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Schwab Institutional Introduces Healthcare and Benefits Assistance for Independent Advisor Firms
Date:10/15/2007

Particular Appeal for Advisors Transitioning to Independence

SAN FRANCISCO, Oct. 15 /PRNewswire-FirstCall/ -- Schwab Institutional today introduced a new relationship with national human resources outsourcing company TriNet to provide healthcare and benefit services for independent investment advisors and their employees. As part of Schwab Institutional's exclusive relationship with TriNet, advisors who custody assets with Schwab will now be able to receive health and life insurance, payroll services, and company retirement and employee incentive plans from TriNet at preferred rates. This human resources outsourcing service is part of Schwab Institutional's GrowthPoint practice management program.

"This new relationship with TriNet enables advisors to offer 'big company' benefits to their employees without assuming the cost of hiring additional staff or investing heavily in administrative services that might otherwise be required," said Barnaby Grist, managing director of strategic business development for Schwab Institutional.

The new service enables independent advisors to work with a single vendor to establish and administer multiple services, which may include medical, dental and vision benefits, long-and short-term disability insurance, and 401(k) plans. TriNet assumes responsibility for administering certain human resource functions such as employee benefits and payroll, worker's compensation, labor and wage compliance, employment tax filings, and employee files. TriNet also has dedicated consultants to work with advisors to select the appropriate benefits package.

There are no minimum employee requirements, making the offering particularly attractive to small firms that may not otherwise have access to such services. Schwab Institutional also has specially negotiated pricing to allow independent advisors to benefit from the scale of their peers.

Big Benefits for New Advisors

Grist noted that while this service is being made available to all advisors who work with Schwab Institutional, it should be of particular interest to advisors who are making the transition to becoming independent investment advisors.

"This service will be of great value to advisors who are in the process of striking out on their own and being confronted with a host of unfamiliar issues," said Grist. "Finding quality healthcare and benefits can be one of the most daunting challenges for a new business owner. Advisors are in this business because they love clients and investing, not to learn the intricacies of administering payroll."

Founded in 1988, TriNet delivers outsourced human resources throughout the United States and Canada. TriNet specializes in serving technology, financial services and professional services. TriNet serves more than 1,500 companies with a total of 28,000 employees and is part of the General Atlantic portfolio of companies.

"We're enthusiastic about working with Schwab Institutional because the needs of independent advisors exactly match the needs of the kinds of companies TriNet has worked with for the last twenty years," said Mike Triantos, TriNet's vice president of sales. "Our premium benefits and human resource services will help advisors to grow quickly and hire strategically."

Schwab Institutional continues to build out other aspects of its GrowthPoint practice management program, which provides advisors with best practices, thought leadership, guidance and resources to help them maintain and grow their businesses. At the end of the month, Schwab Institutional will also be announcing a broad set of tools and services to help advisors manage their human capital, including finding and retaining talent, training and rewarding staff, structuring their firm, and preparing for transition. GrowthPoint comprises four offerings: Business Strategy and Planning, Human Capital, Marketing and Business Development, and Transition Planning.

For more information on the new offering through Schwab Institutional and TriNet, advisors are encouraged to call 1-877-687-4085.

TriNet is not affiliated with or employed by Charles Schwab & Co. Inc.

About Schwab Institutional

Schwab Institutional is a leading provider of custodial, operational and trading support for independent investment advisors. Since 1987, Schwab Institutional has supported independent investment advisors by offering support and services to help grow their businesses and help their clients reach their financial goals. As of June 30, 2007, client assets custodied with Schwab Institutional stood at $556 billion. These assets, managed by the approximately 5,000 independent advisor firms Schwab Institutional currently serves, represent approximately one-third of total client assets custodied with The Charles Schwab Corporation. Brokerage products offered by Schwab Institutional are not FDIC insured, are not guaranteed deposits, and are subject to investment risk, including the possible loss of principle invested. Schwab Institutional is a division of Charles Schwab & Co., Inc.

About Charles Schwab

The Charles Schwab Corporation (Nasdaq: SCHW) is a leading provider of financial services, with more than 306 offices and 6.9 million client brokerage accounts, 1.2 million corporate retirement plan participants, 212,000 banking accounts, and $1.4 trillion in client assets. 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, http://www.sipc.org), 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 Schwab Institutional division. The Charles Schwab Bank, N.A. (member FDIC) provides banking and mortgage services and products. CyberTrader(R), Inc. (member SIPC, http://www.sipc.org) is an electronic trading technology and brokerage firm providing services to highly active, online traders. More information is available at http://www.schwab.com. (1007-1462)


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SOURCE Charles Schwab
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