Company history

For more than 50 years, The Charles Schwab Corporation has been an advocate for individual investors and the financial professionals who serve them.

1973–1986

1987–1994

1995–2000

2001–2007

2008–2019

2020-Now

1973–1986: Leading an investor revolution

With the May 1, 1975, deregulation of brokerage commissions, Chuck Schwab emerges as the de facto leader of a revolution. In a little more than a decade, his company defies conventional wisdom by opening nearly 100 branches, offering 24-hour quotes, and even exploring online services. The company becomes "America's Largest Discount Broker," and later a subsidiary of Bank of America.

1963: Chuck Schwab and two other partners launch Investment Indicator, an investment advisory newsletter. At its height, the newsletter had 3,000 subscribers, each paying $84 a year for their subscription.

1971: In April, the firm is incorporated in California as First Commander Corporation, a wholly owned subsidiary of Commander Industries, Inc., to conduct a conventional broker-dealer securities business and publish the Schwab Investment Indicator newsletter.

1972: Chuck Schwab buys all stock from what was once Commander Industries.

1973: The corporate name changes to Charles Schwab & Co., Inc.

1974: In April, the SEC mandates a 13-month trial period for the deregulation of certain brokerage transactions.

1975: On May 1, the SEC mandates negotiated commission rates for all securities transactions. While many brokerages take the opportunity to raise commissions, Chuck seizes the opportunity to create a new kind of brokerage—a discount brokerage. In September, Schwab opens its first branch in Sacramento, California.

1977: Schwab opens an office in Seattle—the first branch outside of California—and begins offering seminars for customers.

1978: Schwab extends service hours for customer service and quotes from 5:30 a.m. to 9:00 a.m. PT, an industry first.

1979: In a "bet-the-company" move, Schwab invests in the BETA mainframe system. The success of this automated transaction and recordkeeping system demonstrates that technology can be a key growth driver.

1980: Schwab establishes the industry's first 24-hour quotation service.

1981: Schwab becomes a member of the New York Stock Exchange (NYSE). The firm opens its first location in Manhattan. Larry Stupski is named president and COO of the firm.

1982: Schwab is the first to offer 24/7 order entry and quote service. The company's first international office opens in Hong Kong. The IRA account is introduced.

1983: Bank of America acquires the firm for $55 million. Schwab introduces the new Schwab One® brokerage account.

1984: Schwab introduces Mutual Fund MarketPlace® with 140 no-load funds. The company launches SchwabQuotes® and introduces The Equalizer®, a DOS-based technology solution that points the way toward an online future.

1985: In August, Schwab records its 1-millionth client account. By year's end, client accounts reach 1.2 million with client assets of $7.6 billion.

1986: Schwab becomes the first to allow clients to place mutual fund buy or sell orders 24/7.
 

1987–1994: Expanding service and access

True to his independent roots, Chuck Schwab buys the company back from Bank of America and, two months later, takes it public. A market crash and catastrophic earthquake shake the San Francisco-based firm, but Schwab still manages to launch services for independent financial advisors: the Schwab 1000 Fund®, the No-Fee IRA, Schwab Mutual Fund OneSource® service, and online trading.

1987: In March, management leads a buyback from Bank of America for $280 million. In September, The Charles Schwab Corporation completes its first initial public offering. In October, the market crashes and the Dow Jones Industrial Average loses 500 points. During the year, Schwab launches Financial Advisors Service to serve independent investment advisors.

1988: Financial Advisors Service exceeds $1 billion in client assets after just one year of business.

1989: Schwab introduces TeleBroker®, an automated technology for telephone brokerage service.

1990: The company introduces Schwab Funds® money market mutual funds. The Indianapolis service center opens as the first customer telephone service center outside of San Francisco. The first Asia Pacific center opens with bilingual services.

1991: The company introduces the Schwab 1000 Fund, an equity index fund that reaches $191 million in client assets by year's end. Schwab hosts the first annual National Financial Advisors Conference, later renamed IMPACT®. Schwab debuts its first network TV advertising campaign.

1992: Charles Schwab Trust Company® is created. The company introduces no-annual-fee IRA accounts and the Schwab Mutual Fund OneSource1 service, which offers one-stop shopping for mutual funds from multiple fund families.

1993: Charles Schwab Limited opens its first office in London. Employees move into a new Orlando service center.

1994: Spanish-language TeleBroker® service is introduced. Total client assets rise above $100 billion mark to $122.6 billion by year's end.
 

1995–2000: Clicking with online investing

The Internet era begins. Schwab.com launches online trading during a historic bull market, and the combination fuels tremendous growth in client assets. During this period, Schwab continues to diversify by launching a bundled 401(k) plan and expanding internationally. The firm also reshapes its core brokerage business as it begins to offer financial advice.

1995: Schwab activates its first website at Schwab.com®. The company acquires U.K.-based discount broker ShareLink and 401(k) plan recordkeeper The Hampton Company, founded by Walter W. Bettinger II.

1996: Web trading goes live. Customers can trade listed and OTC stocks, or check balances and the status of orders. The SchwabPlan® is introduced, offering companies and their employees access to more than 1,300 mutual funds in a new, bundled 401(k) product. Schwab AdvisorSource® referral service is introduced nationally.

1997: The Charles Schwab Corporation is added to the S&P 500 Index. The website registers its one millionth online account. Schwab's Hong Kong office reopens after being closed since the 1987 market crash. Mutual Fund Report Card is introduced with a single-page review of more than 7,700 mutual funds. In December, David Pottruck is named co-CEO of the corporation.

1998: Two Canadian brokerages are acquired to create Charles Schwab Canada. Online accounts reach 2 million. TeleBroker adds voice technology.

1999: Schwab launches after-hours trading for Nasdaq and select listed stocks, with orders accepted online or by phone from 4:30 p.m. to 7:00 p.m. ET, Monday through Friday. Schwab launches eConfirms, a new email subscription service that delivers trade confirmations directly to customers, eliminating paper delivery. Schwab becomes the first online brokerage to offer multiple stock order entry for all online trading accounts. The firm also introduces two new web-based tools, including Schwab's advanced mutual fund screener, which allows customers to screen all funds rated by Morningstar, Inc. The Schwab Fund for Charitable Giving,2 an independent public philanthropic fund, is launched.

2000: Schwab and U.S. Trust merge. The company also acquires CyBerCorp Inc. to better serve active online traders. Schwab introduces pre-market trading for most Nasdaq and listed securities, with orders accepted from 7:45 a.m. to 9:15 a.m. ET, Monday through Friday. PocketBroker™ wireless investing service is introduced. Schwab Mutual Fund OneSource tops $100 billion in assets.
 

2001–2007: Banking on added value

The dot-com bubble bursts, and so does Schwab's unsustainable cost structure. After CEO Dave Pottruck resigns, Chuck returns to lead the firm. Through acquisition and organic growth, the corporation introduces new products and services for three distinct client segments—individual investors, independent advisors, and company plan sponsors—and expands offerings with the launch of Charles Schwab Bank®.

2001: CyBerCorp Inc. changes its name to Cyber Trader® Inc. and enhances its service with improved software, educational tools, and tiered pricing.

2002: Schwab launches an alternative for investment research, Schwab Equity Ratings®, and two new advisory services for affluent investors, Schwab Wealth Advisory™ and Schwab Advisor Network®.3 Schwab Core Equity Fund and Schwab Hedged Equity Fund are introduced, with both using the Schwab Equity Ratings model. Schwab Advisor WebCenter™ launches, an advisor-branded website development and hosting service for independent investment advisors working with Schwab Institutional®.

2003: Charles Schwab Bank launches. Schwab Small-Cap Equity Fund is introduced.

2004: Schwab announces the dual listing of its common stock on Nasdaq and NYSE; later in the year, Schwab sells its seat on the NYSE. Schwab announces the resignation of David Pottruck as CEO and the reinstatement of Chuck Schwab as CEO. Schwab and AXA Rosenberg complete a fund adoption agreement and introduce a new group of mutual funds, the Laudus Group,4 renamed the Laudus Rosenberg Funds. Schwab and Boys & Girls Clubs of America launch a new program—Money Matters: Make It Count—to teach money management to teens.

2005: Schwab eliminates account service and order-handling fees5 for retail accounts and small business retirement plans. Schwab Equity Ratings inspire the launch of the Schwab Premier Equity Fund™ and new Schwab Portfolios™. The company gives all clients access to Schwab Equity Ratings. Charles Schwab Bank and Charles Schwab & Co., Inc. introduce linked checking and brokerage accounts. Schwab rolls out its family of mutual funds onto third-party mutual fund platforms and introduces target funds to help simplify retirement. The company makes the move to list its stock solely on the Nasdaq exchange. Schwab launches a new ad campaign: Talk To Chuck™.

