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Articles tagged "Schwab Advisor Services"


Simon Roy: It's a classic attempt to freeze the market.

Can Schwab, six years late to the robo party, 'freeze the market', catch up and blow doors?
The potential is awesome but the San Francisco giant is currently generating PR for an offering that does not yet have a launch date

Wednesday 10.29.14
Robert Moore: Today, our independent RIA business accounts for approximately 65% of our new business development.

LPL Financial shares hit rough patch on $18-million surprise as RIAs now represent the vast majority of the firm's business development
Wall Street dings the IBD for spiralling compliance costs but hybrid RIA assets are serious bright spot

Thursday 10.23.14
Walt Bettinger: Against a backdrop of heightened market volatility during the quarter, we saw increased utilization of the help and advice available through Schwab.

Top 7 RIA takeaways, including some ouches, from Charles Schwab's earnings commentary
Windhaven's reverses are official, Schwab is minting advisors at its 'Wealth Academy' and the ETF 401(k) plan found just one taker but Schwab's asset growth is stellar

Friday 10.17.14
Jon Jones: I'd gone full-force in terms of how to make myself replaceable; that was my goal in hiring a director of finance, hiring a director of marketing, hiring a director of technology, hiring a COO to basically take over the daily management.

How a Deloitte breakaway built a $3.8 billion RIA rapidly in Seattle -- and why those billions moved from Schwab to Fidelity as part of the story
Jon Jones took a year off to hike 35 countries with four kids but a vendor really made his patience run thin

Tuesday 10.7.14
Matt Wilson has replaced Brian Davis as head of Scottrade's custodian and is presiding over its acute strategy shift.

After cutting loose its RIA chief, Scottrade is culling some RIAs and imposing an 'unpublished' $12,000 fee on others
Brian Davis is gone and the St. Louis firm is dealing with an unwelcome P&L effect after open invitations to all RIAs of all sizes produced more expenses than revenues

Friday 8.1.14
Fred Tomczyk: Some of our peers will catch up with that ... probably all of them will redesign their technology to make sure they meet that competitive advantage that we've had.

How TD Ameritrade's patient, patient bet on RIAs is finally paying off
CEO Fred Tomczyk is talking advisor software like he might have previously discussed trade volume as RIA assets, and prospects, soar

Monday 7.28.14
Kevin Corbett: For me, it was picking my favorite client and spending more time with them.

In two-part deal, Fidelity sacrifices a top talent to its top RIA client then fills the gap with an impressive hire from Schwab
Mariner's Marty Bicknell nabs Kevin Corbett and Fidelity's Bob Oros in turn snaps up Catherine Davies

Wednesday 7.16.14
Mark Thatcher: You don't want to let your ego to get in the way.

Schwab wins $740-million team as part of an RIA dolphin-swallows-wirehouse whale story near Chuck's winter home
Integrated Wealth Management nabbed The Cypress Group from Morgan Stanley after putting Tamarac in place

Friday 5.9.14
Bernie Clark: Fidelity is half our size and TD is half their size and Pershing is half their size ... It's a long ladder.

Bernie Clark discloses that Schwab Advisor Services hit $1 trillion of assets -- and why the order for commemorative T-shirts is still on hold
The RIA custody leader may find it easier to promote its size as an advantage with a nice round nine-zero number

Wednesday 2.12.14
Derek Jaskulski: My gripe is that when you have special groups like advisors, [Salesforce] should be aware that e-mail retention is an industry requirement.

How one RIA's faith in Salesforce's sophistication led to cut-and-paste hell and a major rethinking
After a dazzling SF demo, Portland Global Advisors planned to dump its advisor-dumb Microsoft CRM for Salesforce but the devil was in details

Wednesday 1.22.14
Christopher Holtby: In essence, the client is creating a pension plan for future beneficiaries and advisors retain their advisory role for years to come.

The trusteed IRA: One tested method to maintain assets under management through the generations
A probate attorney, a trust exec and a Harvard B-school student float a solution to persuade family members to stay the course

Friday 1.10.14
Matt Enyedi: Anytime we do something at LPL, it's under the lens of how can we do this for RIAs. Five years ago, if we'd rolled this out, it would have been only for LPL corporate firms.

LPL Financial gets beyond the halfway-house model to compete with Schwab, Fidelity for advisors that are wholly RIAs
The big broker-dealer is making moves that do not discriminate against, may in fact favor, pure RIAs, but hybrid habits die hard, skeptics say

Tuesday 12.17.13
Joe Piazza: I won't allow any other firm to own us. We don't need anybody's money.

