Schwab won't stop at wire transfer check-up calls in its quest for airtight security of RIA client assets
Top service exec at big custodian says the tumult of the last 18 months led to the escalation of asset safeguards
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
TD Ameritrade's board suddenly pushes out Tim Hockey after his big misread of RIAs; Tom Bradley name-dropped as successor
The CEO broke the TD promise never to compete with RIAs, took it back and got sent packing
July 23, 2019 at 4:30 AM
Biz Briefs: The sorry scene at my local First Republic branch • Schwab launches new (smaller) lay-off round • Schwab hoovers pennies passing FINRA fee to clients • Gensler pleas for funds • Fidelity owner's private equity pres. retires • an Orion-Envestnet staff switcheroo • LPL dumps FutureAdvisor
Range Rovers screeched in and drivers joined a grim queue to get their cash, and cookie • The Schwab-TDA deal cull count now stands at roughly 3.5% of its staff • FMR's hockey star president has stepped down • SEC chief wants more enforcers • An Envestnet executive proves joining a rival is good business • LPL now has an in-house robot.
April 29, 2023 at 1:36 AM
Fidelity will hire 4,000 staff in first half -- a staggering number but a tapering off from 'unprecedented' rate in 2021-2022 that catapulted it to 68,000 employees
The $10.3 trillion giant explains its hiring -- in a layoff environment -- as an RIA-like goal, namely having the human bandwidth to develop 'lifetime' relationships with its 40 million investors
February 17, 2023 at 2:49 AM
See more related moves
Top Executive: Tom Nally
Top Executive: Timothy D. Welsh
Brooke: Re article’s reference to “Vietri said Schwab did not implement the program in response to an 'incident’ that was reported in an earlier press report. 'That was inaccurate information,’ he added.”
It flatters me when pubs like ours, Investment News, break stories and are followed by others on the beat. But if you’re paraphrasing you should put in context that it was an adviser who said he was told by his Schwab service rep that Schwab’s new policy stemmed from a recent incident. Schwab declined to respond. We report the news, we don’t create it. You might also think about use of terms like “exclusive interview” and disclosure of whether people quoted in your stories are paid by firms they are commenting on or by rival firms, and also whether they are contributors to your interesting pub.
Congratulations to InvestmentNews for breaking the Schwab wires story; we are pleased that you are flattered by our follow-up story. We are flattered, in turn, that you’ve commented on our site. RIABiz is a small start-up publication, but it is committed to high journalistic standards. We stand by our sources.
In so many ways, Charles Schwab leads the industry. This is one more great example. RIABiz, thanks for covering this!
Charles, great article….
I was one “unintended victim” of the overzealous Charles Schwab security check for an overseas wire transfer in December to Hong Kong. I have been a customer for over 20 years, but my wire transfer to Hong Kong was rejected after initial indications it was going through. I did not receive a 'check up call’, only the Charles Schwab rejection email. I could never get any reason why it was rejected when I asked by phone or by email.
My workaround was to wire the money to Bank of America and used my Merrill Lynch Wealth Management account to wire the money to Hong Kong. I did answer the many questions to Merrill Lynch asked to verify my identity. Charles Schwab asked me similar questions also. In the end Merrill Lynch transferred same day as my phone call request.
Mr. Vietri, you and your team at Charles Schwab will be losing my business in the near future. I know you are big guy, and big picture guy. I am just a small potato trying to buy a home for my family here in Hong Kong. You force me to make my decision, without the respect to give me any reason.
Timothy Welsh, take your head out of the sand and look around. Bad decisions are made by those not willing to think about the consequences to valid customer requests. Your cookbook decision making process is a loser and shows your weakness and inflexible, “I know everything” attitude.