2006: Schwab lowers and simplifies pricing for equity, option, mutual fund and bond transactions. The firm announces a Security Guarantee,6 covering account losses in any Schwab account arising from unauthorized account activity. In November, the corporation announces an agreement to sell U.S. Trust, its wealth management subsidiary, to Bank of America. In new product news, the company launches Schwab Managed Portfolios™,7 offering professional money management for individuals with as little as $50,000 to invest; the Schwab Inflation Protected Fund™, a fund designed to offer protection from inflation while providing growth; and the Laudus Rosenberg International Discovery Fund. Schwab Charitable Fund™ surpasses $1 billion in charitable contributions. At the annual IMPACT conference, Schwab Institutional announces the winners of the first IMPACT Awards™.

2007: The corporation completes the acquisition of The 401(k) Company, a retirement plan provider in Austin, Texas, and Charles Schwab Investment Management completes the acquisition of Global Real Analytics, LLC (GRA). Charles Schwab Bank introduces the Investor Checking™8 account. Joseph R. Martinetto succeeds Christopher Dodds as chief financial officer, and Walter W. Bettinger II is named president and chief operating officer.

2008–2019: Innovating on behalf of clients

With the markets in crisis, the company focuses on what it does best—innovating on behalf of clients. Schwab goes mobile and to the cloud, exchange-traded funds (ETFs) explode in popularity, and money management capabilities grow. By the end of 2012, client assets have grown to $2 trillion.

2008: The company enhances Schwab.com, improves StreetSmart Pro, upgrades risk management tools on StreetSmart.com, and launches an online community focused on active trading. Walter W. Bettinger II is appointed president, chief executive officer, and a member of the board of directors effective October 1, 2008.

2009: Schwab introduces Real Life Retirement™ Services with practical tools and resources for those nearing retirement. Charles Schwab Bank launches the Schwab Bank Investor Savings™ account. The firm cuts fees on its equity index funds and adds a new large-cap growth fund to its Laudus funds lineup. Schwab offers first ETFs that trade commission-free online at Schwab.com.9

2010: Schwab announces reductions in online equity trade commissions designed to provide greater value for investors, regardless of the frequency or size of their trades. The Charles Schwab Corporation lists shares on the NYSE. Charles Schwab and J.P. Morgan join forces in fixed income. Schwab reduces fees on six proprietary ETFs and introduces three low-cost bond ETFs. Schwab completes the acquisition of Windward Investment Management, Inc., renamed Windhaven. Schwab launches mobile apps for smartphone users.

2011: Schwab launches a new platform for active traders, StreetSmart Edge®,10 designed to simplify complex trading activities and provide a more intuitive experience. Schwab announces mobile deposit capabilities11 for smartphone users, enabling Schwab brokerage and Schwab Bank clients to deposit checks remotely by taking a picture of a check with their smartphone cameras. Schwab launches a new program called Clients Speak,12 which features online ratings and reviews by clients on their Schwab accounts or their experience with the company. The Charles Schwab Corporation acquires optionsXpress Holdings, Inc. and Compliance11™. Schwab Independent Branch Services opens the first independent branch in Nashua, New Hampshire.

2012: New products and services include: Schwab Index Advantage®, a one-of-a-kind 401(k) plan offer from Retirement Plan Services; Schwab BillPay™ and Schwab Advisor Center™ for Schwab Mobile apps; Schwab Global Account™ with 24/7 online access to 12 foreign equity markets,13 the Idea Hub™ idea-generation tool and the Walk Limit™ tool from optionsXpress; and StreetSmart Edge Platform in the Cloud. Schwab also announces an agreement with Piper Jaffray to expand access to new-issue municipal bonds through the Schwab BondSource® platform, and completes the acquisition of ThomasPartners, Inc., a dividend income-focused asset management firm. At year-end, total client assets exceed $2 trillion.

2013: Schwab ETF OneSource™ platform launches, featuring commission-free trades on ETFs from most of the major ETF providers.14 Schwab also expands options for funding retirement income with the launch of Schwab Retirement Income Variable Annuity™.15 Schwab Performance Technologies® (SPT)17 launches PortfolioCenter Hosted®, a new solution for independent registered investment advisors. Charles Schwab & Co., Inc. opens select branches on Saturdays to offer convenient access to investing services. In June, new advertising debuts with the theme "Own Your Tomorrow™." Schwab announced its Accountability Guarantee29 for clients enrolled in participating investment advisory services. Now these clients can receive a complete refund of their program fees from the prior quarter if, for any reason, they are not happy with the service they've received. For more information, please see www.schwab.com/accountability.

2014: Schwab Retirement Plan Services is the first to launch an innovative 401(k) program based on low-cost exchange-traded funds.16 Schwab Performance Technologies® (SPT)17 rolls out Schwab OpenView Mobile, a customizable app that RIAs can use to create a turnkey, branded mobile presence for their firms. Schwab Bank cuts expense ratios in its target date collective trust funds for large retirement plans. Charles Schwab Investment Management, Inc. (CSIM) expands its index mutual fund lineup with the launch of the Schwab Fundamental Global Real Estate Index Fund (SFREX), which tracks the Russell Fundamental Global Select Real Estate Index.18 Schwab opens the doors of its new 650,000-square-foot, 47-acre Ridgegate campus and retail branch located in Lone Tree, Colorado.

2015: Schwab ETF OneSource™ expands to over 200 commission-free ETFs,14 on its platform. Schwab Intelligent Portfolios™,19 an automated investment advisory service, is launched and offered through Schwab Wealth Investment Advisory, Inc. Schwab Intelligent Portfolios uses sophisticated computer algorithms to build, monitor, and rebalance diversified portfolios based on an investor's stated goals. Schwab introduces the Apple WatchTM app20 that works seamlessly with the Schwab Mobile app on your iPhone® for an enhanced mobile client experience and also reduced fees in the Schwab 529 College Savings Plan.21 Schwab announced launch of Institutional Intelligent Portfolios™,22 an automated investment management platform designed specifically for RIAs and sponsored by Schwab Wealth Investment Advisory, Inc. Schwab announced the re-launch of SchwabSafe™, an online resource with perspectives and tips on cyber security for clients. Schwab Retirement Plan Services introduces advisor managed accounts for 401(k) plans, which leverages Morningstar managed account technology and enables advisors to build customized investment portfolios for retirement plans they advise.23 Schwab reduces minimums on many Mutual Fund OneSource funds to $100 from $2,500 and the minimum for subsequent investments fall to $1.

2016: Schwab Target Index Funds—a new series of index-based target date mutual funds constructed with low-cost Schwab ETFs™ as underlying investments—launches and is available to employer-sponsored retirement plans of all sizes.24 Schwab Advisor Services announced availability of a robust suite of resources and tools to help independent financial advisors develop, strengthen and maintain their cybersecurity defense. The program includes information to help advisors stay up-to-date on cyberattack trends, regulatory developments, and best practices for educating employees and clients on keeping data secure. Schwab announced new features and enhancements to Institutional Intelligent Portfolios—the automated investment management platform designed specifically for independent advisors and sponsored by Schwab Wealth Investment Advisory, Inc. Schwab announced the launch of Schwab Intelligent Advisory™,25 a hybrid advisory service that combines live credentialed professionals and algorithm-driven technology to make financial and investment planning more accessible to consumers.

2017: Schwab ETF OneSource™ adds OppenheimerFunds to its commission-free ETF Program, allowing investors and advisors to buy and sell 228 ETFs covering 69 Morningstar Categories with $0 online commissions, no enrollment requirements and no early redemption fees. Schwab reduces trade commissions, index mutual fund expenses, lowers options pricing to $4.95 plus $0.65 per contract and launches a unique Satisfaction Guarantee29. Schwab makes its new hybrid advisory service, Schwab Intelligent Advisory, broadly available, making it one of the most accessible and lowest-cost advisory solutions available to investors. Schwab ETF OneSource™ expands its roster to 245 ETFs and unveils the Schwab 1000 Index(R) ETF, a low-cost way to gain exposure to the potential growth of America’s largest 1,000 stocks. Schwab marked the completion of integrating optionsXpress clients into the Schwab experience by launching new web and mobile trading platforms, named StreetSmart Central™ and StreetSmart Mobile™ that embed the powerful and easy-to-use derivatives trading experience of optionsXpress into Schwab's trader offering.

2018: Schwab ETF OneSource™ adds a dozen new ETFs to its lineup, allowing investors and advisors to access a total of 254 ETFs on its platform. Schwab creates Digital Accelerator hubs in Austin and San Francisco, focusing on accelerating the digital solutions Schwab delivers to its retail investors, the advisors and employers who serve them. Schwab's 50-acre Gracy Farms campus in Austin opens and approximately 1,900 employees will be based there. Schwab ETF OneSource™ expands its roster to 265 ETFs on its commission-free ETF platform. Schwab Advisor Services™ unveils its Digital Account Open tool in pilot for independent advisors. The tool, already incorporated in the Schwab Institutional Intelligent Portfolios™ platform, replaces paper forms with digital experiences for account opening and ancillary transactions.

