Schwab Asset Management’s first actively managed fixed income ETF began trading Tuesday on the New York Stock Exchange, under the ticker SCUS.
The Schwab Ultra-Short Income ETF has an expense ratio of 0.14%, below the industry average of 0.25%, and seeks current income consistent with capital preservation while maintaining liquidity.
To this aim, the new ETF invests in investment grade, short-term, US dollar denominated debt securities issued by US and foreign issuers. It will maintain a portfolio duration of one year or less.
Meanwhile, Schwab Advisor Services in partnership with Charles Schwab Foundation has announced its latest round of its Registered Investment Advisor Talent Advantage Student Scholarship, the fourth consecutive year that the firm has helped increase diversity in the RIA through supporting those who face financial barriers to their studies.
“We are committed to creating equitable access to the industry through programs that can empower students to pursue their educational dreams while supporting them as they excel in the financial services industry and beyond,” said Jon Beatty, Managing Director, Head of Advisor Services. “This year’s scholarship winners are dedicated, curious, and inspiring individuals who will push the industry forward in more ways than one.”
The scholarship initiative is hotly contested with 500 applicants in 2024 vying to receive $10,000 towards their enrollment for the 2024-2025 academic year, along with mentorship from an independent RIA leader.
Schwab research shows that 36% of RIA firms recruited from colleges and universities last year.
“Not only are firms looking for new talent, but they are recognizing the value of hiring a diverse team of employees to best reflect the needs of clients today, and tomorrow,” said Lisa Salvi, Managing Director of Advisor Services. “We are thrilled to be helping students strive toward career goals while fueling the RIA industry.”
Rajesh Markan earlier this year pleaded guilty to one count of criminal fraud related to his sale of fake investments to 10 clients totaling $2.9 million.
From building trust to steering through emotions and responding to client challenges, new advisors need human skills to shape the future of the advice industry.
"The outcome is correct, but it's disappointing that FINRA had ample opportunity to investigate the merits of clients' allegations in these claims, including the testimony in the three investor arbitrations with hearings," Jeff Erez, a plaintiff's attorney representing a large portion of the Stifel clients, said.
Chair also praised the passage of stablecoin legislation this week.
Maridea Wealth Management's deal in Chicago, Illinois is its first after securing a strategic investment in April.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
