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.
Chicago-based Mesirow Fiduciary Solutions adds flexPATH's plan-level outsourced fiduciary book, boosting its retirement market reach to $164 billion.
Also, Raymond James's employee advisor channel adds breakaways from Wells Fargo and Stifel, while UBS welcomes an ex-Morgan Stanley duo in Indiana.
It promised guaranteed principal and 10% monthly returns. The SEC says it invested nothing.
Ten years after entering the fee-based annuity market, MassMutual Ascend says nearly half its lifetime sales came in the past two years alone – but barriers remain among fee-only advisors.
Amplify, WealthReach, Zeplyn and Zocks have unveiled partnerships aimed at automating portfolio management, content creation, account opening, and client communication.
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