2019: Schwab ETF OneSource™ doubles its lineup to 500+ ETFs and adds iShares ETFs to its already robust menu. Schwab moves to a new subscription pricing model for Schwab Intelligent Advisory™ and renames the service Schwab Intelligent Portfolios Premium™. Charles Schwab celebrates successful first year as title sponsor of the 2019 Charles Schwab Challenge, one of the country's premier and longest-running PGA TOUR events, serving as a showcase for the game's best players. Schwab ETF OneSource™ adds another 25 ETFs to its lineup, making the total of 539 ETFs that clients can access with $0 online commissions. Schwab Intelligent Portfolios Premium adds $1 billion in new assets under management since its launch early in the year. Schwab enters in an agreement to acquire assets of USAA's Investment Management Company, including brokerage and managed portfolio accounts, which will make Schwab the exclusive wealth management and brokerage provider for USAA members. Chuck Schwab releases his new book, "INVESTED", a memoir that recounts how he turned a democratizing idea into an industry-changing reality. Schwab makes an industry-leading move, reducing U.S. stock, ETF and options online trade commissions from $4.95 to $0. Schwab Advisor Services introduced the Schwab Alternative Investment Marketplace™ platform, which gives Schwab's independent advisor clients access to third-party platform sponsors that offer menus of private funds. Charles Schwab announced the upcoming launch of Schwab Intelligent Income26, an income solution designed for people who want a simple, modern way to pay themselves in retirement, or any other time, from their investment portfolios.

2020-Now: A New Chapter

2020: Charles Schwab and TD Ameritrade27 become one combined company dedicated to serving investors in every phase of their financial journey, and Schwab announces plan to integrate the award-winning thinkorswim® and thinkpipes® trading platforms, education and tools into its trader offerings for retail and independent advisor clients. Schwab completes acquisition of Wasmer, Schroeder & Company, LLC, a leading independent investment manager of fixed income separately managed accounts. Schwab acquires Motif's technology and intellectual property, including algorithms, patents and source code. The firm completed the asset acquisition of USAA's Investment Management Company and transitioned the underlying brokerage and managed portfolio accounts to Schwab. Schwab introduced Schwab Stock Slices™28, a new service that enables investors to own any of America's leading companies from the S&P 500 for as little as $5 each, even if their shares cost more. 

2021: Charles Schwab expanded its diversity and inclusion efforts significantly with four new programs that lend support in the areas of teen financial literacy (Moneywise America), college scholarships (Charles Schwab Foundation Scholars in Financial Planning), employee mentorship (Diversity & Inclusion Mentorship Program) and meeting the needs of Black investors (Ariel-Schwab Black Investor Survey). Rick Wurster was appointed President of The Charles Schwab Corporation, responsible for Investor Services, Advisor Services, Workplace Financial Services, and International Services, in addition to Schwab Asset Management. Schwab launched the Schwab Ariel ESG ETF, the firm's first ESG fund and first active ETF, as well as the first ETF sub-advised by Ariel Investments. Schwab Starter Kit™ was launched, a new experience providing beginner investors with $50 to split across the top five stocks in the S&P 500, access to tailored educational content designed for first-time investors, and curated easy-to-use investing tools and resources. Schwab retained exclusive naming rights to the home of the NCAA Division I Men’s College World Series through 2029, renaming the 24,000-seat baseball stadium and entertainment complex in downtown Omaha Charles Schwab Field Omaha.

2022: Schwab Asset Management launched the Schwab Municipal Bond ETF (NYSE Arca: SCMB), the lowest cost ETF30 to provide access to the broad U.S. investment grade, tax-exempt bond market; and launched the lowest cost crypto-related ETF available to investors,31 Schwab Crypto Thematic ETF (NYSE Arca: STCE), which tracks a new proprietary index, the Schwab Crypto Thematic Index. The Charles Schwab Corporation announced the appointment of Chief Executive Officer Walter W. Bettinger II as Co-Chairman of the Schwab Board of Directors, along with Founder and Co-Chairman Charles R. Schwab. Schwab Advisor Services™ introduced new enhancements to its industry-leading digital onboarding capabilities, enabling independent advisors to open and fund up to 10 new client accounts in one “digital envelope.” Schwab Private Client (SPC) was renamed Schwab Wealth Advisory (SWA) to better reflect the depth of wealth advisory experience, dedicated service, and ongoing enhancements to investing solutions delivered to more than 70,000 households that hold assets at the firm. Schwab made Schwab Personalized Indexing™, a new direct indexing solution with powerful tax management and portfolio management capabilities, available to both registered investment advisors and retail investors; and introduced thematic stock lists, a new resource designed for self-directed investors who want to invest in stocks aligned with their personal interests and values. The Charles Schwab Corporation was recognized as one of Fortune’s top 50 World's Most Admired Companies for the fifth consecutive year.

2023: Schwab introduced Schwab Trading Powered by Ameritrade™, a combination of the award-winning thinkorswim® trading platforms with Schwab’s trading capabilities on Schwab.com and Schwab Mobile32; a digital Inheritance Center that provides a simple way to manage inheritance tasks, such as opening accounts, submitting forms, and receiving status update; and three new Wasmer Schroeder™ bond ladder strategies offering an efficient and effective way to generate income and help mitigate interest rate risk for investors33. Schwab President Rick Wurster was elected as Chair of Schwab Charitable™ and President and Chair of Charles Schwab Foundation, succeeding Carrie Schwab-Pomerantz, who was appointed to the Charles Schwab Board of Directors in October 2022. A new account-level digital dashboard was made available to RIAs bringing advisors a more efficient, modern experience for enrolling their clients in Schwab Personalized Indexing, alongside powerful new capabilities for tailoring portfolios to personal client preferences or situations34. Schwab celebrated 20 years of Schwab Volunteer Week, the company’s annual volunteer event, where over one-quarter of the firm’s workforce volunteer their time in staffing various projects benefiting nearly 350 nonprofits across the U.S. The Charles Schwab Corporation acquired The Family Wealth Alliance (“FWA”), a leading community and provider of resources to family wealth firms serving ultra-high net worth clients. The acquisition expands capabilities to serve multifamily and single family wealth firms including industry-wide relationships, thought leadership resources and technology to drive growth and success for professionals and organizations focused on ultra-high net worth clients.35

(0124-34Z6, 0124-3EDC, 0122-25B8, 0921-15TL, 0820-0HUZ, 0324-SUV5)

Brokerage Products: Not FDIC-Insured   •   No Bank Guarantee   •   May Lose Value

Investors should consider carefully information contained in the prospectus, including investment objectives, risks, charges, and expenses. You can request a prospectus by calling 800-435-4000. Please read the prospectus carefully before investing.

Variable annuities are sold by prospectus only. You can request a prospectus by calling 888-311-4887 or by visiting schwab.com/annuity. Before purchasing a variable annuity, you should carefully read the prospectus and consider the investment objectives and all risks, charges, and expenses associated with the annuity and its investment options.

Money market funds are neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the fund seeks to preserve the value of a money market investment at $1.00 per share, it is possible to lose money by investing in the fund.

The values of target date funds will fluctuate up to and after the target dates. There is no guarantee the funds will provide adequate income at or through retirement. Target date fund asset allocations are subject to change over time in accordance with each fund's prospectus.

Charles Schwab & Co., Inc., Charles Schwab Bank, optionsXpress, Inc., Compliance11, Inc., and Schwab Performance Technologies are separate but affiliated companies and subsidiaries of The Charles Schwab Corporation. Brokerage products are offered by Charles Schwab & Co., Inc. (Member SIPC) ("Schwab") and optionsXpress, Inc. (Member SIPC) ("optionsXpress"). Schwab Advisor Services™ serves independent investment advisors and includes the custody, trading, and support services of Schwab. Deposit and lending products and services are offered by Charles Schwab Bank, Member FDIC and Equal Housing Lender ("Schwab Bank"). Charles Schwab & Co., Inc. does not solicit, offer, endorse, negotiate, or originate any mortgage loan products and is neither a licensed mortgage broker nor a licensed mortgage lender. Windhaven Investment Management, Inc. ("Windhaven") and Thomas Partners, Inc. are registered investment advisor advisors and affiliates of Charles Schwab & Co., Inc.. Charles Schwab Investment Management, Inc. (CSIM) is an affiliate of Charles Schwab & Co., Inc.

1. Schwab's short-term redemption fee of $49.95 will be charged on redemption of funds held for 90 days or less. Schwab reserves the right to exempt certain funds from this fee. Trades in no-load mutual funds available through the Mutual Fund OneSource service (including Schwab Funds) are available without transaction fees when placed through Schwab.com or our automated phone channels. For trade orders placed through a broker, a $25 service charge applies. Schwab reserves the right to change the funds we make available without transaction fees and to reinstate fees on any funds.

Charles Schwab & Co., Inc. receives remuneration from fund companies participating in the Mutual Fund OneSource service for recordkeeping and shareholder services and other administrative services.

2. Schwab Charitable Fund is an independent nonprofit organization that has entered into service agreements with certain affiliates of The Charles Schwab Corporation.

3. Schwab Wealth Advisory™ ("SWA") is a non‐discretionary investment advisory program sponsored by Charles Schwab & Co., Inc. ("Schwab"). Schwab Wealth Advisory, Inc. ("SWAI") is a Registered Investment Adviser and provides portfolio management for the SWA program. Schwab and SWAI are affiliates and are subsidiaries of The Charles Schwab Corporation.

Advisors are independent and are not employees or agents of Charles Schwab & Co., Inc. Schwab selects advisors and checks their experience and credentials against criteria Schwab sets, such as years of experience managing investments, amount of assets managed, professional education, regulatory licensing, and business relationship as a client of Schwab. Advisors pay fees to Schwab in connection with referrals. Schwab does not supervise advisors and does not prepare, verify, or endorse information distributed by advisors. Investors must decide whether to hire an advisor and what authority to give him/her. Investors, not Schwab, are responsible for monitoring and evaluating an advisor's service, performance, and account transactions.

4. The Laudus Group® of Funds includes the Laudus Mondrian and Laudus Growth Investors Funds, which are part of the LaudusTrust and Laudus Institutional Trust and distributed by ALPS Distributors, Inc; and the Laudus MarketMasters Funds®, which are part of the Schwab Capital Trust and distributed by Charles Schwab Investment Management, Inc. ALPS Distributors, Inc. and Charles Schwab Investment Management, Inc. are unaffiliated entities.

5. There is no fee to open and maintain your account. Other charges may apply. See the pricing guide for details.

6. Conditions apply. Please see schwab.com/guarantee.

7. Portfolio Management for the Schwab Managed Portfolios™ is provided by Charles Schwab Investment Management, Inc., dba ​Schwab Asset Management®​, a registered investment adviser and an affiliate of Charles Schwab & Co., Inc. ("Schwab"). Schwab Asset Management and Schwab are separate entities and subsidiaries of The Charles Schwab Corporation.

8. Schwab Bank Investor Checking™ accounts are available only as linked accounts with Schwab One® accounts. The Schwab One brokerage account has no minimum balance requirements, and there is no requirement to fund this account when it is opened with a linked Investor Checking account.

9. Restrictions Apply: Online trades of Schwab ETFs are commission-free at Charles Schwab & Co., Inc. while trades of third-party ETFs may be subject to commissions. Broker-Assisted and Automated Phone trades are subject to service charges. Waivers may apply. See the Charles Schwab Pricing Guide for details. Conditions Apply: Trades in ETFs available through Schwab ETF OneSource™ (including Schwab ETFs™) are available without commissions when placed online in a Schwab account. Service charges apply for trade orders placed through a broker ($25) or by automated phone ($5). An exchange processing fee applies to sell transactions. Certain types of Schwab ETF OneSource transactions are not eligible for the commission waiver, such as short sells and buys to cover (not including Schwab ETFs). Schwab reserves the right to change the ETFs we make available without commissions. All ETFs are subject to management fees and expenses. Please see pricing guide for additional information.

Investment returns will fluctuate and are subject to market volatility, so that an investor's shares, when redeemed or sold, may be worth more or less than their original cost. Unlike mutual funds, shares of ETFs are not individually redeemable directly with the ETF. Shares are bought and sold at market price, which may be higher or lower than the net asset value (NAV).

Schwab ETFs are distributed by SEI Investments Distribution Co. (SIDCO). SIDCO is not affiliated with Charles Schwab & Co., Inc. Learn more at schwab.com/SchwabETFs.

10. Schwab's StreetSmart Edge® is available for Schwab Active Trading clients. Access to NASDAQ TotalView® is provided for free to non-professional clients who have made 120 or more equity and/or options trades in the last 12 months, 30 or more equity and/or options trades in either the current or previous quarters, or who have maintained $1 million or more in household balances at Schwab. Schwab Active Trading clients who do not meet these requirements can subscribe to Nasdaq TotalView for a quarterly fee. Professional clients may be required to meet additional criteria before obtaining a subscription to Nasdaq TotalView. This offer may be subject to additional restrictions or fees, and may be changed at any time.

11. Schwab Mobile Deposit service is subject to certain eligibility requirements, limitations, and other conditions. Enrollment is not guaranteed and standard hold policies apply. Requires a wireless signal or mobile connection.

12. Ratings and reviews are submitted by clients voluntarily and are screened for acceptance in accordance with the Publishing Guidelines prior to publication. Please see the Publishing Guidelines for details regarding which reviews are published.

Ratings and opinions expressed by clients are not meant to suggest future performance or the suitability of any account type, product, or service for any particular client and may not be representative of the experience of other clients. Charles Schwab & Co., Inc. and Schwab Bank cannot guarantee the accuracy of the information included in client reviews.

Ratings and Reviews are powered by Bazaarvoice, a third-party vendor not affiliated with Charles Schwab & Co., Inc. or Schwab Bank.

If you have additional questions or concerns about Ratings & Reviews or would like to verify its authenticity, please contact a Schwab representative at either 800-435-4000, the phone number on your statement, or by email at ratingsandreviews@schwab.com.

13. International investments involve additional risks, which include differences in financial accounting standards, currency fluctuations, geopolitical risk, foreign taxes and regulations, and the potential for illiquid markets. Investing in emerging markets may accentuate these risks.

14. Conditions Apply: Trades in ETFs available through Schwab ETF OneSource™ (including Schwab ETFs™) are available without commissions when placed online in a Schwab account. Service charges apply for trade orders placed through a broker ($25) or by automated phone ($5). An exchange processing fee applies to sell transactions. Certain types of Schwab ETF OneSource transactions are not eligible for the commission waiver, such as short sells and buys to cover (not including Schwab ETFs). Schwab reserves the right to change the ETFs we make available without commissions. All ETFs are subject to management fees and expenses. Please see Charles Schwab Pricing Guide for additional information.

Investment returns will fluctuate and are subject to market volatility so that an investor's shares, when redeemed or sold, may be worth more or less than their original cost. Unlike mutual funds, shares of ETFs are not individually redeemable directly with the ETF. Shares are bought and sold at market price, which may be higher or lower than the net asset value (NAV).

Charles Schwab & Co., Inc. receives remuneration from third-party ETF companies participating in Schwab ETF OneSource™ for recordkeeping, shareholder services, and other administrative services, including program development and maintenance.

Schwab ETFs are distributed by SEI Investments Distribution Co. (SIDCO). SIDCO is not affiliated with Charles Schwab & Co., Inc. Learn more at schwab.com/SchwabETFs.

15. The Schwab Retirement Income Variable annuity is issued by Pacific Life Insurance Company in all states except New York, and in New York by Pacific Life & Annuity Company. The contracts are sold exclusively by Charles Schwab & Co., Inc. through its representatives, including both employees and independent contractors and their employees ("Schwab Financial Consultants"). Charles Schwab Investment Management, Inc. (CSIM) is the adviser for the underlying investment options.

Charles Schwab & Co., Inc. and Charles Schwab Investment Management, Inc. are separate but affiliated companies and subsidiaries of The Charles Schwab Corporation and are not affiliated with Pacific Life Insurance Company or Pacific Life and Pacific Life & Annuity Company.

16. Based on operating expenses, which are generally lower for ETFs than for actively managed mutual funds. Operating expenses represent the total of all of a fund's annual fund operating expenses. Management fees are but one component of the fund operating expenses. Remember that cost is only one consideration when making an investment decision. An investor may give up the opportunity to outperform the market by not being in an actively managed fund.

Conditions Apply: Trades in ETFs available through Schwab ETF OneSource™ (including Schwab ETFs™) are available without commissions when placed online in a Schwab account. Service charges apply for trade orders placed through a broker ($25) or by automated phone ($5). An exchange processing fee applies to sell transactions. Certain types of Schwab ETF OneSource transactions are not eligible for the commission waiver, such as short sells and buys to cover (not including Schwab ETFs). Schwab reserves the right to change the ETFs we make available without commissions. All ETFs are subject to management fees and expenses. Please see Charles Schwab Pricing Guide for additional information.

Charles Schwab & Co., Inc. receives remuneration from third-party ETF companies participating in Schwab ETF OneSource™ for recordkeeping, shareholder services, and other administrative services, including program development and maintenance.

Schwab ETFs are distributed by SEI Investments Distribution Co. (SIDCO). SIDCO is not affiliated with Charles Schwab & Co., Inc. Learn more at schwab.com/SchwabETFs.

Schwab Retirement Plan Services, Inc. and Schwab Retirement Plan Services Company (collectively "Schwab Retirement Plan Services") are separate but affiliated companies and subsidiaries of The Charles Schwab Corporation.

17. PortfolioCenter Hosted and Schwab OpenView Mobile, now called Schwab Advisor Mobile Connect, are products of SPT. Schwab Performance Technologies ("SPT") is a subsidiary of The Charles Schwab Corporation separate from its affiliate Charles Schwab & Co., Inc. (Schwab). Schwab is a registered broker-dealer that provides brokerage services, while SPT licenses software and provides related technology products and services. Independent investment advisors are not owned by, affiliated with, or supervised by Schwab or its affiliates.

18. Schwab Bank, Charles Schwab Investment Management Inc. (CSIM), and Charles Schwab & Co., Inc. ("Schwab") are separate but affiliated companies and subsidiaries of The Charles Schwab Corporation. Schwab Retirement Plan Services provides recordkeeping and related services with respect to retirement plans. Trust and custody products and services are offered by Charles Schwab Bank. CSIM is the Registered Investment Advisor (RIA) that manages Schwab's proprietary funds (Schwab Funds). Schwab Funds are distributed by Schwab.

