Schwab Advisor Services has added 800 institutional funds from 15 third-party asset managers as part of its no-transaction-fee mutual fund offering for registered investment advisers.
The 15 asset managers are: BlackRock, Cohen & Steers, Columbia, Delaware/Waddell & Reed, Diamond Hill, Franklin Templeton, First Eagle, Guggenheim, Goldman Sachs, Invesco, Janus, Legg Mason, Lord Abbett, Nuveen and Principal.
The funds are in addition to the more than 130 no-transaction-fee, institutional share class funds from T. Rowe Price on the platform, which was announced in December.
The new line-up will also be available to advisers who custody with TD Ameritrade Institutional and gives advisers no-transaction-fee choices from a larger number of funds with lower net expense ratios, Schwab said in a release.
Elsewhere, Wells Fargo Advisors adds a $400 million Morgan Stanley veteran in Naples as an ex-Cetera advisor goes independent with LPL
According to a federal charges Bradley Heppner, 60, received more than $150 million in payments through funneling money from GWG Holdings to a shell company.
A $1B fund allegedly skimmed 30% off the top, then swapped cash for locked-up stock.
Insiders allegedly rewrote projections three times in four days.
TCI Wealth Advisors also has also tapped JIFFYAI to unify onboarding and servicing, while TradePMR adds ICE market data to its Fusion advisor platform
Knighthead Life entered the market with a competitive MYGA. A strong launch earned advisor confidence and paved the way for FIAs.
As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor
