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Charles Schwab to end sales of load mutual funds

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Charles Schwab to end sales of load mutual funds

Charles Schwab Corp.will stop selling share classes of mutual funds that require investors to pay acommission to brokers as of May 2, The WallStreet Journal reported, citing a company spokeswoman.

The move comes amid expectations of further pressure on loadfees as a result of the Department of Labor's final fiduciary that requires advisers who serve retirementaccounts to disclose conflicts of interest and compensation arrangements, the Journal reported.

The action will impact 147 share classes of funds sold throughthe company. Customers will still be able to hold shares in the funds, accordingto the report.