Schwab drops pretense: $2-million clients its staple branch diet in bid for fresh $2 trillion
The San Francisco-based broker has named its composite perfect ideal client 'Tobin' -- representing a graying, masculine entreprenuer
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Fidelity lands RIA whisperer from Schwab in a coup, apparently using quality-of-life perks as lure
Kelly Smith chose the Boston rival for greater flexibility, better pay and a chance to move upmarket to sell family office services to RIAs that mix with the ultra-high-net-worth elite.
February 10, 2023 at 3:39 AM
RIA recap: Bernie Clark promises to 'be there' for coming TDA-Schwab system snafus; Fidelity gets custody win; Vanguard dishes out big tax bill to investors
Schwab RIA chief petitions for 'patience' for coming merger inconveniences but 'repapering' is no culprit; Carrie Pomerantz gets Schwab board seat; Addepar wins $65 billion AUM contract.
November 3, 2022 at 1:59 AM
Brouwer & Janachowski gets its rainmaker --the former head of $18-billion Bernstein office -- in a 'grand experiment' to grow from $1.7 billion to $5 billion in AUM
The $1.7 billion Mill Valley, Calif.-based RIA signs on Tony Orme, a player/coach who will work with existing advisors as well as handling high-end clients himself.
January 6, 2020 at 6:32 PM
Walt Bettinger axes current and former Schwab retail chiefs, Terri Kallsen and Andy Gill; funnels responsibilities to Jonathan Craig, for now
The Schwab CEO is 'restructuring,' which includes cutting the Chairman's Club program that sent 200 top performers to Hawaii on a free junket
July 24, 2019 at 12:53 AM
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Team Hewins
RIA Seeking to Hire Advisors
Top Executive: Roger Hewins
Tad Borek
And in other news, McDonalds has expanded its McCafe coffee offering in the hope of drawing high-margin customers from Peet’s and Blue Bottle. =)
I do think the gaping hole in the marketplace is a competent mass-market RIA. But IMO it shouldn’t have this built-in fundamental conflict of interest, it needs to commit to the RIA side of the aisle. Not talking so much about the conflict with RIAs who are using them as custodian – which certainly exists (it was years ago but I recall their reps soliciting clients when they made deposits at the branch, something that has never happened in 10 years w/Fido). That’s a minor conflict because of the bigger elephant in the room that renders them less competitive:
This is a publicly traded company with significant revenue from trading volume, interest rate spreads earned on money-market and margin assets, NSF-fund shelving fees, AUM fees on in-house funds, etc. This is the stuff truly independent RIAs weigh into the calculus of investment selection & strategy. A Schwab advisor sits in the same office building as her B/D-RR counterpart and recommends investments/strategy for an RIA client, with choices that could work to the detriment of the other side of the building. Classic principal-agent problem right? It’s not unresolvable, but it’s complicated. IMO you either stick to your knitting or change up the model entirely. The first discount B/D to do that would be the real innovator.
