What a close reading of Barron's cover story on Walt Bettinger reveals
The Dow Jones newsweekly puts a sunny spin on the Schwab CEO's accomplishments but reveals sensitive succession and RIA issues, too
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Morgan Stanley wants more Barron's Top Advisors so it poached Barron's 'Top Advisor' insiders, which says as much about the wirehouse as the publishing house
The wirehouse knows that no big firm owner puts phone calls from Sterling Shea or Alison Rooney on hold, and it's willing to hire and train them to fit new jobs
January 5, 2021 at 4:06 AM
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
Stephen Winks
To the chagrin of its competitors, industry leadership will be based on how well a firm serves the best interests of the advisor and the investing public which they serve. This has little to do with product distribution, but points out the impediments of the brokerage business model in giving the advisor control over their value proposition, cost structure, margins and professional standing.
Two of the big four custodians are predominated by their brokerage clearing business which gives Schwab and TD Ameritrade a huge relative advantage in playing to the best interest of the advisor by advancing (a) a superior advisor value proposition, (b) lower cost structure, (c) higher advisor margins and (d) professional standing which are at cross purposes to the brokerage business model. Schwab and TDA have a most profound advantage in advancing advisory services innovation. Thus Walt Bettinger promises to be a most significant figure in advancing the best interest of the investing public and the advisor and will win massive market share from those that can not compete in kind in the consumer’s and advisor’s best interest.SCW
