while receiving portfolio management, financial planning, and ongoing support from a dedicated team. Account numbers and linked services remain intact, offering seamless access and continuity while working with Schwab as a custodian.

Is Schwab a Fiduciary?

Charles Schwab’s in-house advisors are not fiduciaries in the legal sense, as they operate within a larger brokerage framework. While Schwab promotes a client-first approach, true fiduciary service typically involves an independent advisor who customizes planning based on a deep understanding of your unique financial circumstances, without potential conflicts of interest.

A fiduciary is required to act in your best interest at all times, tailoring recommendations without being influenced by commissions or institutional priorities. Some advisors within Schwab’s Financial Consultant Network may operate as fiduciaries, particularly those who are independent or fee-only. Schwab’s platform helps connect clients with those options, allowing investors to explore financial planning models that align more closely with the fiduciary standard.

Charles Schwab Wealth Management

Personalized Wealth Management

Charles Schwab Wealth Management recognizes that every investor has unique financial priorities, risk tolerance, and life circumstances. To address these differences, the firm provides a personalized financial planning experience. Schwab advisors work closely with clients to develop investment strategies tailored to both short- and long-term goals. Whether you’re planning for retirement, managing inherited wealth, or adjusting to life changes, your advisor can help you adapt your financial plan accordingly. This ongoing collaboration ensures your investments remain aligned with your evolving objectives and market conditions.

Comprehensive Strategy

Wealth management extends beyond investment selection. It involves building a long-term plan that considers protection, growth, and legacy. At Charles Schwab, wealth management services may include portfolio diversification, retirement income planning, tax-aware strategies, and debt management. Schwab’s advisors can also connect clients to professionals who specialize in estate planning and charitable giving. The goal is to offer a well-rounded financial approach that integrates various aspects of your wealth. With access to digital tools and ongoing support, clients benefit from a strategy designed to grow with them over time.

A Team of Experts

At Charles Schwab Wealth Management, clients benefit from a collaborative team approach. Your dedicated financial consultant oversees your relationship with Schwab and coordinates with your assigned wealth advisor. Together, they help develop a customized investment strategy aligned with your financial objectives, life stage, and long-term plans.

Depending on your needs, your wealth advisor may offer support in areas such as retirement planning, tax-aware investing, and estate coordination. When needed, Schwab may also involve external professionals—such as tax specialists or estate planning attorneys—to support more complex financial decisions. This integrated approach is designed to give clients greater clarity and confidence in their overall wealth planning process.

Schwab’s Client Commitment

Charles Schwab emphasizes transparency, privacy, and customer satisfaction. To reinforce its service promise, Schwab provides a Satisfaction Guarantee on certain products and services. If a client is not fully satisfied, Schwab will refund eligible fees or commissions and take steps to address the concern. Additionally, Schwab implements advanced digital safeguards and security protocols to protect account access and sensitive data across all client accounts.

This commitment to service and security helps foster trust and reliability—two qualities investors often seek when evaluating wealth advisory services or exploring private wealth management firms.

Charles Schwab Financial Advisor

A Dedicated Financial Consultant

Charles Schwab Wealth Management allows clients to choose how they want to manage their investments. For those who prefer a hands-on approach, the platform supports independent online trading. Others may opt for Schwab’s automated robo-advisor tools.

For individuals with at least $500,000 in assets, Schwab offers access to a dedicated Financial Consultant. These consultants work directly with clients to understand their financial goals and develop personalized strategies to pursue them. Whether you’re planning for retirement, navigating life transitions, or refining your investment portfolio, these advisors provide customized support based on your objectives, financial profile, and risk tolerance.

Consultations with Schwab Financial Consultants are available in person, online, or by phone. While there’s no fee for the consultation itself, costs may apply depending on the selected products or services.

Advisors at Schwab are compensated in a way that aims to reduce conflicts of interest, and they can coordinate with third-party professionals—such as estate or tax planners—when additional expertise is needed. This flexible, client-centered approach makes Schwab a viable option for those seeking scalable wealth advisory services.

Charles Schwab Client Types and Minimum Account Sizes

Charles Schwab does not impose a minimum account size for many of its investment products, making its platform accessible to a wide range of investors. The firm provides services to individual clients, registered investment funds, collective investment trust trustees, and its affiliate TD Ameritrade in connection with certain separately managed accounts.

Additionally, Schwab offers advisory services that assist clients in selecting investment advisors and structuring pooled investment vehicles, depending on the client’s needs and goals.

Services Offered by Charles Schwab

Schwab Private Client (SPC)

The Schwab Private Client service provides access to a dedicated team of advisors who assist with wealth management strategies. Services include retirement and estate planning, insurance planning insights, asset allocation strategies, and portfolio management tailored to each client’s financial needs.

Schwab Intelligent Portfolios

This service combines automated investment management with the support of human advisors and digital planning tools. It includes features such as automatic rebalancing and tax-loss harvesting, designed to keep portfolios aligned with client goals.

 Windhaven Investment Management

Windhaven offers globally diversified asset management using a portfolio of primarily exchange-traded funds (ETFs). Clients include individuals, trusts, estates, charitable foundations, retirement plans, municipal and state entities, corporations, and investment advisors. A minimum investment of $100,000 is required to open an account within a Windhaven Strategy.

Schwab Managed Portfolios (SMP)

Schwab Managed Portfolios are designed for a wide range of clients, including individual investors, trusts, charitable organizations, investment clubs, corporations, and other business entities. To participate in the SMP Program—part of the broader Schwab Managed Account Programs—a minimum investment of $25,000 is required for each account type. These portfolios are professionally managed and offer diversification across asset classes to match various financial goals and risk profiles.

Schwab Advisor Network

The Schwab Advisor Network includes over 200 independent registered investment advisory firms across the United States. These firms provide services such as comprehensive financial planning, portfolio management, and access to other professionals in estate, tax, and legal planning. Investors are matched with advisors based on their financial needs, goals, and preferences.

Wasmer Schroeder Strategies

Wasmer Schroeder Strategies focuses on fixed-income investment solutions tailored for income stability and capital preservation. Clients include individual investors, banks, trusts, nonprofit organizations, retirement plans, pooled investment vehicles, insurance companies, government entities, and other institutional investors. Minimum investment requirements vary by strategy, with most starting at $500,000 per account.

Managed Account Select

The Managed Account Select service at Charles Schwab connects you with a Schwab advisor to review your financial situation and goals. Once your objectives are defined, a third-party asset manager is appointed to handle your portfolio. This program offers access to a wide variety of investment strategies tailored to different risk tolerances and investment timelines, allowing for greater customization while maintaining a managed structure.

 ThomasPartners® Strategies

ThomasPartners® Strategies serve a broad client base, including individual investors, trusts, estates, charitable institutions, retirement and pension plans, profit-sharing programs, government entities, and other organizations such as corporations and advisory firms. To open a direct account under this strategy, a minimum investment of $100,000 per account is required, with a $500,000 household minimum for broader engagement.

Fees Under Charles Schwab

Charles Schwab applies an asset-based percentage fee for its Private Client service, rather than a fixed annual charge. For the Managed Portfolios program, fees are billed quarterly. In the Managed Account Select program, asset-based fees vary depending on the chosen investment strategy. For those using Intelligent Portfolios, clients do not pay advisory fees, but they are responsible for the underlying ETF costs.

If you’re exploring long-term wealth planning options and want to evaluate providers based on strategy, cost, and customization, use the tools below to begin your research: