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Schwab to cut 600 jobs in 'challenging' economic climate

September 11, 2019

Charles Schwab Corp. said it is cutting 600 jobs, or about 3% of the workforce, as the San Francisco-based broker-dealer and wealth advisory firm faces "an increasingly challenging economic environment." "These actions are a prudent step to...

401(k) court ruling could hurt retirement savers

September 7, 2019

A recent appeals court decision allowing Charles Schwab Corp. to force its employees to arbitrate disputes about the company's 401(k) plan could prove to be a negative development for 401(k) participants and their financial security in retirement....

Reps managing $474 million leave UBS, Schwab for Baird

September 4, 2019

Three advisers collectively managing $474 million in assets have joined Baird at offices in Chicago and Denver. [More:​ See more adviser moves in InvestmentNews' Advisers on the Move database.] Eric Dahl and Tim Pennise, who managed $200 million...

Peter Mallouk heads an RIA with $42 billion in assets — and has made only one acquisition

August 28, 2019

Creative Planning is among the largest registered investment advisers in the country, with $42 billion in assets under management among 96,000 client accounts. Until a few months ago, the firm's growth had been purely organic, a remarkable feat...

Robo-advisers are dead. Long live digital advisers

August 27, 2019

"Humans solve human problems." So says Steve Wilbourne, CEO of Questis, a financial wellness fintech provider. Mr. Wilbourne, a former adviser, realized that technology alone will not solve the financial problems of the 90 million defined-contribution...

Charles Schwab lawsuit win has big implications for all 401(k) plans

August 21, 2019

Charles Schwab Corp. has won its appeal of a 401(k) lawsuit that could have broad implications for all 401(k) sponsors by reducing the number of employee class action lawsuits. The firm was challenging a 2018 ruling in California district court...

Schwab hybrid robo sees early success with subscription pricing

August 19, 2019

Charles Schwab is seeing positive early results on the new subscription pricing model for its Intelligent Portfolios Premium digital advice product. According to Backend Benchmarking's latest report on robo-advisers, Schwab's hybrid model, which...

The road to independence: Attracting and retaining clients

August 19, 2019

After 15 years with one wirehouse and five years at another, Don Garman wrote a seven-figure check to release himself from an employment contract so he could start his own Registered Investment Advisor (RIA) firm, Mirador Capital Partners, in...

Top clearing and custody firms for financial advisers

August 17, 2019

CLEARING FIRMS Listed by reported number of broker-dealer clients Firm Phone/website # of clients % change vs. 2018 Contact Phone/email Pershing One Pershing Plaza, Jersey City, NJ 07339 (800) 445-4467 625 -4.40% Michael Row Chief...

Fidelity draws adviser wrath with 1.9% cash offer

August 7, 2019

As is typically the case when equity markets turn choppy, financial advisers are paying closer attention to the yields their clients are earning when they turn to the safety of cash. But for custodians and brokerage platforms that often default...

Finra arbitrators order Schwab to pay $347,000 to RIA owner for allegedly helping competitor

August 6, 2019

Finra arbitrators ordered Charles Schwab & Co. Inc. to pay $347,000 to the owner of a registered investment advisory firm for allegedly helping a former official of the RIA lure millions of dollars of assets to her own advisory firm. Joseph...

Going independent as a hybrid RIA

July 30, 2019

Hybrid RIAs can maintain both a brokerage and advisory business - using their independence to create the future they imagine for themselves and their clients. Download this white paper to learn more. Schwab Advisor Services™ serves independent...

Charles Schwab inks deal to buy USAA brokerage business for $1.8 billion

July 25, 2019

The Charles Schwab Corp. said it had agreed to buy the asset's of USAA's investment management company, including brokerage and managed portfolio accounts for $1.8 billion in cash, the firm announced Thursday. According to a statement by Schwab,...

Advisers react to Tim Hockey suddenly resigning from TD Ameritrade

July 23, 2019

Financial advisers are stunned by the sudden announcement of Tim Hockey's intention to step down as CEO of TD Ameritrade Holding, wondering what changes it portends for the firm's custodian business. Though Mr. Hockey joined TD Ameritrade after...

Merrill Lynch advisers should expect current pay grid to stay in place for 2020

July 17, 2019

After two years of taking a carrot-and-stick approach to induce brokers to sign up new clients, Merrill Lynch intends to stand pat going into 2020 and make no major changes to its compensation plan. In late 2017, Merrill Lynch revised its pay...

Advisers shrug off Schwab's potential purchase of USAA brokerage

July 17, 2019

Charles Schwab Corp.'s rumored plan to acquire $100 billion worth of brokerage assets from USAA is perceived by market watchers as a prudent asset-gathering move, despite past missteps by the San Francisco-based brokerage giant. "Schwab will...

Branding tips for financial advisers looking to grow

July 15, 2019

Financial advisers who seek to develop a growing and sustainable business should be deliberate about creating brands that resonate with the type of clients they're aiming to attract, industry experts said. "It's incredibly important that financial...

Charles Schwab reportedly in talks to buy USAA brokerage, wealth management business

July 15, 2019

Charles Schwab Corp. is in talks with USAA to buy the insurer's wealth management and brokerage business for roughly $2 billion, according to the Wall Street Journal. The transaction, which may occur by the end of the month, would net Schwab...

Adviser managing $600 million moves to Raymond James

July 11, 2019

David Ahlquist, who managed $600 million at TIAA Financial Services in Houston, has joined the employee unit of Raymond James. He will be based in the firm's Houston/Greenway Plaza office. (More: See more adviser moves in InvestmentNews' Advisers...

Schwab's Kleintop: What's next for the market?

July 10, 2019

Where are markets moving for the rest of the year? Jeffrey Kleintop, Chief Global Investment Strategist at Charles Schwab, discusses where we are and where things are headed.

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