Charles Schwab & Co. is introducing a service that will let approximately 4,500 independent investment advisers vote proxies on behalf of their high-net-worth clients.
Schwab, a San Francisco-based discount brokerage firm, handles $46 billion in such custody accounts.
Schwab's new service, which will be starting Feb. 1, also will allow money managers to respond to notices of corporate restructurings and receive financial reports from companies and mutual funds on behalf of their clients.
A request from individual investors prompted the introduction of the new service, said Glen Mathison, a Charles Schwab spokesman.
Investors who want to take advantage of the new service will have to give Charles Schwab permission to bypass the brokerage firm and send the information directly to their money managers instead.