How We Compensate Our Investment Professionals

ARCHIVED 2025-10-01, DATE APPROXIMATE · VERSION 20251001_rev01 · COMPARED WITH 20250501_rev01

Full text changes — 20250501_rev01 to 20251001_rev01

COLOUR MARKS THE SEVERITY OF A FLAGGED CLAUSE · + AND − MARK ADDED AND REMOVED

+[View this notice in PDF format](https://www.schwab.com/resource/how-we-compensate-our-investment-professionals)
 Since Charles Schwab & Co., Inc. ("Schwab") was founded more than 40 years ago, we've been committed to serving the needs of individual investors. One of our most important beliefs is that you should understand how the financial professionals assisting you are paid, so you can evaluate the recommendations you receive.
 In these pages, we identify the different categories of investment professionals who may serve you at Schwab and describe how they are compensated. This includes both Schwab employees and independent branch franchisees (and their employees) operating Schwab Independent Branches. Compensation for investment professionals who provide recommendations is designed to support the provision of advice in the client's best interest.
 Certain representatives that drive net new assets to the firm during the year may also be eligible to earn an annual trip through Schwab Chairman's Club.
 Please note that the information below describes how Schwab pays employee professionals and shares revenue with Independent Branch professionals, not how you pay Schwab for the services you receive. Information about what you pay Schwab for the services we provide can be found at [schwab.com/pricing](https://schwab.com/pricing).
+These pages summarize our compensation plans and incorporate all recent changes in effect as of April 10, 2025.
+These pages summarize our compensation plans and incorporate all recent changes in effect as of October 1, 2025.
 These pages are accurate as of the date indicated above. The most recent information is available at [schwab.com/compensationdisclosure](https://schwab.com/compensationdisclosure).
+We invite you to read this information carefully and to contact us at 800-435-4000 if you have any questions. (For multilingual services, call 800-662-6068. For services outside the U.S., call +1-415-667-8400.)
+We invite you to read this information carefully and to contact us at [800-435-4000](tel:+18004354000) if you have any questions. (For multilingual services, call [800-662-6068](tel:+18006626068). For services outside the U.S., call [+1-415-667-8400](tel:+14156678400).)
 ## Types of Investment Professionals
 ### 1\. U.S. Branch Representatives
 - VP-Financial Consultants
 As shown in the tables below, Financial Consultants receive more compensation for some products and services than others. Financial Consultants are eligible to receive 7%, 8%, or 9% of the amount resulting from application of the asset multiplier rate, depending on a Financial Consultant's professional experience and past work performance.
 The third category of Relationship Pay is for credit products.
 #### Relationship Pay Based on Account Balances
+<table><tbody><tr><td><h4 name="H4_HEAD">Category&nbsp;1</h4><h5 name="H5_HEAD">Portfolio Management Services <span name="C_BookRegular">(typically have more involved ongoing service&nbsp;needs)</span></h5></td><td><h4 name="H4_HEAD">Category&nbsp;1</h4><h5 name="H5_HEAD">Annual Relationship Pay per $100,000 of Client&nbsp;Balances</h5></td></tr><tr><td><ul><li name="P_BULLET_12pt">Schwab Wealth Advisory™</li><li name="P_BULLET_12pt">Schwab Managed Portfolios™</li><li name="P_BULLET_12pt">Schwab Managed Account Services™ (which includes ThomasPartners<span name="C_SuperscriptR">®</span> Strategies, Windhaven<span name="C_SuperscriptR">®</span> Strategies, Wasmer Schroeder™ Fixed Income Strategies, Wasmer Schroeder Municipal Bond Ladder Strategies, Wasmer Schroeder Taxable Bond Ladder Strategies, Charles Schwab Investment Management Separately Managed Accounts, Diversified Portfolios, Third-Party Managers, Schwab Personalized Indexing™, and Selective Portfolios)</li><li name="P_BULLET_12pt">USAA Managed Portfolios<span name="C_SuperscriptR">®</span></li></ul></td><td><p name="P_BODY">The asset multiplier rate used for Category 1 could range between 32 and 42 basis points, which is multiplied by a Financial Consultant's particular payout rate.</p><p name="P_BODY">This results in a payment between:</p><p name="P_BODY">$22.40 (100,000 × .0032 × .07) and<br>$29.40 (100,000 × .0042 × .07),</p><p name="P_BODY">$25.60 (100,000 × .0032 × .08), and<br>$33.60 (100,000 × .0042 × .08) or</p><p name="P_BODY_END">$28.80 (100,000 × .0032 × .09) and<br>$37.80 (100,000 × .0042 × .09)</p></td></tr></tbody></table>
