Schwab Online Media to Omnicom's PHD

Charles Schwab has tapped Omnicom’s PHD to take over its online planning and buying from independent KP Media, which has handled the firm’s interactive media duties since 1997.

The financial services firm also consolidated broadcast media buying with PHD, taking it from independent RPA, which has worked with Schwab since 1990. PHD already handled media planning for all the company’s offline advertising, and has taken care of print and out-of-home media buying since 1997. PHD will now handle all media planning and buying assignments for Schwab.

Steve Grubbs, CEO of PHD North America, said the agency would work to achieve strategic integration across all of the financial services company’s online and offline communications.

Schwab had sought to consolidate planning and buying to better integrate its efforts and improve coordination with its creative agencies. The company named Havas’ Euro RSCG as its full-service brand and retail agency late last year.

“Consolidation of these responsibilities will allow us to encourage innovation in the continually changing media landscape, streamline operations and operate more flexibly and efficiently,” said Becky Saeger, Schwab’s CMO, in a statement.

PHD will handle media chores for Schwab’s brokerage, Charles Schwab & Co., as well as for Charles Schwab Bank, Cybertrader and U.S. Trust.

The choice of PHD came after a formal review that included PHD, RPA and Havas’ MPG.