Launch of Schwab PlanTM Gives All Schwab Clients a Modern Way to Access a Personalized Financial Plan Regardless of Asset Level
As part of its ongoing commitment to democratize access to investing and financial planning, Charles Schwab announced the launch of Schwab Plan, a free digital financial plan designed to help investors establish and stay on track toward their personalized retirement goals. Schwab Plan is available to all Schwab clients with no minimum asset requirement, significantly expanding access to retirement planning to the millions of retail investors that Charles serves. With this move, Schwab is now the only large retail brokerage to offer complimentary financial planning to all clients, combined with no account minimums for individual investors1, zero commission online equity, option and ETF trades2, and a Satisfaction Guarantee3.
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“Planning gives investors more confidence about reaching their goals, and it also helps them remain focused on things like saving, portfolio diversification, and staying the course – something that is especially important given this period of uncertainty we’re all in right now.”
“Saving and investing for retirement continues to be the most vital goal for investors of all ages, and a plan provides a path that helps people retire the way they want,” says Stephanie King, vice president of Charles Schwab’s planning and portfolio group. “Planning gives investors more confidence about reaching their goals, and it also helps them remain focused on things like saving, portfolio diversification, and staying the course – something that is especially important given this period of uncertainty we’re all in right now.”
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Schwab Plan Combines Sophisticated Planning with an Easy, Accessible Client Experience
Schwab Plan is a digital self-guided financial plan available through Schwab.com that helps investors build a personalized plan that includes a range of factors such as desired retirement age, retirement goals, social security expectations, portfolio risk profile and asset allocation, and various income sources.
To begin the process, clients complete a short questionnaire, and in as little as 15 minutes they are able to generate a retirement plan that shows retirement goals and probability of funding those goals, a comparison of an individual’s current asset allocation to a recommended allocation based on plan inputs, and suggested next steps to get and stay on track. Schwab Plan can also aggregate and factor in accounts held outside of Schwab. While Plan is available to clients at no cost, any investments they ultimately make may incur costs such as fund operating expenses and advisory fees.
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