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 -Published: Tuesday, November 5, 2019- Charles Schwab requesting
European clients to transfer accounts by
year’s end, report
says
By Helen Burggraf Charles Schwab Corp., the San Francisco-based, has been contacting certain clients in Europe to inform them that they must transfer assets to another financial services firm as soon as possible or close or sell their positions. Schwab is the San Francisco-based, New York Stock Exchange-listed financial services giant that is understood to have a significant client base of Americans resident outside of the United States. The company said the reason had to do with a change in its business model mostly due to the UK’s decision to leave the European Union. The company services its European clients out of its London offices, which will remain open, a company spokesperson said on Friday. Once the UK leaves the European Union, the ability of UK-based financial services companies to operate freely across the bloc’s borders, under the EU’s passporting regime, is expected to end, which is why hundreds of UK firms have already relocated staff and/or business operations to such EU cities as Dublin, Frankfurt and Luxembourg. Schwab clients in the UK, and possibly certain other EU countries, are being given the option of remaining with Schwab, as long as the clients are comfortable with the fact that their accounts would be moved to Charles Schwab & Co Inc., the firm’s U.S. operation – and that this is also acceptable to the EU country in which they live. “Clients in the UK will have no change in service, if they want to stay with Schwab,” Schwab spokesperson Glen Mathison said. “It gets a little more complicated with certain European countries, where there may be instances where we will not be able to serve our current account-holders via our U.S. broker-dealer.” Mathison stressed that Charles Schwab & Co. Inc., the U.S. parent company, was already well used to looking after clients overseas, with a U.S.-based global services team that’s available to on the phone, via the website and online. The deadline for Charles Schwab clients in Europe to take some action with respect to their accounts is Dec. 31. In its emailed correspondence to one Italian client, sent Nov. 1 and headlined “Charles Schwab UK is no longer able to do business in your country. You will need to transfer your assets,” Schwab began by saying “Charles Schwab UK Ltd will change its business model, and will no longer be able to do business in your country. “This change is mostly due to the UK’s decision to leave the EU.” After acknowledging the disruption this news could cause its account-holders, and reassuring them that they would still be able to access their accounts throughout the process, the correspondence added: “As soon as possible, you will need to transfer your assets to another financial services firm. “Alternatively, you may close or sell your positions held at Charles Schwab UK and make a full cash withdrawal. “We will waive or refund any Schwab transfer or wire fees incurred up to 31st December 2019 for entire account transfers and/or wire withdrawals only. “We will also offer you every assistance throughout this process.” The correspondence is signed by Charles Schwab UK Ltd managing director Richard Flynn, and gives a London phone number for customers with questions to contact its global services team. Charles Schwab doesn’t disclose how many clients it has in Europe. Its only other overseas outpost besides London is one in Hong Kong. Charles Schwab was founded in 1971 by Charles R. Schwab, who retired as chief executive in 2008 but who remains chairman and the company’s largest shareholder. Today his namesake company (NYSE: SCHW) has more than 360 offices across the U.S. and 12.1 million active brokerage accounts, 1.7 million corporate retirement plan participants, 1.4 million banking accounts, and $3.77 trillion in client assets as of Sept. 30. Among the first American expat wealth specialists to learn of Charles Schwab's plan to leave those European markets it will no longer be able to service, post-Brexit, from London was Keith Poniewaz, director of international advisory services for Madison, Wisconsin-based Walkner Condon Financial Advisors, which has clients across Europe, some of whom are also Schwab clients. In his opinion, Schwab "was never truly an international brokerage," Poniewaz said, and is only now "belatedly realizing the headaches that individual Americans have had to work around regarding the complexities of compliance in multiple jurisdictions". He added: "Investors should look to custody their assets with a truly global brokerage, such as Interactive Brokers, which does a great deal of work with investors around the world." Editor's note: Helen Burggraf is the editor of the American Expat Financial News Journal, and is based in London. More of Burggraf articles can be reached at news source site here. The decision by Schwab anticipates that the UL will leave the European Union. That action depends on the outcome of a UK parliamentary election Dec. 12. |
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