Charles Schwab has announced a program that would allow some of its advisory clients to request a refund of the prior quarter's program fees “if, for any reason, they are not happy.” The so-called “Accountability Guarantee” will apply to Schwab Private Client, Schwab Managed Portfolios, Windhaven Strategies, ThomasPartners and managed strategies managed by Charles Schwab Investment Management.
“If someone is unhappy with a managed account or any advice that we render to investors, they can come to us and ask for a refund,” founder Charles Schwab told CNBC Tuesday afternoon. “It's about time Wall Street did something about this, so we're stepping up at Schwab to make that happen.”
