Charles Schwab & Co. Inc. said Wednesday that it had expanded its managed account platform's availability to all its qualified retail brokerage clients.
Previously, Schwab's managed accounts were available only through the fee-based services of Schwab Private Client or one of the independent investment advisory firms doing business through Schwab Institutional.
Managed accounts are fee-based portfolios of individual securities selected and managed on a discretionary basis by professional money managers. These managers typically specialize in specific investment styles, such as large-cap growth, international equity, or short-term fixed income.
Account minimums for managed accounts at Schwab are $100,000 for most equity strategies and $250,000 for most fixed-income strategies. Schwab offers both proprietary and third-party money management.
Client assets in managed accounts at Schwab totaled $24 billion at Aug. 31, up 39% from the year earlier.