As Joe Piazza's 'Robertson Stephens' venture gears up for '$40 billion,' he adds Mercer, Addepar, Fidelity and Schwab and subtracts Fortigent
The ex-Goldman Sachs executive draws blood with poaching of rival Presidio Group's Mike Tierney, but his quest for a quick $1-billion of AUM will soon be tested

Tuesday 12.3.13
Departed Schwab retail advisors protested the firm's termination policies on the first day of IMPACT.

Schwab IMPACT 2013 is another great bash but picketers and Fidelity siphoned off some precious RIA attention
Attendees were greeted by disgruntled ex-Schwab advisors chanting 'Find out how Schwab terminates' and Fidelity's RIA campaign jumped out at you on every sidewalk

Thursday 11.14.13
Neesha Hathi is striving for 'one-step publishing.'

Schwab unveils 'Project PM' at IMPACT -- a 'new vision' for using the company's data to fuel PortfolioCenter
The 'next-generation portfolio management system' takes data cleanliness into a godliness realm but competitors and observers offer sharp criticism of the plan -- and its mushy deadline for completion

Tuesday 11.12.13
Bernie Clark will ask for questions. Please oblige him.

10 questions for RIAs to ask Neesha Hathi, Bernie Clark and Walt Bettinger at Schwab IMPACT 2013 in DC
Speeches by outside experts seem less important when Schwab itself, as Mother Ship, is in such a state of flux as it rushes to win HNW investors for its own RIA account

Saturday 11.9.13
Andy Gill: We believe we'll continue to attract affluent clients at an accelerated pace.

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

Tuesday 11.5.13
Ajay Gupta will write a seven-figure check to UBS to gain his freedom as an RIA.

Schwab wins giant UBS breakaway in San Diego
Ajay Gupta has some famous ultrahigh-net-worth clients, including Deepak Chopra, and he wants 'true independence' to manage $540 million of assets

Monday 10.7.13
Mike Durbin: We will be working very closely with those active clients with less than $15 million to see how we may be able to help them grow their business.

Fidelity's annual $10,000 custody fee will attach to a wider swath of small RIAs
The dinging of the under-$15-million crowd is painful for initiates but a pleasing prospect for competing custodians ready to welcome defectors

Tuesday 9.24.13
Andrew Gonski: It made us commit to a higher level of asset management and risk management.

LPL bags a big Ameriprise advisor-under-RIA after CFA pursuit 'opened my eyes'
The big IBD will share the relationship with a Boston-based OSJ that uses LPL

Friday 9.13.13
James "Chip" Mahan: If you ask any banker about the SBA, they'll say it's messy with a lot of paperwork and sometimes the SBA won't pay. But we disagree.

Fidelity's M&A program reload looks 'game-changing' after it partners with a middleman to get Uncle Sam to guarantee RIA deals
The piece de resistance is a maverick-owned North Carolina bank with an RIA-savvy ex-Schwabbie and software that fights SBA red tape

Thursday 6.20.13
Jennifer Ingham: The B-D relationship is needed because in the RIA world of investments for corporate retirement plans. many funds still pay some sort of revenue sharing.

Why a $1-billion Fidelity RIA is placing LPL at the heart of its 401(k) business
Ingham Retirement dropped Sentinel Securities for LPL and is also becoming a retirement plan vendor to many LPL reps

Wednesday 5.22.13
David DeVoe: We should be seeing over 100 external sales a year – nearly two times what we are seeing in actual transactions.

Schwab 2013 RIA M&A data show hope but also futility
David DeVoe and Mark Hurley weigh in on just exactly what is and isn't working

Friday 5.3.13
William Steiner: A lot of clients aren't paying attention to this.

How RIAs are helping their clients participate in confusing lawsuits
2008-2009 market meltdown settlements are just now coming to fruition, and giant RIAs are signing up with a filing firm to get in on the action

Wednesday 5.1.13
When you're young with big assets and not much earning power, you're really a retired person with a long horizon.

How a suddenly wealthy, young Bay Area widow found her RIA after months of fruitless efforts
With a big life insurance settlement augmenting a considerable estate, this young mother had literally dozens of sit-down meetings and a hard-fought happy ending

Tuesday 4.23.13
Brian Hamburger: We're now prepared to receive a call from a customer at 10 a.m. and have them up and running at the end of the day.

MarketCounsel launches legal hyperspace button for breakaways who get fired by Merrill Lynch (and friends) before the 'go' date
Brian Hamburger's novel service to become an RIA in a day is a response to stepped-up electronic snooping at broker-dealers and nettlesome questions asked by state regulators

Monday 4.8.13
With MetLife playing an air game, Cetera was happy to buy up Snoopy's ground game.

