Schwab Opens Review for $95 Mil. Business

NEW YORK Discount brokerage Charles Schwab has tapped Select Resources International to oversee a review for its $95 million advertising account.

The San Francisco-based client confirmed hiring SRI but declined further comment.

The questionnaire, which was sent to agencies this week, is due back on Sept. 3, sources said. Omnicom Group’s GSD&M in Austin, Texas, is the incumbent, and sources said the shop would not defend. GSD&M executives were unavailable for comment.

The shop has handled the Charles Schwab account since April 2002 when it moved from sister agency BBDO in New York without a review. The reason given at the time was that the client wanted to develop a more retail-oriented ad strategy. BBDO had handled the account since 1998.

Additionally, the client hired a new evp of brand management and marketing communications in March of this year: Becky Saeger joined from Visa. BBDO has handled the Visa account since 1985.

Omnicom’s OMD handles media duties for the client, but it could not immediately be determined if media was part of the review.