Self-directed brokerage accounts.

For employees who want more options.

A self-directed brokerage account expands your retirement offering beyond a preselected investment lineup. It gives participants more flexibility to select the individual investments in their plan. The Schwab Personal Choice Retirement Account® (PCRA) is our self-directed account option, and it's designed to fit seamlessly into any plan you offer, can be rolled out digitally, and is backed by a dedicated team of self-directed-account specialists.

What makes PCRA different?

  • The next level of choice.

    PCRA is built with flexibility. Keep the choices wide open or restrict employees' access to specific trading types. You can offer choices across a range of asset classes, including stocks, bonds, mutual funds, and fixed income products.

  • Priced competitively.

    Employees can purchase thousands of no-load, no-transaction-fee mutual funds.1 All listed ETFs, stocks and base options on the U.S. exchanges are commission-free across all mobile, automated phone and web trading channels.2

  • Extensive resources for employees.

    Employees can learn more about the investment choices available to them by accessing independent third-party and proprietary research reports,3 advanced online screening tools, and market commentary from industry experts.

  • Backed by dedicated service and support.

    Employees can rely on the assistance of dedicated Schwab PCRA Registered Representatives who are familiar with the investments in their plan and can help them place trade orders. Since PCRA is a self-directed option, the representatives cannot provide investment recommendations.

Choose PCRA

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Choose PCRA

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When it comes to retirement plans, many employees require the freedom to make their own retirement choices. They may want more options, at their own pace. Or to personalize their investments to match their unique values. 
A Schwab Personal Choice Retirement Account can open up impactful new investment possibilities for employees. 

Added to your existing retirement plan, a PCRA gives employees a brokerage account where they pick the investments. And it gives plan sponsors a powerful new way to engage employees and attract talent. 

With a PCRA, participants can research, trade, monitor and manage investments how they want to, when they want to. On their own, or with help from an independent registered investment advisor. And they'll get in-depth support from dedicated service teams. 

As the sponsor, you can seamlessly add a PCRA to your retirement plan while keeping your core investment lineup manageable. Free employees to pursue socially responsible or other values-based investments. Offer access to thousands of stocks, bonds, mutual funds and ETFs. Or keep it simple and add only the investments you want. It's all tailored to your company's needs. 

Personal Choice Retirement Accounts have been providing investment flexibility for retirement plan participants since 1994. We were the first to offer an innovative no-load, no transaction fee mutual fund marketplace. Plus there's the schwab.com website and mobile apps. Fractional share trading through Schwab Stock Slices. Access to independent registered investment advisors. Socially responsible investing options. And a customizable trading menu.

With a Schwab Personal Choice Retirement Account, you give your employees the freedom to own their tomorrow. To get started, contact your Retirement Plan Service Provider today. 

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What makes PCRA different?

Gain insight into employees' market perceptions and investment decisions through quarterly and yearly Schwab Self-Directed Brokerage Account Indicators Reports.

Learn more about Schwab Personal Choice Retirement Account.

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1. Charles Schwab & Co., Inc. (member SIPC) receives remuneration from fund companies for recordkeeping and shareholder services and other administrative services for shares purchased through Schwab's Mutual Fund OneSource® program. Schwab also may receive remuneration from transaction fee fund companies for certain administrative services. Trades in no-load mutual funds available through Schwab OneSource (including Schwab Funds®), as well as certain other funds, are available without transaction fees when placed through Schwab.com or our automated phone channels. Schwab reserves the right to change the funds we make available without transaction fees and to reinstate fees on any funds. Funds are also subject to management fees and expenses. Schwab's short-term redemption fee will be charged on redemption of funds (except certain Schwab Funds) bought through Schwab's Mutual Fund OneSource program (and certain other funds) with no transaction fee and held for 90 days or less. Schwab reserves the right to exempt certain funds from this fee, including Schwab Funds, which may charge a separate redemption fee, and funds that accommodate short-term trading.

2. The standard electronic $0 commission does not apply to over-the-counter (OTC) equities, transaction-fee mutual funds, futures, fixed-income investments, or trades placed directly on a foreign exchange or in the Canadian market. Options trades will be subject to the standard $0.65 per-contract fee. Service charges apply for trades placed through a broker ($25). Exchange process, ADR, and Stock Borrow fees still apply. See the Charles Schwab Pricing Guide for Retirement Plan Accounts for full fee and commission schedules.

