A new program from financial services firm Charles Schwab allows clients to publicly comment on and rate their experience with the firm, making Schwab the first major brokerage in the U.S. to allow clients to give public feedback.
The comments will be available to anyone looking for more information about being a Schwab client. The program, Clients Speak, will feature online ratings and reviews by Charles Schwab clients.
The Clients Speak platform creates an unprecedented level of transparency, which is especially important given recent financial turmoil. According to Schwab, more information about the client experience will give all users — not just those considering Schwab — enough information to "make more informed decisions when choosing a brokerage firm."
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Reviews become part of Clients Speak 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, which will turn up on the Clients Speak site.
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 web site.
Schwab worked with Bazaarvoice, an unaffiliated company that has created similar programs for world-class brands around the globe, to launch the ratings and review portion of Clients Speak.
A preview of the program is available online. In the coming months, Schwab is planning to add more review features, such as the ability to rate and review the experience from Schwab.com pages.
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