+<table><tbody><tr><td><h4 name="H4_HEAD">Category&nbsp;1</h4><h5 name="H5_HEAD">Portfolio Management Services <span name="C_BookRegular">(typically have more involved ongoing service&nbsp;needs)</span></h5></td><td><h4 name="H4_HEAD">Category&nbsp;1</h4><h5 name="H5_HEAD">Annual Relationship Pay per $100,000 of Client&nbsp;Balances</h5></td></tr><tr><td><ul><li name="P_BULLET_12pt">Schwab Wealth Advisory™</li><li name="P_BULLET_12pt">Schwab Managed Portfolios™</li><li name="P_BULLET_12pt">Schwab Managed Account Services™ (which includes ThomasPartners<span name="C_SuperscriptR">®</span> Strategies, Windhaven<span name="C_SuperscriptR">®</span> Strategies, Wasmer Schroeder™ Fixed Income Strategies, Wasmer Schroeder Municipal Bond Ladder Strategies, Wasmer Schroeder Taxable Bond Ladder Strategies, Charles Schwab Investment Management Separately Managed Accounts, Diversified Portfolios, Third-Party Managers, Schwab Personalized Indexing™, and Selective Portfolios)</li><li name="P_BULLET_12pt">Schwab Guided Portfolios™</li></ul></td><td><p name="P_BODY">The asset multiplier rate used for Category 1 could range between 32 and 42 basis points, which is multiplied by a Financial Consultant's particular payout rate.</p><p name="P_BODY">This results in a payment between:</p><p name="P_BODY">$22.40 (100,000 × .0032 × .07) and<br>$29.40 (100,000 × .0042 × .07),</p><p name="P_BODY">$25.60 (100,000 × .0032 × .08), and<br>$33.60 (100,000 × .0042 × .08) or</p><p name="P_BODY_END">$28.80 (100,000 × .0032 × .09) and<br>$37.80 (100,000 × .0042 × .09)</p></td></tr></tbody></table>
 <table><tbody><tr><td><h4 name="H4_HEAD">Category&nbsp;2</h4><h5 name="H5_HEAD">Portfolio Management Referrals and Non-Managed Accounts&nbsp;<span name="C_BookRegular">(typically have less involved ongoing service&nbsp;needs)</span></h5></td><td><h4 name="H4_HEAD">Category&nbsp;2</h4><h5 name="H5_HEAD">Annual Relationship Pay per $100,000 of Client&nbsp;Balances</h5></td></tr><tr><td><ul><li name="P_BULLET_12pt">Schwab Advisor Network<span name="C_SuperscriptR">®</span></li><li name="P_BULLET_12pt">Schwab Intelligent Portfolios<span name="C_SuperscriptR">®</span></li><li name="P_BULLET_12pt">Schwab Intelligent Portfolios Premium<span name="C_SuperscriptR">®</span></li><li name="P_BULLET_12pt">Schwab Personal Trust</li><li name="P_BULLET_12pt">Annuities (for Financial Consultants with an active insurance license)*</li><li name="P_BULLET_12pt">Wasmer Schroeder™ Ultra Short&nbsp;Strategies</li><li name="P_BULLET_12pt">Wasmer Schroeder™ Treasury Bond Ladder Strategies</li><li name="P_BULLET_12pt">Schwab Alternative Investments Select</li></ul><p name="P_BODY_END">Balances in self-directed or non-managed accounts are treated the same, regardless of whether the assets are in affiliated or third-party products or different share classes. The payout rate is the same for stocks, bonds, mutual funds, ETFs, cash (including Schwab Bank deposits), option positions, and 529&nbsp;accounts.</p></td><td><p name="P_BODY">The asset multiplier rate used for Category 2 could range between 9 and 12 basis points, which is multiplied by a Financial Consultant's particular payout rate.</p><p name="P_BODY">This results in a payment between:</p><p name="P_BODY">$6.30 (100,000 × .0009 × .07) and<br>$8.40 (100,000 × .0012 × .07),</p><p name="P_BODY">$7.20 (100,000 × .0009 × .08) and<br>$9.60 (100,000 × .0012 × .08), or</p><p name="P_BODY_END">$8.10 (100,000 × .0009 × .09) and<br>$10.80 (100,000 × .0012 × .09)</p></td></tr></tbody></table>
 <table><tbody><tr><td><h4 name="H4_HEAD">Category&nbsp;3</h4><h5 name="H5_HEAD">Non-investment Advice Products and Activities</h5></td></tr><tr><td><h5 name="H5_HEAD">Credit Products:</h5><ul><li name="P_BULLET_12pt">Margin Loans</li><li name="P_BULLET_12pt">Schwab Bank Home Equity Line of Credit (HELOC)</li><li name="P_BULLET_12pt">Schwab Bank Pledged Asset Line<span name="C_SuperscriptR">®</span> (PAL)</li></ul><p name="P_BODY_END">Financial Consultants receive a payment of 4.4 basis points per $100,000 of client loan balance. This results in a payment of $44 per $100,000 loan ($100,000 × .00044).</p></td></tr></tbody></table>
 When a client in a Financial Consultant's practice is enrolled in a participating portfolio management service and receives a refund of their program fee under the Schwab Satisfaction Guarantee, Schwab will debit the amount of Relationship Pay the Financial Consultant receives by a percentage of the amount of the fee refunded.
