Charles Schwab pays fine for misleading robo-adviser clients about fees

The Securities and Exchange Commission said Monday that three investment adviser subsidiaries of Charles Schwab Corp. agreed to pay $187 million to settle charges that they misled clients about fees in the broker's robo-adviser program, Schwab Intelligent Solutions. The SEC charged Schwab for not disclosing that they were allocating client funds in a manner that their own internal analysis showed would be less profitable for their clients under most market conditions. The SEC said Schwab...