Index ownership—"Russell Fundamental Global Select Global Index"— is a joint trademark of Russell Investments ("Russell") and Research Affiliates LLC ("RA") and is used by the fund under license. "Research Affiliates" and "Fundamental Index" are trademarks of RA. Subject to RA's intellectual property rights in certain content, Russell is the owner of all copyrights related to the Russell Fundamental Indexes. Russell is the owner of the trademarks and copyrights related to the Russell Indexes. Schwab Fundamental US Large Company Index Fund is not sponsored, endorsed, sold, or promoted by Russell or RA, and Russell and RA do not make any representation regarding the advisability of investing in shares of the fund.

19. Accounts must maintain a minimum balance of $5,000 to be eligible for automatic rebalancing.

Diversification, automatic investing, and rebalancing strategies do not ensure a profit and do not protect against losses in declining markets.

20. Requires a wireless signal or mobile connection. System availability and response times are subject to market conditions and you mobile connection limitations. Functionality may vary by operating system and/or device.

Apple®, iPhone, and Apple Watch™ are trademarks of Apple Inc., registered in the U.S. and other countries.

21. Before investing in a 529 Plan, carefully consider the plan's investment objectives, risks, charges, and expenses. This information and more about the plan can be found in the Schwab 529 Guide and Participation Agreement available from Charles Schwab & Co., Inc., and should be read carefully before investing. If you are not a Kansas taxpayer, consider before investing whether your or the beneficiary's home state offers a 529 plan that provides its taxpayers with state tax benefits and other benefits not available through this plan. As with any investment, it is possible to lose money by investing in this plan.

The Schwab 529 College Savings Plan is available through Charles Schwab & Co., Inc. and is managed by American Century Investment Management, Inc. The plan was created by the Kansas State Legislature under the provisions of Section 529 of the Internal Revenue Code and is administered by Kansas State Treasurer Ron Estes. Notice: Accounts established under the Schwab 529 College Savings Plan and their earnings are neither insured nor guaranteed by the State of Kansas, the Kansas State Treasurer, American Century Investments®, or Charles Schwab & Co., Inc. Accounts established under the Schwab 529 College Savings Plan are domiciled at American Century Investments and not Schwab.

American Century Investments receives remuneration from fund companies, including PIMCO Funds, American Beacon Advisors, Metropolitan West Management, LLC, and Baron Funds® for recordkeeping, shareholder services, and other administrative services associated with funds held in the Schwab 529 College Savings Plan portfolios.

22. See the Institutional Intelligent Portfolios™ disclosure brochure for important information.

Institutional Intelligent Portfolios is made available through independent investment advisors and is sponsored by Schwab Wealth Investment Advisory, Inc. ("SWIA"), a registered investment advisor. SWIA is an affiliate of Charles Schwab & Co., Inc. ("CS&Co.") and a subsidiary of The Charles Schwab Corporation.

23. All advisory services (including the managed account portfolios) are provided by Advisor Firms ("Advisor"), an independent registered investment advisor, using the managed account technology services of Morningstar Associates, LLC (Morningstar), a registered investment adviser and wholly owned subsidiary of Morningstar, Inc. Morningstar is not affiliated with the Adviser. Neither the Adviser Firm nor Morningstar is affiliated with or an agent of Schwab Retirement Plan Services, Inc. ("SRPS") or any of its affiliates (collectively "Charles Schwab"). There is no guarantee a participant's savings and investment strategy will provide adequate income at or through their retirement. Fees are charged by SRPS for the recordkeeping and related services it provides, and fees may also be charged by the Adviser Firm for its provision of the advisory services. Morningstar provides a savings rate recommendation as part of the managed account technology services it provides to the Adviser. For plans that do not include a salary deferral feature, a savings rate recommendation will not be included.

24. Charles Schwab Investment Management, Inc. ("CSIM"), the investment advisor for Schwab's proprietary funds, and Charles Schwab & Co., Inc. ("Schwab," Member SIPC), the distributor for Schwab Funds, are separate but affiliated companies and subsidiaries of The Charles Schwab Corporation.

25. Schwab Intelligent Advisory is now Schwab Intelligent Portfolios Premium™.

Please read the Schwab Intelligent Portfolios Solutions disclosure brochures for important information, pricing, and disclosures relating to Schwab Intelligent Portfolios and Schwab Intelligent Portfolios Premium programs.

Schwab Intelligent Portfolios® and Schwab Intelligent Portfolios Premium® are made available through Charles Schwab & Co. Inc. ("Schwab"), a dually registered investment adviser and broker dealer. Portfolio management services are provided by Charles Schwab Investment Management, Inc. ("CSIM"). Schwab and CSIM are subsidiaries of The Charles Schwab Corporation.

26. Schwab Intelligent Income is available in both Schwab Intelligent Portfolios and Schwab Intelligent Portfolios Premium. There is no advisory fee or commissions charged for Schwab Intelligent Portfolios. For Schwab Intelligent Portfolios Premium, there is an initial planning fee of $300 upon enrollment and a $30 per month advisory fee charged on a quarterly basis as detailed in the Schwab Intelligent Portfolios Solutions™ disclosure brochures. Investors in Schwab Intelligent Portfolios and Schwab Intelligent Portfolios Premium (collectively, "Schwab Intelligent Portfolios Solutions") do pay direct and indirect costs. Please read the Schwab Intelligent Portfolios Solutions™ disclosure brochures for important information, pricing, and disclosures related to the Schwab Intelligent Portfolios and Schwab Intelligent Portfolios Premium programs.

27. TD Ameritrade, Inc., member FINRA/SIPC, and TD Ameritrade Clearing, Inc., member FINRA/SIPC, are subsidiaries of TD Ameritrade Holding Corporation (NASDAQ: AMTD). TD Ameritrade is a trademark jointly owned by TD Ameritrade IP Company, Inc. and The Toronto-Dominion Bank. TD AMERITRADE is the registered trademark of TD Ameritrade IP Company, Inc.

28. Schwab Stock Slices is not intended to be investment advice or a recommendation of any stock. Investing in stocks can be volatile and involves risk including loss of principal. Consider your individual circumstances prior to investing.

29. Accountability Guarantee is now the Satisfaction Guarantee. If you are not completely satisfied for any reason, at your request, Charles Schwab & Co., Inc. ("Schwab"), Charles Schwab Bank, SSB ("Schwab Bank"), or another Schwab affiliate, as applicable, will refund any eligible fee related to your concern. Refund requests must be received within 90 days of the date the fee was charged. Schwab reserves the right to change or terminate the guarantee at any time. Go to schwab.com/satisfaction to learn what's included and how it works.

30. With a net expense ratio of 0.03%, SCMB has the lowest fees when compared to ETFs in both the Morningstar Muni National Intermediate category and the Lipper General + Insured Municipal Debt category as of 10/7/2022. Morningstar and Lipper categories are not assigned until after inception date. Comparison based on Schwab Asset Management’s analysis of categories with ETFs that have similar characteristics to SCMB.

31. Source: Based on crypto-focused ETFs within ETF.com ECS’ “Digital Economy” niche category, June 30, 2022.

32. Investing involves risk including loss of principal.

Charles Schwab & Co., Inc. ("Schwab") and TD Ameritrade, Inc., members SIPC, are separate but affiliated subsidiaries of The Charles Schwab Corporation. TD Ameritrade is a trademark jointly owned by TD Ameritrade IP Company, Inc. and The Toronto-Dominion Bank.

​The paperMoney® software application is provided for educational purposes only, and allows users to engage in simulated trading with hypothetical funds using live market data. Market activity, trade executions, transaction costs, and other elements presented in paperMoney are simulations only. Simulated performance does not ensure success in a live environment.

33. Past performance is no guarantee of future results.

Please refer to the Charles Schwab Investment Management, Inc. Disclosure Brochure for additional information. Portfolio Management for the Wasmer Schroeder Strategies is provided by Charles Schwab Investment Management, Inc., dba Schwab Asset Management, a registered investment adviser and an affiliate of Charles Schwab & Co., Inc. (“Schwab”). Both Schwab Asset Management and Schwab are separate entities and subsidiaries of The Charles Schwab Corporation.

Wasmer Schroeder Strategies are available through Schwab's Managed Account Connection® program ("Connection"). Please read Schwab's disclosure brochure for important information and disclosures relating to Connection and Schwab's Managed Account Services®.

There are risks associated with any investment approach, the Wasmer Schroeder Strategies have their own set of risks. The Wasmer Schroeder Strategies invests primarily in fixed income instruments and as such the strategies are subject to various risks including but not limited to interest rate risk, reinvestment risk, credit risk, default risk and event risk. Fixed income securities are subject to increased loss of principal during periods of rising interest rates. Fixed income investments are subject to various other risks including changes in credit quality, market valuations, liquidity, prepayments, early redemption, corporate events, tax ramifications and other factors.

