Charles Schwab How We Compensate Our Investment Professionals changes — 20210119_rev01

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On these pages, we identify the different categories of investment professionals who may serve you at Schwab and describe how they are compensated. This includes both Schwab employees and independent branch franchisees (and their employees) operating Schwab Independent Branches. Compensation for investment professionals who provide recommendations is designed to support the provision of advice in the client's best interest.

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Please note that the information below describes how Schwab pays employee professionals and shares revenue with Independent Branch professionals, not how you pay Schwab for the services you receive. Information about what you pay Schwab for the services we provide can be found at [schwab.com/pricing](https://www.schwab.com/public/schwab/investing/pricing_services/fees_minimums).

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## Recent changes

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These pages summarize our compensation plans and incorporate all recent changes in effect as of October 1, 2020, including changes to how we pay Schwab Financial Consultants.

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These pages summarize our compensation plans and incorporate all recent changes in effect as of January 1, 2021, including changes to how we pay Schwab Financial Consultants.

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This brochure is accurate as of the date indicated above.

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We invite you to read this information carefully and to contact us at **800-435-4000** if you have any questions. (For multilingual services, call **800-662-6068**. For services outside the U.S., call **+1-415-667-8400**.)

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## Types of investment professionals

5	5	On these pages, we identify the different categories of investment professionals who may serve you at Schwab and describe how they are compensated. This includes both Schwab employees and independent branch franchisees (and their employees) operating Schwab Independent Branches. Compensation for investment professionals who provide recommendations is designed to support the provision of advice in the client's best interest.
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7	7	Please note that the information below describes how Schwab pays employee professionals and shares revenue with Independent Branch professionals, not how you pay Schwab for the services you receive. Information about what you pay Schwab for the services we provide can be found at [schwab.com/pricing](https://www.schwab.com/public/schwab/investing/pricing_services/fees_minimums).
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9	9	## Recent changes
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11		These pages summarize our compensation plans and incorporate all recent changes in effect as of October 1, 2020, including changes to how we pay Schwab Financial Consultants.
	11	These pages summarize our compensation plans and incorporate all recent changes in effect as of January 1, 2021, including changes to how we pay Schwab Financial Consultants.
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13	13	This brochure is accurate as of the date indicated above.
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15	15	We invite you to read this information carefully and to contact us at 800-435-4000 if you have any questions. (For multilingual services, call 800-662-6068. For services outside the U.S., call +1-415-667-8400.)
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17	17	## Types of investment professionals
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27	27	\| --- \| --- \|
28	28	\| [Specialty Representatives](https://www.schwab.com/legal/compensation-advice/specialty-representatives-compensation) \|
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30	30	- Investor Development Specialists
31	31	- Financial Consultants (Participant Investor Concierge)
32		- VP-Financial Consultants (Regional Branch)
33	32	- VP-Senior Wealth Advisors
34		- VP-Financial Consultants, Member Relationship Advisors
	33	- VP-Financial Consultants, Client Relationship Advisors
35	34	- VP-Corporate Financial Consultants
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37	36	- Advice Consultants
38	37	- Trading Solutions Representatives
39	38	- Fixed Income Specialists
40	39	- Insurance Services Regional Annuity Specialists (Annuity Specialists)

How We Compensate Our Investment Professionals

Full text changes — 20201006_rev01 to 20210119_rev01