Cetera raises its strategic profile to 'baby LPL' status with MetLife deal
The size of the insurance-IBD roll-up has moved it into a realm between boutique and biggie

Monday 4.8.13
Barnaby Grist: I do hope to come back to this industry and even to Cetera if the timing is right.

In the wake of an unusual HR event, Cetera is seeking its new Barnaby Grist
Donald Marron has worked to bring class to the IBD business ands Grist captured that in human form

Monday 4.8.13
Jeff Chiappetta: The most common thing advisors use options for is to sell a covered call. A covered call generates income in the immediate term.

TD, Schwab and Pershing RIA units embrace mini-option mania to hedge Google, Apple, ETFs
Options have a gambling aura but some advisors find that the are quite the opposite when used with care

Wednesday 3.20.13
David Miller: They said, If you leave we'll come with you.

Portfolio Pathway and $3-billion RIA-TAMP deepen an alliance that has Pershing at its core
The Illinois-based performance software maker got going from its founder Pershing's roots -- and now an embrace of Folio Dynamix by the clearing company is opening a new chapter

Thursday 2.21.13
Tim Welsh: If you're not there people say, Why isn't so and so there? It's the missing persons effect.

Postscript: What exactly should we make of the T3 phenomenon?
True, software vendors themselves may be more enthused than advisors, but the conflagration of information-sharing ventures on RIAs' behalf is no footnote

Friday 2.15.13
Brian Shenson: We're ... letting everyone read our own review of ourselves.

Schwab bluntly reviews PortfolioCenter to coax thin-skinned software vendors to its Zagat-like forum
Our take on Schwab's self-review: It's disarmingly fair but short on specifics -- and just plain short

Tuesday 2.12.13
Jon Beatty says many advisors are still more fixated on tending to nervous clients than doing deals.

The RIA M&A market stumbled in 2012, but giants were not deterred, Schwab end-of-year data shows
M&A activity still sickly slow by some reckonings, but harbingers of mating activity abound

Monday 1.28.13
Mike Durbin is not shy about going and getting top sales talent from competitors large and small.

Power shift in Fidelity's RIA sales: Scott Dell'Orfano is out; Rich Policastro defects from Schwab
Bob Oros has his hands full as the Fidelity sales effort gains more of a Schwab presence and feel

Wednesday 12.12.12
Brian Davis: This isn't meant to be a deep dive, but to answer those yes and no compliance questions RIAs have on a day-to-day basis.

Scottrade proclaims itself the 'compliance custodian,' partnering with RIA In a Box and staffing a hotline with ex-regulators
But the mega-custodians are having none of it, saying the initiative is good as far as it goes, but lacks the horsepower to tackle the big questions

Friday 12.7.12
Ed Friedman: The new proposal will curtail the “serial” movers from jumping ship every few years strictly for the check.

Will FINRA knock out the 'serial movers' and boost the RIA option in the bargain?
A rule looked at for decades may finally gain traction

Friday 11.30.12
Dwight Mathis: By the time they graduate after 43 months it'll put clear blue sky between us and our competition.

Merrill Lynch makes bold moves to train new recruits for an RIA-centric future
The rethought training program suits up new advisors -- many of them career changers -- for independence as well as for the wirehouse path

Wednesday 11.21.12
Manisha Thakor: The purpose of money is to bring serenity, calm and joy to your life

One Santa Fe woman's female-centric approach to advice is attracting clients to her iconoclastic RIA
Manisha Thakor was drafted into her venture by three wealthy women who liked none of the existing alternatives

Tuesday 11.20.12
Schwab creates visual sugar to make the technical medicine go down with a mobile iPad app.

Seeing mobile devices win niches in immobile offices, Schwab brings its RIA data to an iPad app
The notion of a boardroom in every Starbucks is out -- now the mobility of mobile devices is just a walk down the hall

Monday 11.5.12
Schwab says that its RIAs have signaled, finally, a trust in the solidity of the cloud.

Schwab's plan to quickly get 1,750 RIAs off the desktop gets pricing and a pilot
Schwab PortfolioCenter will finally have a cloud option that doesn't take away an advisory firm's control of its data

Friday 10.26.12
Brian Shenson: It's getting more looks (from legacy RIAs) as we add value.

Schwab adds element to plug-and-play technology with eye toward existing RIAs, not just fresh wirehouse recruits
NetDocuments will put electronic files right into the CRM window for RIAs using Schwab OpenView Integrated Office

Friday 10.26.12
David DeVoe: Literally hundred of firms need to be sold over the next several years -– just to solve for succession.