 #### Solutions Pay
 <table><tbody><tr><td><h4 name="H4_HEAD">Category&nbsp;1</h4><h5 name="H5_HEAD">Asset Consolidation</h5></td><td><h4 name="H4_HEAD">Category&nbsp;1</h4><h4 name="H4_HEAD">Financial Consultant's Compensation<span name="C_Superscript">1</span></h4></td><td><h4 name="H4_HEAD">Category&nbsp;1</h4><h5 name="H5_HEAD">One-Time Solutions Payment</h5></td></tr><tr><td><p name="P_BODY_END">Net Asset Flows (total inflow of client assets minus the total outflow of client assets)</p></td><td><p name="P_BODY_END">0.0008 × Net Asset Flows</p></td><td><p name="P_BODY_END">$80 per $100,000 of Client Balances</p></td></tr></tbody></table>
 Schwab may cap the amount of incentive compensation that a Financial Consultant can earn from any one client from the Solutions Pay component.
+<table><tbody><tr><td><h4 name="H4_HEAD">Category&nbsp;2</h4><h5 name="H5_HEAD">Portfolio Management Services*</h5></td><td><h4 name="H4_HEAD">Category&nbsp;2</h4><h5 name="H5_HEAD">Financial Consultant's Compensation<span name="C_Superscript">1</span></h5></td><td><h4 name="H4_HEAD">Category&nbsp;2</h4><h5 name="H5_HEAD">One-Time Solutions Payment</h5></td></tr><tr><td><ul><li name="P_BULLET_12pt">Schwab Wealth Advisory™</li><li name="P_BULLET_12pt">Schwab Intelligent Portfolios<span name="C_SuperscriptR">®</span></li><li name="P_BULLET_12pt">Schwab Intelligent Portfolios Premium<span name="C_SuperscriptR">®</span></li><li name="P_BULLET_12pt">Schwab Advisor Network<span name="C_SuperscriptR">®</span></li><li name="P_BULLET_12pt">Schwab Personal Trust-Full Corporate&nbsp;Trustee and Self-Directed</li><li name="P_BULLET_12pt">Schwab Managed Portfolios™</li><li name="P_BULLET_12pt">Schwab Managed Account Services™ (which includes ThomasPartners<span name="C_SuperscriptR">®</span> Strategies, Windhaven<span name="C_SuperscriptR">®</span> Strategies, Wasmer Schroeder™ Fixed Income Strategies, Wasmer Schroeder Municipal Bond Ladder Strategies, Wasmer Schroeder Taxable Bond Ladder Strategies, Charles Schwab Investment Management Separately Managed Accounts, Diversified Portfolios, Third-Party Managers, Schwab Personalized Indexing™, and Selective Portfolios)</li><li name="P_BULLET_12pt" spaceafter="0px">USAA Managed Portfolios<span name="C_SuperscriptR">®</span></li></ul></td><td><p name="P_BODY_END">0.002 × amount enrolled</p></td><td><p name="P_BODY_END">$200 per $100,000 of Client Balances</p></td></tr><tr><td><p name="P_BODY_END">Annuities by a Financial Consultant with an active insurance&nbsp;license</p></td><td><p name="P_BODY_END">0.002 × annuity amount</p></td><td><p name="P_BODY_END">$200 per $100,000 of Client Balances</p></td></tr></tbody></table>
+<table><tbody><tr><td><h4 name="H4_HEAD">Category&nbsp;2</h4><h5 name="H5_HEAD">Portfolio Management Services*</h5></td><td><h4 name="H4_HEAD">Category&nbsp;2</h4><h5 name="H5_HEAD">Financial Consultant's Compensation<span name="C_Superscript">1</span></h5></td><td><h4 name="H4_HEAD">Category&nbsp;2</h4><h5 name="H5_HEAD">One-Time Solutions Payment</h5></td></tr><tr><td><ul><li name="P_BULLET_12pt">Schwab Wealth Advisory™</li><li name="P_BULLET_12pt">Schwab Intelligent Portfolios<span name="C_SuperscriptR">®</span></li><li name="P_BULLET_12pt">Schwab Intelligent Portfolios Premium<span name="C_SuperscriptR">®</span></li><li name="P_BULLET_12pt">Schwab Advisor Network<span name="C_SuperscriptR">®</span></li><li name="P_BULLET_12pt">Schwab Personal Trust-Full Corporate&nbsp;Trustee and Self-Directed</li><li name="P_BULLET_12pt">Schwab Managed Portfolios™</li><li name="P_BULLET_12pt">Schwab Managed Account Services™ (which includes ThomasPartners<span name="C_SuperscriptR">®</span> Strategies, Windhaven<span