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Schwab takes $200 million charge for SEC probe into robo-adviser business

Charles Schwab is facing an investigation from the Securities and Exchange Commission into its robo-adviser business, and is taking a $200 million charge to cover any liability in the probe.

The probe relates to "historic disclosures" of Schwab's Intelligent Portfolios product, the broker said in a filing.

Schwab's broader digital advisory products had close to $64 billion in client assets as of March 31, which was up 51% compared to the year-ago period.

Schwab doesn't charge a fee for this product, but customers can pay fees on ETFs, including Schwab ETFs recommended by the robo-adviser.

Tomio Geron

Tomio Geron ( @tomiogeron) is a San Francisco-based reporter covering fintech. He was previously a reporter and editor at The Wall Street Journal, covering venture capital and startups. He was also as a staff writer at Forbes covering social media and venture capital, and edited the Midas List of top tech investors. He can be reached at tgeron@protocol.com or tgeron@protonmail.com.

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