Schwab 'fesses up to Wall Street just how hard winning plan sponsors to its 401(k) ETF platform will be
Convincing plan sponsors and pension consultants to join a ETF paradigm shift to ETFs is a big ask, its executives tell Wall Street
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Fidelity will hire 4,000 staff in first half -- a staggering number but a tapering off from 'unprecedented' rate in 2021-2022 that catapulted it to 68,000 employees
The $10.3 trillion giant explains its hiring -- in a layoff environment -- as an RIA-like goal, namely having the human bandwidth to develop 'lifetime' relationships with its 40 million investors
February 17, 2023 at 2:49 AM
Fidelity Investments loses Kathleen Murphy who largely caught up Fido to Schwab (near $4T) on the retail side by reversing net promoter scores
The 'no whining allowed' leader of the Boston giant's retail business, who oversaw $2 trillion in net new assets, was ready to exit but hung in through a year dominated by COVID-19 challenges
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Skip Schweiss exit from TD Ameritrade means the RIA custody business lost its most visible corporate-paid advocate -- for the moment
TD's now ex-managing director of advisor advocacy is set to become the FPA president, but most peers agree the 58-year-old is poised to 'write his ticket' with another custodian or national RIA
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Fidelity Institutional looks like a big TAMP after Mike Durbin removes last internal walls between products and advisors after 'meteoric' 2019 leap; two Fido RIA sales legends depart amid the shift
Rich Policastro and Tom Valverde are out after Fidelity Custody & Clearing assets leap to $2.6 trillion AUA, restructuring gets the credit -- and so restructuring gets extended.
March 13, 2020 at 10:36 PM
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Morningstar, Inc.
TAMP
Top Executive: Joe Mansueto
Robert J. Martorana, CFA
Lisa,
Great article.
Schwab has the right product and the distribution clout, but the 401(k) business is slow to change. Are DC-focused advisors like Sageview proponents of Schwab’s efforts in ETFs? Most of the asset growth is in Target Date Funds, and I’m not sure if the ETFs are meant as core or satellite holdings.
Rob Martorana
Christopher Van Slyke
Aaaa… tell me again why it’s a good think to have employees trading their ETFs during the day?
Christopher Van Slyke
Aaaa… tell me again why it’s a good thing to have employees trading their ETFs during the day?
Scott Hanson
It’s high time for total open architecture for 401k plan participants. The majority of folks roll out their 401k upon retirement, typically with the help of a financial advisor. Why can’t participants have access to advisors while they are working? Wouldn’t it be great if a local advisor could work directly with plan participants and assist them with their financial planning and management of their 401k. Schwab’s ETFs would be a great solution.