name="C_SuperscriptR">®</span> Strategies, Wasmer Schroeder™ Fixed Income Strategies, Wasmer Schroeder Municipal Bond Ladder Strategies, Wasmer Schroeder Taxable Bond Ladder Strategies, Charles Schwab Investment Management Separately Managed Accounts, Diversified Portfolios, Third-Party Managers, Schwab Personalized Indexing™, and Selective Portfolios)</li><li name="P_BULLET_12pt" spaceafter="0px">Schwab Guided Portfolios™</li></ul></td><td><p name="P_BODY_END">0.002 × amount enrolled</p></td><td><p name="P_BODY_END">$200 per $100,000 of Client Balances</p></td></tr><tr><td><p name="P_BODY_END">Annuities by a Financial Consultant with an active insurance&nbsp;license</p></td><td><p name="P_BODY_END">0.002 × annuity amount</p></td><td><p name="P_BODY_END">$200 per $100,000 of Client Balances</p></td></tr></tbody></table>
 \*Excludes Wasmer Schroeder™ Ultra Short Strategies and Wasmer Schroeder™ Treasury Bond Ladder Strategies.
 Schwab may cap the amount of incentive compensation that a Financial Consultant can earn from any one client from the Solutions Pay component.
+<table><tbody><tr><td><h4 name="H4_HEAD">Category&nbsp;3</h4><h5 name="H5_HEAD">Other Products</h5></td><td><h4 name="H4_HEAD">Category&nbsp;3</h4><h5 name="H5_HEAD">Financial Consultant's Compensation<span name="C_Superscript">1</span></h5></td><td><h4 name="H4_HEAD">Category&nbsp;3</h4><h5 name="H5_HEAD">One-Time Solutions Payment</h5></td></tr><tr><td><p name="P_BODY_END">Introductions to Charles Schwab Bank,&nbsp;SSB for mortgages by Financial Consultants who are also employees of Charles Schwab Bank,&nbsp;SSB</p></td><td><p name="P_BODY">0.002 × loan amount for new mortgages;</p><p name="P_BODY_END">0.0011 × loan amount for refinanced loans</p></td><td><p name="P_BODY">$200 per $100,000 of loan amount</p><p name="P_BODY_END">$110 per $100,000 of loan amount</p></td></tr><tr><td><p name="P_BODY_END">Referrals to Schwab Bank Pledged Asset Line<span name="C_SuperscriptR">®</span> (PAL)</p></td><td><p name="P_BODY_END">$120 per opened account</p></td><td><p name="P_BODY_END">$120</p></td></tr><tr><td><p name="P_BODY_END">Schwab Personal Trust-Successor Trustee</p></td><td><p name="P_BODY_END">$175 per household designation</p></td><td><p name="P_BODY_END">$175</p></td></tr><tr><td><p name="P_BODY_END">Referrals to a donor-advised fund account with DAFgiving360™<span name="C_Superscript">2</span></p></td><td><p name="P_BODY_END">$175 per converted referral for new accounts over $25,000</p></td><td><p name="P_BODY_END">$175</p></td></tr><tr><td><p name="P_BODY_END">Referrals to Life Insurance by a Financial Consultant with an active insurance&nbsp;license</p></td><td><p name="P_BODY_END">$450 per converted referral</p></td><td><p name="P_BODY_END">$450</p></td></tr><tr><td><p name="P_BODY_END">Referrals to Long-Term Care Insurance by a Financial Consultant with an active insurance license</p></td><td><p name="P_BODY_END">$450 per converted referral</p></td><td><p name="P_BODY_END">$450</p></td></tr><tr><td><p name="P_BODY_END">Referrals to Schwab Advisor Services™</p></td><td><p name="P_BODY">$800 for referrals up to $30 million;</p><p name="P_BODY_END">$3,500 for referrals of $30+ million</p></td><td><p name="P_BODY_END">$800 or $3,500</p></td></tr><tr><td><p name="P_BODY_END">Referrals to Schwab Retirement Plan Services or Retirement Business Services</p></td><td><p name="P_BODY">0.002 × amount of assets referred;</p><p name="P_BODY_END">$250,000 minimum asset level to $10,000,000 maximum asset&nbsp;level</p></td><td><p name="P_BODY_END">$500 for a $250,000 referral</p></td></tr><tr><td><p name="P_BODY_END">Schwab Alternative Investments Select</p></td><td><p name="P_BODY_END">0.002 × amount invested</p></td><td><p name="P_BODY_END">$200 per $100,000 of amount invested</p></td></tr><tr><td><p name="P_BODY_END">Referrals to Wealth Services</p></td><td><p name="P_BODY">0.0004 × amount referred;</p><p name="P_BODY_END">$10 million minimum asset level</p></td><td><p name="P_BODY_END">$400 per $1,000,000 referred</p></td></tr></tbody></table>
