Charles Schwab, an investment services firm with more than $2 trillion in client assets, has introduced an "Accountability Guarantee" for clients enrolled in participating investment advisory services.
Under the Schwab Accountability Guarantee, clients enrolled in a participating investment advisory service can request a complete refund of their program fees from the prior quarter if, for any reason, they are not happy.
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"We believe that lasting client relationships are those with open communication at the center," said Charles R. Schwab, founder and chairman of Charles Schwab Corp.
"People deserve more than a ‘just trust me’ approach. Investors hold themselves accountable for achieving their goals in life, and deserve a financial services provider who is equally committed to helping them reach their goals. To us, accountability means delivering advice in a way that puts clients’ needs first, encouraging clients to engage with us in the investing process, openly discussing the reason for investment recommendations, being clear about costs and fees, continually asking for feedback and working to make things right when needed. It means that at Schwab, we stand behind what we say and what we do."
According to Schwab, nearly nine out of 10 (89%) investors in a proprietary panel said that a financial services firm’s accountability is very important to them.
A large majority (65%) said that lack of accountability would prompt them to reconsider their relationship with a financial firm or professional, and 72% felt that the current level of accountability in the industry is insufficient.
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