The RIA M&A market continues to be a no-show, though 2012 pace is ahead of 2011
Only the roll-ups seem to have the focus, knowledge, capital and deadly intent to get results in this market

Tuesday 10.23.12
Rob Bartenstein: Washington Wealth is not abandoning what we've stood for since our inception.

Seeing a clear path to $3 billion, Washington Wealth hitches its venture to LPL but quietly adds Schwab
The Middleburg, Va., roll-up-like hybrid RIA is switching some horses after its CEO and founder exited and some funding sources dried up

Friday 10.5.12
Doug Pyle: U.S. Trust possessed that common culture of trust and personal responsibility for our clients.

Dynasty clinches an ex-U.S. Trust advisor's trust by playing its U.S. Trust card
Doug Pyle and Radnor Capital were absorbed by the firm back in 1999 and now they're finding footing in independence again

Thursday 9.20.12
Richard Smith: Callan gave me an ultimatum.

Callan terminates a $1-billion RIA as a client after a 20-year run after the RIA turned its competitive guns on Callan
CapGroup Advisors began to subadvise fellow RIAs and make its own UMA products, and Callan saw it as a conflict; the RIA agreed

Thursday 8.9.12
Skip Schweiss: I feel like democracy worked the way it is supposed to work and that should be encouraging to all advisors.

How RIA forces squashed the Bachus bill by calling the implicit FINRA bluff
Faced with the threat of more SEC exams and higher fees to pay for them, RIA leaders said in effect: Bring it on

Thursday 8.2.12
Jon Beatty: We see private equity participating directly and indirectly through the national acquiring firms.

Even as mired markets stalled Q2 merger deals, private-equity-fueled national acquirers revved up prices
Only eight M&A deals were inked in the second quarter according to Schwab Advisor Services but what there was, was 'cherce'

Friday 7.27.12
Drew Nordlicht: We spent more of our time explaining the trust aspect of the firm.

Luring a $330 million team away from UBS, HighTower opens first San Diego office
After five years at Smith Barney, HighTower convinces the team to complete second big move in five years

Tuesday 7.3.12
Ken Robinson: It's a thinly veiled hostile takeover of independent fiduciary advisors by those who fear them the most.

RIAs flood Capitol Hill with protests against a SRO-FINRA future on the day of the Bachus Bill hearing
Schwab's Clark and TD's Schweiss lead the charge, arriving in D.C. with impassioned advisor missives predicting an 'avalanche of costly regulation'

Wednesday 6.6.12
Zohar Swaine: I think it's the next wave of technologies we will tap.

TD Ameritrade's promise of creating an RIA version of Apple's app store may have found its prototype signing
Bing, bang, boom, HiddenLevers is part of the Veo ecosystem after one developer spent about two weeks writing code

Friday 5.11.12
Tim Kochis: No one should be CEO for life.

Tim Kochis retires, months earlier than scheduled, but also years later than planned
The Aspiriant founder sent an e-mail to fellow employees on April 27th saying he's bolting a little early because of projects he wants to pursue.

Friday 5.11.12
Jon Beatty: The pie is growing and everybody's benefiting.

Roll-up-like deals back on the rise in first quarter as RIAs look for succession plans
National acquisition firms accounted for more than half of deals, with HighTower the big buyer

Thursday 4.19.12
James Poer: That's why we're partnering with Fidelity -- because of what they bring to the table.

Fidelity follows Schwab's lead on hybrid advisors -- and four other items of RIA interest
Both big custodians like NFP as a partner; in other news, Morningstar warms to alternatives, EP makes a hire, JHS gets bigger by 75

Tuesday 3.13.12
Dan Goldie: They already know the investment approach before we even talk.

Dan Goldie tells how his NY Times bestselling book has changed his practice, and how his co-author affected his life
The ex-tennis pro now has windfall prospects but still structures his RIA firm so he can spend all his time with clients

Friday 12.2.11
David DeVoe: I have plans to scale this -- hopefully pretty aggressively.

David DeVoe, Schwab's RIA M&A chief, leaves to start his own shop
Nick Georgis is taking over the position as the former M&A czar launches ambitious venture

Monday 11.21.11
Ed Gjertsen: It's the microwave generation.

Trust Company of America is giving RIAs more weapons for free-wheeling
New technology puts advisors and clients literally on the same virtual page

Thursday 9.29.11
Bernie Clark: We win a disproportionate share of business.

Schwab Advisor Services is nearing $800 billion of RIA assets but analysts are split over whether it can continue to dominate
Fidelity keeps flexing its muscles as Schwab raises its hybrid-friendly profile, reaches out to IBDs and rolls out an ambitious vendor platform

Tuesday 9.6.11

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