+<table><tbody><tr><td><h4 name="H4_HEAD">Category&nbsp;3</h4><h5 name="H5_HEAD">Other Products</h5></td><td><h4 name="H4_HEAD">Category&nbsp;3</h4><h5 name="H5_HEAD">Financial Consultant's Compensation<span name="C_Superscript">1</span></h5></td><td><h4 name="H4_HEAD">Category&nbsp;3</h4><h5 name="H5_HEAD">One-Time Solutions Payment</h5></td></tr><tr><td><p name="P_BODY_END">Introductions to Charles Schwab Bank,&nbsp;SSB for mortgages by Financial Consultants who are also employees of Charles Schwab Bank,&nbsp;SSB</p></td><td><p name="P_BODY">0.002 × loan amount for new mortgages;</p><p name="P_BODY_END">0.0011 × loan amount for refinanced loans</p></td><td><p name="P_BODY">$200 per $100,000 of loan amount</p><p name="P_BODY_END">$110 per $100,000 of loan amount</p></td></tr><tr><td><p name="P_BODY_END">Referrals to Schwab Bank Pledged Asset Line<span name="C_SuperscriptR">®</span> (PAL)</p></td><td><p name="P_BODY_END">$120 per opened account</p></td><td><p name="P_BODY_END">$120</p></td></tr><tr><td><p name="P_BODY_END">Schwab Personal Trust-Successor Trustee</p></td><td><p name="P_BODY_END">$175 per household designation</p></td><td><p name="P_BODY_END">$175</p></td></tr><tr><td><p name="P_BODY_END">Referrals to a donor-advised fund account with DAFgiving360™<span name="C_Superscript">2</span></p></td><td><p name="P_BODY_END">$175 per converted referral for new accounts over $25,000</p></td><td><p name="P_BODY_END">$175</p></td></tr><tr><td><p name="P_BODY_END">Referrals to Life Insurance by a Financial Consultant with an active insurance&nbsp;license</p></td><td><p name="P_BODY_END">$450 per converted referral</p></td><td><p name="P_BODY_END">$450</p></td></tr><tr><td><p name="P_BODY_END">Referrals to Long-Term Care Insurance by a Financial Consultant with an active insurance license</p></td><td><p name="P_BODY_END">$450 per converted referral</p></td><td><p name="P_BODY_END">$450</p></td></tr><tr><td><p name="P_BODY_END">Referrals to Schwab Advisor Services™</p></td><td><p name="P_BODY">$800 for referrals up to $30 million;</p><p name="P_BODY_END">$3,500 for referrals of $30+ million</p></td><td><p name="P_BODY_END">$800 or $3,500</p></td></tr><tr><td><p name="P_BODY_END">Referrals to Schwab Retirement Plan Services or Retirement Business Services</p></td><td><p name="P_BODY">0.002 × amount of assets referred;</p><p name="P_BODY_END">$250,000 minimum asset level to $10,000,000 maximum asset&nbsp;level</p></td><td><p name="P_BODY_END">$500 for a $250,000 referral</p></td></tr><tr><td><p name="P_BODY_END">Schwab Alternative Investments Select</p></td><td><p name="P_BODY_END">0.002 × amount invested</p></td><td><p name="P_BODY_END">$200 per $100,000 of amount invested</p></td></tr><tr><td><p name="P_BODY_END">Referrals to Wealth Services</p></td><td><p name="P_BODY">0.0004 × amount referred;</p><p name="P_BODY_END">$10 million minimum asset level</p></td><td><p name="P_BODY_END">$400 per $1,000,000 referred</p></td></tr><tr><td><p name="P_BODY_END">Referrals to International Services</p></td><td><p name="P_BODY_END">0.0004 × amount referred</p></td><td><p name="P_BODY_END">$400 per $1,000,000 referred</p></td></tr></tbody></table>
 Schwab may cap the amount of incentive compensation that a Financial Consultant can earn from any one client from the Solutions Pay component.
