• June 30, 2011

Charles Schwab is launching a new program this summer, "Clients Speak," which will feature transparent online ratings and reviews from clients.

While this feature is common in many other industries, Schwab is the first brokerage firm to allow clients to publicly provide feedback, both positive and negative, on its accounts and services. Clients will initially be able to rate brokerage, retirement and banking services. Ratings for areas like customer service, investment help and guidance, website features, and fees and commissions will follow later this summer.

As part of Schwab's monthly client satisfaction surveys, the firm invites clients to submit reviews of the Schwab One Brokerage account and the Schwab IRA account. Clients can rate the accounts on a five-point scale and in multiple areas including customer service, investment help and guidance, web site features, and fees and commissions. Clients can also indicate whether they would recommend the account to others and add comments to share with others.

Schwab Bank clients who have a Schwab Bank High Yield Investor Checking account are also surveyed and invited to rate their checking account and provide feedback on the "Clients Speak" website.

Schwab worked with Bazaarvoice, an unaffiliated company that has created similar programs for brands around the globe, to implement the program, which can be previewed at reviews.schwab.com.--Tanya Irwin