ETFs at Charles Schwab & Co., Inc. ("Schwab") which are U.S. exchange-listed can be traded without a commission on buy and sell transactions made online in a Schwab account. Unlisted ETFs are subject to a commission.  Please see pricing guide for additional information.  Schwab does not receive payment to promote any particular ETF to its customers. Schwab's affiliate Charles Schwab Investment Management, Inc. ("CSIM") serves as investment advisor to the Schwab ETFs, which compensate CSIM out of the applicable operating expense ratios. The amount of the fees is disclosed in the prospectus of each ETF.

3. Third-party report providers are not affiliated with or employed by Charles Schwab & Co., Inc. The views expressed are for general information purposes only and are not intended to provide specific financial, accounting, or legal advice. Schwab makes no representation about the accuracy of the information or its appropriateness for any given situation.

Investors should carefully consider information contained in the prospectus, including investment objectives, risks, trading policies, charges, and expenses. You can request a prospectus by calling Schwab's dedicated PCRA Call Center at 888-393-PCRA (7272). You may also request a prospectus online at schwab.com/prospectus. Please read the prospectus carefully before investing.

Investment returns will fluctuate and are subject to market volatility, so that an investor's shares, when redeemed or sold, may be worth more or less than their original cost. Unlike mutual funds, shares of ETFs are not individually redeemable directly with the ETF.

The information contained herein does not constitute an endorsement, investment recommendation, solicitation to buy, or investment advice from Schwab. Schwab is restricted from providing advice on PCRAs. Schwab has no discretionary authority, responsibility, or control with respect to such matters. Schwab is not an investment advisor or fiduciary to your employer's retirement plan, does not recommend any particular mutual fund or collective trust fund or category of mutual funds or collective trust funds, is not responsible for your choice of mutual funds and collective investment funds, and may receive remuneration for recordkeeping and shareholder services and other administrative services. Charles Schwab & Co., Inc. does not guarantee the suitability or potential value of any particular investment or information source.

Options carry a high level of risk and are not suitable for all investors. Certain requirements must be met to trade options through Schwab. Please read the options disclosure document titled "Characteristics and Risks of Standardized Options."

Schwab Personal Choice Retirement Account (PCRA) is offered through Charles Schwab & Co., Inc., a registered broker-dealer that also provides other brokerage and custody services to its customers.

CC0007145 (1221-1BGM) (1019-90KK) (10/19) (1221-1FCM)
Investment Products: Not FDIC-Insured • No Bank Guarantee • May Lose Value

Outcomes are not guaranteed.

Workplace Financial Services is a business enterprise which offers products and services through Schwab Retirement Plan Services, Inc.; Schwab Stock Plan Services; and Designated Brokerage Services. Schwab Retirement Plan Services, Inc., provides recordkeeping and related services with respect to retirement plans. Schwab Stock Plan Services is a division of Charles Schwab & Co., Inc. providing equity compensation plan services and brokerage solutions for corporate clients. Schwab Designated Brokerages Services, a division of Charles Schwab & Co., Inc., provides technology solutions for corporate clients with regulatory requirements to monitor employee security transactions. . Schwab Retirement Plan Services, Inc., and Charles Schwab & Co., Inc. ("Schwab", member SIPC) are separate but affiliated entities, and each is a subsidiary of The Charles Schwab Corporation.

Through its operating subsidiaries, The Charles Schwab Corporation ("Charles Schwab") provides a full range of securities brokerage, banking, money management, and financial advisory services, as well as services to retirement and other benefit plans. Charles Schwab & Co., Inc. offers investment services and products. Charles Schwab Bank, SSB (Member FDIC and an Equal Housing Lender) and Charles Schwab Trust Bank (Member FDIC) provides trust, custody, deposit, and lending products and services. Schwab Retirement Technologies, Inc. ("Schwab RT") is engaged in developing and licensing proprietary retirement plan recordkeeping systems to independent third-party administrators.

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