 DAFgiving360 is the name used for the combined programs and services of Donor Advised Charitable Giving, Inc., an independent nonprofit organization that has entered into service agreements with certain subsidiaries of The Charles Schwab Corporation. DAFgiving360 is a tax-exempt public charity as described in Sections 501(c)(3),
 (a)(1), and 170(b)(1)(A)(vi) of the Internal Revenue Code.
 #### Payout
 IBLs are not paid commissions for the sale of any specific product or service, nor does Schwab pay them a salary or the incentive compensation earned by representatives who are employed by Schwab. Instead, they earn revenue from their business, the overall amount of which is based on the revenue Schwab earns from clients whose accounts are assigned to their independent branch, and revenue for insurance and financial plans as described below.
 For purposes of revenue earned by the IBLs, the assets in accounts assigned to them are divided into two categories. As with employee representatives, the difference in average rates between these two categories is based on the time and expertise necessary to recommend and service different products and programs and the inherent complexity and variety attributable to such products and services. Because IBLs are franchisees rather than employees, and because they are therefore expected and encouraged to have more individual control of the management of their time, only two rates are applied to the assets assigned to them.
+- Advisor Assets-Assets in accounts enrolled in Schwab Wealth Advisory™, Schwab Managed Portfolios™, Schwab Managed Account Select®, Schwab Managed Account Connection® (discretionary wrap-fee programs that include ThomasPartners® Strategies, Windhaven® Strategies, and Wasmer Schroeder™ Strategies), Schwab Intelligent Portfolios Premium®, USAA Managed Portfolios®, or accounts managed by an independent third-party investment advisor to whom the client was referred through the Schwab Advisor Network® service, or assets invested in a registered annuity; and
+- Advisor Assets-Assets in accounts enrolled in Schwab Wealth Advisory™, Schwab Managed Portfolios™, Schwab Managed Account Select®, Schwab Managed Account Connection® (discretionary wrap-fee programs that include ThomasPartners® Strategies, Windhaven® Strategies, and Wasmer Schroeder™ Strategies), Schwab Intelligent Portfolios Premium®, Schwab Guided Portfolios™, or accounts managed by an independent third-party investment advisor to whom the client was referred through the Schwab Advisor Network® service, or assets invested in a registered annuity; and
 - Non-Advisor Assets-Assets not in the Advisor Assets category, which include stocks, bonds, mutual funds, Schwab Intelligent Portfolios®, and ETFs, as well as payment for providing cash management services.
 Each month, Schwab calculates and applies an Advisor Assets Average Rate and a Non-Advisor Assets Average Rate to the assets in accounts assigned to all Schwab Independent Branches.
 The rates are calculated by looking at 12-month trailing assets and revenue from all Schwab Independent Branch accounts.
 Third-party trademarks appearing in this document are the property of their respective owners.
 Please note that the information in these pages does not apply to Schwab accounts managed by an independent investment advisor. Independent investment advisors are not owned by, affiliated with, or supervised by Charles Schwab & Co., Inc. ("Schwab").
 ©2025 Charles Schwab & Co., Inc. All rights reserved. [Member SIPC](https://www.sipc.org/).
+E-0425-5865937355461885952 REG31752-54 (04/25)
+E-0925-01916 REG31752-55 (09/25)