Bond ladder strategies, depending on the types and amount of securities within, may not ensure adequate diversification of your investment portfolio. This potential lack of diversification may result in heightened volatility of the value of your portfolio.

As compared to other fixed income products and strategies, engaging in a bond ladder strategy may potentially result in future reinvestment at lower interest rates and may necessitate higher minimum investments to maintain cost-effectiveness. Evaluate whether a bond ladder and the securities held within it are consistent with your investment objective, risk tolerance and financial circumstances.

34. This information is not intended to be a substitute for specific individualized tax, legal or investment planning advice.

Neither the tax-loss harvesting strategy nor any discussion herein is intended as tax advice, and Schwab Asset Management does not represent that any particular tax consequences will be obtained. Tax-loss harvesting involves certain risks including unintended tax implications. Investors should consult with their tax advisors and refer to Internal Revenue Service (“IRS”) website at www.irs.gov about the consequences of tax-loss harvesting.

Schwab Personalized Indexing is available through Schwab's Managed Account Connection® program ("Connection"). Please read Schwab's Disclosure Brochure for important information and disclosures relating to Connection and Schwab Managed Account Services.

Diversification and asset allocation strategies do not ensure a profit and cannot protect against losses in a declining market.

Please refer to the Charles Schwab Investment Management, Inc. Disclosure Brochure for additional information.

Portfolio Management for Schwab Personalized Indexing is provided by Charles Schwab Investment Management, Inc., dba Schwab Asset Management, a registered investment adviser and an affiliate of Charles Schwab & Co., Inc. ("Schwab"). Both Schwab Asset Management and Schwab are separate entities and subsidiaries of The Charles Schwab Corporation.

There are risks associated with any investment approach, and each Schwab Personalized Indexing strategy and equity market segment has their own set of risks based on client strategy selection and further customization.

Strategies that use screening to exclude certain investments may not be able to take advantage of the same opportunities or market trends as strategies that do not use screens. There can be no assurance that the strategies will achieve their desired outcomes. Each investing strategy brings with it its own set of unique risks and benefits.

35. Through its operating subsidiaries, The Charles Schwab Corporation (NYSE: SCHW) provides a full range of securities brokerage, banking, money management and financial advisory services to individual investors and independent investment advisors. Its broker-dealer subsidiary, Charles Schwab & Co., Inc. (member SIPC), and affiliates offer a complete range of investment services and products including an extensive selection of mutual funds; financial planning and investment advice; retirement plan and equity compensation plan services; compliance and trade monitoring solutions; referrals to independent fee-based investment advisors; and custodial, operational and trading support for independent, fee-based investment advisors through Schwab Advisor Services. Its banking subsidiary, Charles Schwab Bank (member FDIC and an Equal Housing Lender), provides banking and lending services and products. More information is available at www.schwab.com and www.aboutschwab.com.

Schwab Advisor Services™ serves independent investment advisors and includes the custody, trading, and support of Schwab.

Independent investment advisors are not owned by, affiliated with, or supervised by Schwab.

©2024 Charles Schwab & Co., Inc. (“Schwab”) All rights reserved. Member SIPC.

(0124-34Z6, 0124-3EDC, 0122-25B8, 0921-15TL, 0820-0HUZ, 0324-SUV5)

Brokerage Products: Not FDIC-Insured   •   No Bank Guarantee   •   May Lose Value

Investors should consider carefully information contained in the prospectus, including investment objectives, risks, charges, and expenses. You can request a prospectus by calling 800-435-4000. Please read the prospectus carefully before investing.

Variable annuities are sold by prospectus only. You can request a prospectus by calling 888-311-4887 or by visiting schwab.com/annuity. Before purchasing a variable annuity, you should carefully read the prospectus and consider the investment objectives and all risks, charges, and expenses associated with the annuity and its investment options.

Money market funds are neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the fund seeks to preserve the value of a money market investment at $1.00 per share, it is possible to lose money by investing in the fund.

The values of target date funds will fluctuate up to and after the target dates. There is no guarantee the funds will provide adequate income at or through retirement. Target date fund asset allocations are subject to change over time in accordance with each fund's prospectus.

Charles Schwab & Co., Inc., Charles Schwab Bank, optionsXpress, Inc., Compliance11, Inc., and Schwab Performance Technologies are separate but affiliated companies and subsidiaries of The Charles Schwab Corporation. Brokerage products are offered by Charles Schwab & Co., Inc. (Member SIPC) ("Schwab") and optionsXpress, Inc. (Member SIPC) ("optionsXpress"). Schwab Advisor Services™ serves independent investment advisors and includes the custody, trading, and support services of Schwab. Deposit and lending products and services are offered by Charles Schwab Bank, Member FDIC and Equal Housing Lender ("Schwab Bank"). Charles Schwab & Co., Inc. does not solicit, offer, endorse, negotiate, or originate any mortgage loan products and is neither a licensed mortgage broker nor a licensed mortgage lender. Windhaven Investment Management, Inc. ("Windhaven") and Thomas Partners, Inc. are registered investment advisor advisors and affiliates of Charles Schwab & Co., Inc.. Charles Schwab Investment Management, Inc. (CSIM) is an affiliate of Charles Schwab & Co., Inc.

1. Schwab's short-term redemption fee of $49.95 will be charged on redemption of funds held for 90 days or less. Schwab reserves the right to exempt certain funds from this fee. Trades in no-load mutual funds available through the Mutual Fund OneSource service (including Schwab Funds) are available without transaction fees when placed through Schwab.com or our automated phone channels. For trade orders placed through a broker, a $25 service charge applies. Schwab reserves the right to change the funds we make available without transaction fees and to reinstate fees on any funds.

Charles Schwab & Co., Inc. receives remuneration from fund companies participating in the Mutual Fund OneSource service for recordkeeping and shareholder services and other administrative services.

2. Schwab Charitable Fund is an independent nonprofit organization that has entered into service agreements with certain affiliates of The Charles Schwab Corporation.

3. Schwab Wealth Advisory™ ("SWA") is a non‐discretionary investment advisory program sponsored by Charles Schwab & Co., Inc. ("Schwab"). Schwab Wealth Advisory, Inc. ("SWAI") is a Registered Investment Adviser and provides portfolio management for the SWA program. Schwab and SWAI are affiliates and are subsidiaries of The Charles Schwab Corporation.

Advisors are independent and are not employees or agents of Charles Schwab & Co., Inc. Schwab selects advisors and checks their experience and credentials against criteria Schwab sets, such as years of experience managing investments, amount of assets managed, professional education, regulatory licensing, and business relationship as a client of Schwab. Advisors pay fees to Schwab in connection with referrals. Schwab does not supervise advisors and does not prepare, verify, or endorse information distributed by advisors. Investors must decide whether to hire an advisor and what authority to give him/her. Investors, not Schwab, are responsible for monitoring and evaluating an advisor's service, performance, and account transactions.

4. The Laudus Group® of Funds includes the Laudus Mondrian and Laudus Growth Investors Funds, which are part of the LaudusTrust and Laudus Institutional Trust and distributed by ALPS Distributors, Inc; and the Laudus MarketMasters Funds®, which are part of the Schwab Capital Trust and distributed by Charles Schwab Investment Management, Inc. ALPS Distributors, Inc. and Charles Schwab Investment Management, Inc. are unaffiliated entities.

5. There is no fee to open and maintain your account. Other charges may apply. See the pricing guide for details.

6. Conditions apply. Please see schwab.com/guarantee.

7. Portfolio Management for the Schwab Managed Portfolios™ is provided by Charles Schwab Investment Management, Inc., dba ​Schwab Asset Management®​, a registered investment adviser and an affiliate of Charles Schwab & Co., Inc. ("Schwab"). Schwab Asset Management and Schwab are separate entities and subsidiaries of The Charles Schwab Corporation.

8. Schwab Bank Investor Checking™ accounts are available only as linked accounts with Schwab One® accounts. The Schwab One brokerage account has no minimum balance requirements, and there is no requirement to fund this account when it is opened with a linked Investor Checking account.

9. Restrictions Apply: Online trades of Schwab ETFs are commission-free at Charles Schwab & Co., Inc. while trades of third-party ETFs may be subject to commissions. Broker-Assisted and Automated Phone trades are subject to service charges. Waivers may apply. See the Charles Schwab Pricing Guide for details. Conditions Apply: Trades in ETFs available through Schwab ETF OneSource™ (including Schwab ETFs™) are available without commissions when placed online in a Schwab account. Service charges apply for trade orders placed through a broker ($25) or by automated phone ($5). An exchange processing fee applies to sell transactions. Certain types of Schwab ETF OneSource transactions are not eligible for the commission waiver, such as short sells and buys to cover (not including Schwab ETFs). Schwab reserves the right to change the ETFs we make available without commissions. All ETFs are subject to management fees and expenses. Please see pricing guide for additional information.

Investment returns will fluctuate and are subject to market volatility, so that an investor's shares, when redeemed or sold, may be worth more or less than their original cost. Unlike mutual funds, shares of ETFs are not individually redeemable directly with the ETF. Shares are bought and sold at market price, which may be higher or lower than the net asset value (NAV).

