Schwab Sees Continued Growth Among Its Independent Recordkeeper Clients With 10 Now Managing $1 Billion or More in Assets

Complex regulations and product choices help drive success of recordkeepers in workplace retirement plans

Wednesday, July 13, 2011 6:00 am PDT



Public Company Information:

"Local support from independent recordkeepers – having us guide a business owner through the labyrinth of plan designs and help them make decisions – is a big deal these days"

SAN FRANCISCO--(BUSINESS WIRE)--Independent 401(k) recordkeepers’ services are resonating like never before, as demonstrated by 10 recordkeepers that have eclipsed the $1 billion asset level who custody with Schwab. Recordkeepers provide customized solutions and local support to their plan sponsor clients, making them a popular choice for employers.

“One reason independent recordkeepers are experiencing growth is because they are able to react quickly to trends and regulatory changes,” said Mark Coffrini, senior vice president of Charles Schwab Retirement Business Services. “Regulations are forcing more transparency, and recordkeepers are prepared to deal with issues such as fee transparency and regulations because they've been doing it all along.”

Because of regulations and increased focus on fiduciary liability and responsibility, as well as the numerous investment choices available, it is more complex than ever for employers to put together all the different components of a retirement plan.

"Local support from independent recordkeepers – having us guide a business owner through the labyrinth of plan designs and help them make decisions – is a big deal these days,” said John D. Blossom, Jr. of Alliance Benefit Group of Illinois. “There are more investment choices and product decisions needed today than ever before.”

(in alphabetical order)
Alliance Benefit Group of Illinois, Peoria, IL
Alliance Benefit Group North Central States, Albert Lea, MN
Epic Advisors Inc., Rochester, NY
Heintzberger Payne, Portland, OR
Milliman, Inc., Seattle, WA
The Newport Group, Orlando, FL
Northwest Plan Services, Inc., Seattle, WA
The Standard, Portland, OR
Retirement Alliance, Inc., Manchester, NH
Retirement Plan Services, LLC, St. Louis, MO

Source: Charles Schwab Retirement Business Services

Schwab Retirement Business Services (RBS) is a leading provider of unbundled trust, custody and clearing services for independent retirement plan providers, including recordkeepers and retirement advisors. RBS manages the Business Trust division of Charles Schwab Bank and delivers integrated, flexible solutions with open architecture and transparent pricing and reporting for small and micro retirement plans.

About Charles Schwab

The Charles Schwab Corporation (NYSE:SCHW) is a leading provider of financial services, with more than 300 offices and 8.1 million client brokerage accounts, 1.4 million corporate retirement plan participants, 736,000 banking accounts, and $1.7 trillion in client assets as of May 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,, 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 and (0711-4240)

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Jennifer Davis, 415-667-0181

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