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Schwab Taking $200 Million Charge for SEC Robo-Adviser Probe

  • Inquiry tied to disclosures on Intelligent Portfolios product
  • SEC has signaled it’s becoming more focused on robo advisers
Updated on

Charles Schwab Corp. said it will take a $200 million charge in the second quarter related to a U.S. Securities and Exchange Commission probe of its robo-adviser platform.

The compliance inquiry relates to past disclosures around the firm’s Schwab Intelligent Portfolios product, according to a regulatory filing Friday. The company said it’s been cooperating with the SEC and its ultimate liability may differ from the amount it’s earmarking now.