Schwab Aims to Redefine Brokerage Shopping Process With New Website
Public Company Information:
SAN FRANCISCO--(BUSINESS WIRE)--Expanding on its efforts to provide people with a more transparent and simplified investing experience, Charles Schwab has launched a new public Schwab.com website. The new site is designed to simplify the brokerage selection process by answering common questions about Schwab such as “How much does this cost and what do I get for what I pay?” and “What is it like being a Schwab client?”. Now investors can conveniently access pricing information, preview research tools that have traditionally been “locked” behind client log-ins, and read peer reviews written by Schwab clients – a first among major brokerage firms.
According to Schwab research, the brokerage selection process has traditionally been too complicated and opaque: more than 90 percent of those who repeatedly visit brokerage websites over a six month period do not ultimately open an account with any brokerage firm. The Marketing Leadership Council reports that decision simplicity is the most important lever to encourage consumers to complete the purchase path1, and with very low conversion rate among consumers shopping for a brokerage, more emphasis should be placed on making it easier for people to evaluate and trust the information provided on brokerage websites.
“Based on our research and conversations with clients, the financial services industry can and must do a better job of communicating its offerings in a way that simplifies and improves the shopping process for investors,” explains Helen Loh, Charles Schwab vice president of digital marketing. “We listened to what consumers are asking for and have fundamentally redesigned the online experience in an effort to demystify investing. We believe this will give investors more confidence when it comes to deciding which brokerage to choose, hopefully leading more people to take action in pursuit of a more successful financial future.”
Earlier this year, Schwab announced the launch of Clients Speak™, an online ratings and reviews program which enables clients to give feedback on Schwab’s brokerage and retirement accounts and Schwab Bank High Yield Investor Checking® accounts that can be viewed publicly and offers investors additional insight into the Schwab client experience directly through comments from their peers. The new Schwab.com site builds upon this effort of providing information to investors in an open and transparent manner helping them to make more informed decisions when choosing a brokerage firm or bank.
Additional features of the new Schwab.com site include:
- Schwab Research. “Test drive” Schwab’s wide array of online research tools by previewing stock screeners and research reports to inform investment decisions.
- Resource Center. Experience educational resources including timely market commentary and investing insights from our experts, as well as online and in-branch workshops – even before you become a client.
- Information for Active Traders. Get a taste of the Active Trader experience at Schwab through interactive demos of our trading platform, research and tools, and the Active Trader client community where clients can exchange ideas, learn from each other and from Schwab experts.
- Investment Help. Access content that describes what help Schwab has to offer for different investors’ needs – and what is available for free and what comes at a cost.
- Retirement Income Generation. Review new resources designed to guide investors through the basics of generating income during retirement, including videos of “real people” providing personal perspective on how they are managing retirement and lessons they have learned along the way.
Investors can visit the newly designed site at www.schwab.com.
About Charles Schwab
The Charles Schwab Corporation (NYSE:SCHW) is a leading provider of financial services, with more than 300 offices and 8.2 million client brokerage accounts, 1.5 million corporate retirement plan participants, 765,000 banking accounts, and $1.65 trillion in client assets as of Aug. 31, 2011. Through its operating subsidiaries, the company 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, www.sipc.org), 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; referrals to independent fee-based investment advisors; and custodial, operational and trading support for independent, fee-based investment advisors through its Advisor Services division. Independent investment advisors are not owned, affiliated with or supervised by Schwab. Its banking subsidiary, Charles Schwab Bank (member FDIC and an Equal Housing Lender), provides banking and mortgage services and products. More information is available at www.schwab.com and www.aboutschwab.com. (1011-6344)
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© 2011 Charles Schwab & Co., Inc. (Member SIPC) All rights reserved.
1 Marketing Leadership Council®, Sales, Marketing, and Communications Practice © 2011
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