Schwab Taking $200 Million Charge for SEC Robo-Adviser Probe (2)

Charles Schwab Corp. said it will take a $200 million charge in the second quarter related to a U.S. Securities and Exchange Commission probe of its robo-adviser platform.

The compliance inquiry relates to past disclosures around the firm’s Schwab Intelligent Portfolios product, according to a regulatory filing Friday. The company said it’s been cooperating with the SEC and its ultimate liability may differ from the amount it’s earmarking now.

The SEC filed its first enforcement actions against robo-advisers in December 2018, accusing Wealthfront Advisers LLC and another firm of making false statements about investment products and publishing misleading advertisements. Wealthfront, ...