Though Charles Schwab
] is dropping A shares for its own brokerage clients, the discount brokerage giant will not be entirely disconnected from that mutual fund share class.
| Walt Bettinger|
President, Chief Executive Officer
Last month the WSJ reported
that Schwab would no longer sell A shares, effective May 2.
A Schwab spokeswoman clarifies that its RIA allies will continue to be able to use load-waived A shares. And retirement plans often use load-waved A shares, too. (Schwab is a 401(k) recordkeeper.)
"There is no change at all to the load-waived business we do with RIAs," the spokeswoman tells MFWire
. "Advisors buy largely institutional shares or A-shares load-waived."
Meanwhile, the change does not effect Schwab's own mutual funds.
"CSIM [Charles Schwab Investment Management] has no commissionable share classes," the spokeswoman says.
Schwab already doesn't have C shares available, either.
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