Three customers have sued Charles Schwab Corp. over its payment-for-order-flow practices, charging that the brokerage giant didn't get them the best possible price for their orders.
The three — Jonathan Corrente, Charles Shaw and Leo Williams, represented by the law firm Bathaee Dunne — seek class certification, punitive and treble damages and restitution. They also want the court to order Schwab to disgorge its ill-gotten gains.
The plaintiffs claim that in the wake of Schwab’s acquisition of TD Ameritrade, the company receives more than half the order-flow payments made to brokerage firms. That, the plaintiffs claim, results in reduced competition among retail firms to remit more of the payments they receive in the form of rebates or price improvements to customers.
[More: Creative Planning lawsuit: Creative Planning, Schwab, Fidelity fighting adviser’s collusion charges]
Schwab called the complaints and lawsuit baseless, saying the action is “an obvious attempt to garner media attention.”
The "Crypto Mom" departure would leave the SEC commission with just two members and no Democratic commissioners on the panel.
IFP Securities’ owner, Bill Hamm, has a long-term plan for the firm and its 279 financial advisors.
Meanwhile, a Osaic and Envestnet ink a new adaptive wealthtech partnership to better support the firm's 10,000-plus advisors, and RIA-focused VastAdvisor unveils native integrations with leading CRMs.
A former Alabama investment advisor and ex-Kestra rep has been permanently barred and penalized after clients he promised to protect got caught in a $2.6 million fraud.
As more active strategies get packaged into the ETF wrapper, advisors and investors have to look beyond expense ratios as the benchmark for value.
Wellington explores how multi strategy hedge funds may enhance diversification
As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management