Schwab ETFs are distributed by SEI Investments Distribution Co. (SIDCO). SIDCO is not affiliated with Charles Schwab & Co., Inc. Learn more at schwab.com/SchwabETFs.

10. Schwab's StreetSmart Edge® is available for Schwab Active Trading clients. Access to NASDAQ TotalView® is provided for free to non-professional clients who have made 120 or more equity and/or options trades in the last 12 months, 30 or more equity and/or options trades in either the current or previous quarters, or who have maintained $1 million or more in household balances at Schwab. Schwab Active Trading clients who do not meet these requirements can subscribe to Nasdaq TotalView for a quarterly fee. Professional clients may be required to meet additional criteria before obtaining a subscription to Nasdaq TotalView. This offer may be subject to additional restrictions or fees, and may be changed at any time.

11. Schwab Mobile Deposit service is subject to certain eligibility requirements, limitations, and other conditions. Enrollment is not guaranteed and standard hold policies apply. Requires a wireless signal or mobile connection.

12. Ratings and reviews are submitted by clients voluntarily and are screened for acceptance in accordance with the Publishing Guidelines prior to publication. Please see the Publishing Guidelines for details regarding which reviews are published.

Ratings and opinions expressed by clients are not meant to suggest future performance or the suitability of any account type, product, or service for any particular client and may not be representative of the experience of other clients. Charles Schwab & Co., Inc. and Schwab Bank cannot guarantee the accuracy of the information included in client reviews.

Ratings and Reviews are powered by Bazaarvoice, a third-party vendor not affiliated with Charles Schwab & Co., Inc. or Schwab Bank.

If you have additional questions or concerns about Ratings & Reviews or would like to verify its authenticity, please contact a Schwab representative at either 800-435-4000, the phone number on your statement, or by email at ratingsandreviews@schwab.com.

13. International investments involve additional risks, which include differences in financial accounting standards, currency fluctuations, geopolitical risk, foreign taxes and regulations, and the potential for illiquid markets. Investing in emerging markets may accentuate these risks.

14. Conditions Apply: Trades in ETFs available through Schwab ETF OneSource™ (including Schwab ETFs™) are available without commissions when placed online in a Schwab account. Service charges apply for trade orders placed through a broker ($25) or by automated phone ($5). An exchange processing fee applies to sell transactions. Certain types of Schwab ETF OneSource transactions are not eligible for the commission waiver, such as short sells and buys to cover (not including Schwab ETFs). Schwab reserves the right to change the ETFs we make available without commissions. All ETFs are subject to management fees and expenses. Please see Charles Schwab Pricing Guide for additional information.

Investment returns will fluctuate and are subject to market volatility so that an investor's shares, when redeemed or sold, may be worth more or less than their original cost. Unlike mutual funds, shares of ETFs are not individually redeemable directly with the ETF. Shares are bought and sold at market price, which may be higher or lower than the net asset value (NAV).

Charles Schwab & Co., Inc. receives remuneration from third-party ETF companies participating in Schwab ETF OneSource™ for recordkeeping, shareholder services, and other administrative services, including program development and maintenance.

Schwab ETFs are distributed by SEI Investments Distribution Co. (SIDCO). SIDCO is not affiliated with Charles Schwab & Co., Inc. Learn more at schwab.com/SchwabETFs.

15. The Schwab Retirement Income Variable annuity is issued by Pacific Life Insurance Company in all states except New York, and in New York by Pacific Life & Annuity Company. The contracts are sold exclusively by Charles Schwab & Co., Inc. through its representatives, including both employees and independent contractors and their employees ("Schwab Financial Consultants"). Charles Schwab Investment Management, Inc. (CSIM) is the adviser for the underlying investment options.

Charles Schwab & Co., Inc. and Charles Schwab Investment Management, Inc. are separate but affiliated companies and subsidiaries of The Charles Schwab Corporation and are not affiliated with Pacific Life Insurance Company or Pacific Life and Pacific Life & Annuity Company.

16. Based on operating expenses, which are generally lower for ETFs than for actively managed mutual funds. Operating expenses represent the total of all of a fund's annual fund operating expenses. Management fees are but one component of the fund operating expenses. Remember that cost is only one consideration when making an investment decision. An investor may give up the opportunity to outperform the market by not being in an actively managed fund.

Conditions Apply: Trades in ETFs available through Schwab ETF OneSource™ (including Schwab ETFs™) are available without commissions when placed online in a Schwab account. Service charges apply for trade orders placed through a broker ($25) or by automated phone ($5). An exchange processing fee applies to sell transactions. Certain types of Schwab ETF OneSource transactions are not eligible for the commission waiver, such as short sells and buys to cover (not including Schwab ETFs). Schwab reserves the right to change the ETFs we make available without commissions. All ETFs are subject to management fees and expenses. Please see Charles Schwab Pricing Guide for additional information.

Charles Schwab & Co., Inc. receives remuneration from third-party ETF companies participating in Schwab ETF OneSource™ for recordkeeping, shareholder services, and other administrative services, including program development and maintenance.

Schwab ETFs are distributed by SEI Investments Distribution Co. (SIDCO). SIDCO is not affiliated with Charles Schwab & Co., Inc. Learn more at schwab.com/SchwabETFs.

Schwab Retirement Plan Services, Inc. and Schwab Retirement Plan Services Company (collectively "Schwab Retirement Plan Services") are separate but affiliated companies and subsidiaries of The Charles Schwab Corporation.

17. PortfolioCenter Hosted and Schwab OpenView Mobile, now called Schwab Advisor Mobile Connect, are products of SPT. Schwab Performance Technologies ("SPT") is a subsidiary of The Charles Schwab Corporation separate from its affiliate Charles Schwab & Co., Inc. (Schwab). Schwab is a registered broker-dealer that provides brokerage services, while SPT licenses software and provides related technology products and services. Independent investment advisors are not owned by, affiliated with, or supervised by Schwab or its affiliates.

18. Schwab Bank, Charles Schwab Investment Management Inc. (CSIM), and Charles Schwab & Co., Inc. ("Schwab") are separate but affiliated companies and subsidiaries of The Charles Schwab Corporation. Schwab Retirement Plan Services provides recordkeeping and related services with respect to retirement plans. Trust and custody products and services are offered by Charles Schwab Bank. CSIM is the Registered Investment Advisor (RIA) that manages Schwab's proprietary funds (Schwab Funds). Schwab Funds are distributed by Schwab.

Index ownership—"Russell Fundamental Global Select Global Index"— is a joint trademark of Russell Investments ("Russell") and Research Affiliates LLC ("RA") and is used by the fund under license. "Research Affiliates" and "Fundamental Index" are trademarks of RA. Subject to RA's intellectual property rights in certain content, Russell is the owner of all copyrights related to the Russell Fundamental Indexes. Russell is the owner of the trademarks and copyrights related to the Russell Indexes. Schwab Fundamental US Large Company Index Fund is not sponsored, endorsed, sold, or promoted by Russell or RA, and Russell and RA do not make any representation regarding the advisability of investing in shares of the fund.

19. Accounts must maintain a minimum balance of $5,000 to be eligible for automatic rebalancing.

Diversification, automatic investing, and rebalancing strategies do not ensure a profit and do not protect against losses in declining markets.

20. Requires a wireless signal or mobile connection. System availability and response times are subject to market conditions and you mobile connection limitations. Functionality may vary by operating system and/or device.

Apple®, iPhone, and Apple Watch™ are trademarks of Apple Inc., registered in the U.S. and other countries.

21. Before investing in a 529 Plan, carefully consider the plan's investment objectives, risks, charges, and expenses. This information and more about the plan can be found in the Schwab 529 Guide and Participation Agreement available from Charles Schwab & Co., Inc., and should be read carefully before investing. If you are not a Kansas taxpayer, consider before investing whether your or the beneficiary's home state offers a 529 plan that provides its taxpayers with state tax benefits and other benefits not available through this plan. As with any investment, it is possible to lose money by investing in this plan.

The Schwab 529 College Savings Plan is available through Charles Schwab & Co., Inc. and is managed by American Century Investment Management, Inc. The plan was created by the Kansas State Legislature under the provisions of Section 529 of the Internal Revenue Code and is administered by Kansas State Treasurer Ron Estes. Notice: Accounts established under the Schwab 529 College Savings Plan and their earnings are neither insured nor guaranteed by the State of Kansas, the Kansas State Treasurer, American Century Investments®, or Charles Schwab & Co., Inc. Accounts established under the Schwab 529 College Savings Plan are domiciled at American Century Investments and not Schwab.

American Century Investments receives remuneration from fund companies, including PIMCO Funds, American Beacon Advisors, Metropolitan West Management, LLC, and Baron Funds® for recordkeeping, shareholder services, and other administrative services associated with funds held in the Schwab 529 College Savings Plan portfolios.

22. See the Institutional Intelligent Portfolios™ disclosure brochure for important information.

Institutional Intelligent Portfolios is made available through independent investment advisors and is sponsored by Schwab Wealth Investment Advisory, Inc. ("SWIA"), a registered investment advisor. SWIA is an affiliate of Charles Schwab & Co., Inc. ("CS&Co.") and a subsidiary of The Charles Schwab Corporation.

23. All advisory services (including the managed account portfolios) are provided by Advisor Firms ("Advisor"), an independent registered investment advisor, using the managed account technology services of Morningstar Associates, LLC (Morningstar), a registered investment adviser and wholly owned subsidiary of Morningstar, Inc. Morningstar is not affiliated with the Adviser. Neither the Adviser Firm nor Morningstar is affiliated with or an agent of Schwab Retirement Plan Services, Inc. ("SRPS") or any of its affiliates (collectively "Charles Schwab"). There is no guarantee a participant's savings and investment strategy will provide adequate income at or through their retirement. Fees are charged by SRPS for the recordkeeping and related services it provides, and fees may also be charged by the Adviser Firm for its provision of the advisory services. Morningstar provides a savings rate recommendation as part of the managed account technology services it provides to the Adviser. For plans that do not include a salary deferral feature, a savings rate recommendation will not be included.

24. Charles Schwab Investment Management, Inc. ("CSIM"), the investment advisor for Schwab's proprietary funds, and Charles Schwab & Co., Inc. ("Schwab," Member SIPC), the distributor for Schwab Funds, are separate but affiliated companies and subsidiaries of The Charles Schwab Corporation.

25. Schwab Intelligent Advisory is now Schwab Intelligent Portfolios Premium™.

Please read the Schwab Intelligent Portfolios Solutions disclosure brochures for important information, pricing, and disclosures relating to Schwab Intelligent Portfolios and Schwab Intelligent Portfolios Premium programs.

Schwab Intelligent Portfolios® and Schwab Intelligent Portfolios Premium® are made available through Charles Schwab & Co. Inc. ("Schwab"), a dually registered investment adviser and broker dealer. Portfolio management services are provided by Charles Schwab Investment Management, Inc. ("CSIM"). Schwab and CSIM are subsidiaries of The Charles Schwab Corporation.

26. Schwab Intelligent Income is available in both Schwab Intelligent Portfolios and Schwab Intelligent Portfolios Premium. There is no advisory fee or commissions charged for Schwab Intelligent Portfolios. For Schwab Intelligent Portfolios Premium, there is an initial planning fee of $300 upon enrollment and a $30 per month advisory fee charged on a quarterly basis as detailed in the Schwab Intelligent Portfolios Solutions™ disclosure brochures. Investors in Schwab Intelligent Portfolios and Schwab Intelligent Portfolios Premium (collectively, "Schwab Intelligent Portfolios Solutions") do pay direct and indirect costs. Please read the Schwab Intelligent Portfolios Solutions™ disclosure brochures for important information, pricing, and disclosures related to the Schwab Intelligent Portfolios and Schwab Intelligent Portfolios Premium programs.

27. TD Ameritrade, Inc., member FINRA/SIPC, and TD Ameritrade Clearing, Inc., member FINRA/SIPC, are subsidiaries of TD Ameritrade Holding Corporation (NASDAQ: AMTD). TD Ameritrade is a trademark jointly owned by TD Ameritrade IP Company, Inc. and The Toronto-Dominion Bank. TD AMERITRADE is the registered trademark of TD Ameritrade IP Company, Inc.

28. Schwab Stock Slices is not intended to be investment advice or a recommendation of any stock. Investing in stocks can be volatile and involves risk including loss of principal. Consider your individual circumstances prior to investing.

29. Accountability Guarantee is now the Satisfaction Guarantee. If you are not completely satisfied for any reason, at your request, Charles Schwab & Co., Inc. ("Schwab"), Charles Schwab Bank, SSB ("Schwab Bank"), or another Schwab affiliate, as applicable, will refund any eligible fee related to your concern. Refund requests must be received within 90 days of the date the fee was charged. Schwab reserves the right to change or terminate the guarantee at any time. Go to schwab.com/satisfaction to learn what's included and how it works.

30. With a net expense ratio of 0.03%, SCMB has the lowest fees when compared to ETFs in both the Morningstar Muni National Intermediate category and the Lipper General + Insured Municipal Debt category as of 10/7/2022. Morningstar and Lipper categories are not assigned until after inception date. Comparison based on Schwab Asset Management’s analysis of categories with ETFs that have similar characteristics to SCMB.

31. Source: Based on crypto-focused ETFs within ETF.com ECS’ “Digital Economy” niche category, June 30, 2022.

32. Investing involves risk including loss of principal.

Charles Schwab & Co., Inc. ("Schwab") and TD Ameritrade, Inc., members SIPC, are separate but affiliated subsidiaries of The Charles Schwab Corporation. TD Ameritrade is a trademark jointly owned by TD Ameritrade IP Company, Inc. and The Toronto-Dominion Bank.

​The paperMoney® software application is provided for educational purposes only, and allows users to engage in simulated trading with hypothetical funds using live market data. Market activity, trade executions, transaction costs, and other elements presented in paperMoney are simulations only. Simulated performance does not ensure success in a live environment.

33. Past performance is no guarantee of future results.

Please refer to the Charles Schwab Investment Management, Inc. Disclosure Brochure for additional information. Portfolio Management for the Wasmer Schroeder Strategies is provided by Charles Schwab Investment Management, Inc., dba Schwab Asset Management, a registered investment adviser and an affiliate of Charles Schwab & Co., Inc. (“Schwab”). Both Schwab Asset Management and Schwab are separate entities and subsidiaries of The Charles Schwab Corporation.

Wasmer Schroeder Strategies are available through Schwab's Managed Account Connection® program ("Connection"). Please read Schwab's disclosure brochure for important information and disclosures relating to Connection and Schwab's Managed Account Services®.

There are risks associated with any investment approach, the Wasmer Schroeder Strategies have their own set of risks. The Wasmer Schroeder Strategies invests primarily in fixed income instruments and as such the strategies are subject to various risks including but not limited to interest rate risk, reinvestment risk, credit risk, default risk and event risk. Fixed income securities are subject to increased loss of principal during periods of rising interest rates. Fixed income investments are subject to various other risks including changes in credit quality, market valuations, liquidity, prepayments, early redemption, corporate events, tax ramifications and other factors.

Bond ladder strategies, depending on the types and amount of securities within, may not ensure adequate diversification of your investment portfolio. This potential lack of diversification may result in heightened volatility of the value of your portfolio.

As compared to other fixed income products and strategies, engaging in a bond ladder strategy may potentially result in future reinvestment at lower interest rates and may necessitate higher minimum investments to maintain cost-effectiveness. Evaluate whether a bond ladder and the securities held within it are consistent with your investment objective, risk tolerance and financial circumstances.

34. This information is not intended to be a substitute for specific individualized tax, legal or investment planning advice.

Neither the tax-loss harvesting strategy nor any discussion herein is intended as tax advice, and Schwab Asset Management does not represent that any particular tax consequences will be obtained. Tax-loss harvesting involves certain risks including unintended tax implications. Investors should consult with their tax advisors and refer to Internal Revenue Service (“IRS”) website at www.irs.gov about the consequences of tax-loss harvesting.

Schwab Personalized Indexing is available through Schwab's Managed Account Connection® program ("Connection"). Please read Schwab's Disclosure Brochure for important information and disclosures relating to Connection and Schwab Managed Account Services.

Diversification and asset allocation strategies do not ensure a profit and cannot protect against losses in a declining market.

Please refer to the Charles Schwab Investment Management, Inc. Disclosure Brochure for additional information.

Portfolio Management for Schwab Personalized Indexing is provided by Charles Schwab Investment Management, Inc., dba Schwab Asset Management, a registered investment adviser and an affiliate of Charles Schwab & Co., Inc. ("Schwab"). Both Schwab Asset Management and Schwab are separate entities and subsidiaries of The Charles Schwab Corporation.

There are risks associated with any investment approach, and each Schwab Personalized Indexing strategy and equity market segment has their own set of risks based on client strategy selection and further customization.

Strategies that use screening to exclude certain investments may not be able to take advantage of the same opportunities or market trends as strategies that do not use screens. There can be no assurance that the strategies will achieve their desired outcomes. Each investing strategy brings with it its own set of unique risks and benefits.

35. Through its operating subsidiaries, The Charles Schwab Corporation (NYSE: SCHW) provides a full range of securities brokerage, banking, money management and financial advisory services to individual investors and independent investment advisors. Its broker-dealer subsidiary, Charles Schwab & Co., Inc. (member SIPC), and affiliates offer a complete range of investment services and products including an extensive selection of mutual funds; financial planning and investment advice; retirement plan and equity compensation plan services; compliance and trade monitoring solutions; referrals to independent fee-based investment advisors; and custodial, operational and trading support for independent, fee-based investment advisors through Schwab Advisor Services. Its banking subsidiary, Charles Schwab Bank (member FDIC and an Equal Housing Lender), provides banking and lending services and products. More information is available at www.schwab.com and www.aboutschwab.com.

Schwab Advisor Services™ serves independent investment advisors and includes the custody, trading, and support of Schwab.

Independent investment advisors are not owned by, affiliated with, or supervised by Schwab.

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