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Increasing costs hitting financial advice industry
Expenses are rising: LPL Financial said in October that its core general and administrative expenses were up 15% year-over-year.
SEC keeps up pressure on firms’ cash sweep accounts
'Interest rates are coming back, so where you put clients' money in cash is an issue again,' one attorney notes.
More tech coming for Schwab advisors
The process of moving TD RIAs onto Schwab's platform was 'imperfect,' says CEO Walt Bettinger.
Years of planning come to a head as Schwab’s TD migration approaches
InvestmentNews gains behind-the-scenes access to gauge the mood of execs and advisors as firm prepares to transition 7,000 RIAs and nearly 4 million client accounts.
Schwab shuts down offices in five cities, merges more
Large firms like Schwab typically occupy huge offices in prime, and expensive, downtown locations in large cities across the country.
Earnings wrap: BoA earnings exceed expectations
The wealth management division's a ray of light for Morgan Stanley.
Crypto exchange backed by Citadel Securities, Fidelity, Schwab starts up
EDX Markets offers a ‘noncustodial’ model, meaning that it doesn’t hold clients’ digital assets during trading.
Schwab says Q2 revenue could decline as much as 11%
The company's shares have lost more than one-third of their value this year as higher rates led customers to yank cash out of Schwab's low-yielding sweep accounts,
Finra hits TD Ameritrade with $500,000 fine for disclosures on callable securities
TD Ameritrade self-reported the lack of disclosure, which occurred from January 2016 to June 2021, to Finra, according to the settlement.
Schwab starts hedging interest-rate risk with derivatives
The derivatives were valued at $3.9 billion as of March 31, the Westlake, Texas-based company said in a regulatory filing.
Schwab split from its bank would unlock value: JPMorgan
Rising concerns over pending regulatory changes and customers moving cash to higher yielding accounts have erased more than $60 billion in market value from the firm's January highs.
Morgan Stanley downgrades Charles Schwab
Schwab clients are moving funds from sweep accounts into money market funds at a rate of $20 billion a month, according to the Morgan Stanley report.
Charles Schwab’s fortune takes $2.9 billion hit in wake of SVB collapse
Founder of the eponymous discount brokerage has seen his wealth drop more this year than any other US billionaire.
Controversial cash allocations in Schwab’s robo protected clients in 2022
Allocations to cash helped Schwab's robo post the second-best one-year trailing performance, according to a new report from Condor Capital.
Industry, investor advocates oppose key parts of SEC mutual fund reform
The SEC has proposed using swing pricing and a hard close for share purchases to protect investors during market meltdowns. Critics warn changes could ruin mutual funds.
Schwab promises to support advisers through integration hiccups
The 2022 Charles Schwab Impact conference brought 5,000 attendees, including 2,500 financial advisers, to Denver this week.
Fidelity ramps up efforts to offer direct indexing through financial advisers
The asset manager's new platform is aimed at financial intermediaries who want to offer their clients customized separately managed accounts.
Schwab to launch Schwab Municipal Bond ETF with ultra-low fee
The new fund will have an expense ratio of just 0.03%. That’s lower than even The Vanguard Group’s $17 billion muni ETF, which charges 0.05%.
Can your DC plan take a punch?
Record inflation and 401(k) statement shock could send some retirement plans down for the count.
Schwab benchmarking report shows strong RIA growth, hiring challenges ahead
The 16th annual study, which compiles data from more than 1,200 firms managing a combined $1.8 trillion, shows top-tier firms succeed through efficiencies.
