Schwab spells out the details of its franchise plan
The San Francisco broker is making five-year deals with dozens of financial advisors from across advisory channels
Schwab RIA candidate
So explain to me as a prospective RIA, why should I have any discussions with a custodian whose growth strategy includes direct competition with my business? Let’s cut the spin – why would I hire Schwab as my custodian if the office down the street is actively pursuing my market with a big Schwab name on the building?
Jeff Spears
Sounds like Edward D Jones meets Charles Schwab. The firm that should be concerned about this strategy is LPL not Schwab RIAs.
Frederick Van Den Abbeel
I wonder how the employees working in Schwab’s retail branches feel about this initiative? Could a “not as good performing” employee branch be converted to a franchise operation?
Edith W.
Although they said they didn’t want to use internal Schwab employees initially, why wouldn’t Schwab want to groom and train its best producers to open a Schwab franchise?
Gary Miller
I’m phoning TD Ameritrade for their joint marketing material right now. Schwab has done nothing for me for 9 years, they even charge to go to their annual event. With 20% of our assets away, why not invite clients to move even more?
Related Moves
Joe Duran's second RIA act is rocking with eight staff, four co-founders and a conspicuously anti-United Capital concept that will flip RIA stakes 'eventually' as a minority investor
The United Capital founder paradoxically promises to 'passively' buy minority stakes as a backdrop for going hyper-active with quick-strike capability to apply super-consulting and technology to create explosive growth as a prelude to a sale.
November 29, 2023 at 3:23 AM
Edelman Financial Engines new CEO will face challenges after AUM plummets $50 billion (since start of 2022) and DOL throws wrench in its business model, complicating efforts to convert robo-advised 401(k) assets to an 'Edelman' RIA
CEO Jay Shah must chart a new course after the 2018 merger of the radio superstar RIA and the 401(k) robo-advisor fails to yield invisioned growth.
July 11, 2023 at 2:46 AM
Joe Duran will co-develop Goldman Sachs unit aimed at outsourcing to non-Goldman RIAs after 'magic' never materialized for direct-to-consumer RIA
The Newport Beach, Calif. RIA legend plans to shift from B2C to B2B to fix Goldman's disconnect with RIAs and play to the strengths for him and the bank
February 8, 2023 at 3:03 AM
UBS bets its 'wealth' future on ex-Schwabbie Naureen Hassan, a corporate digital A-lister, who analysts give a fighting chance to transcend PaineWebber's ossified culture
Still a $2-billion cash-flow cow, the Swiss bank's 6,000-broker, US-based wirehouse is milking aging broker relationships with aging investors but needs a new kind of human presence, empathy, mindset and smarts to draw in Gen Z.
July 16, 2022 at 1:35 AM
See more related moves
Nexus Strategy
Consulting Firm
Top Executive: Timothy D. Welsh
United Capital Financial Advisers
RIA Welcoming Breakaways
Top Executive: Joe Duran
