For sub-$500k accounts, Schwab is sweeping RIA client cash into its bank, pumping up corporate profits
Unlike the robo, RIAs can manually direct funds to money market funds which makes this change less controversial
Fidelity lands RIA whisperer from Schwab in a coup, apparently using quality-of-life perks as lure
Kelly Smith chose the Boston rival for greater flexibility, better pay and a chance to move upmarket to sell family office services to RIAs that mix with the ultra-high-net-worth elite.
February 10, 2023 at 3:39 AM
Alois Pirker sets up shop in Marblehead by taking a page from the RIAs he advises
The former Aite-Novarica consulting chief wants the latitude of Pirker Partners to take the gigs he wants and avoid corporate consulting economics -- namely selling reports.
January 21, 2023 at 5:03 AM
RIA recap: Bernie Clark promises to 'be there' for coming TDA-Schwab system snafus; Fidelity gets custody win; Vanguard dishes out big tax bill to investors
Schwab RIA chief petitions for 'patience' for coming merger inconveniences but 'repapering' is no culprit; Carrie Pomerantz gets Schwab board seat; Addepar wins $65 billion AUM contract.
November 3, 2022 at 1:59 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
Top Executive: Timothy D. Welsh
Top Executive: Frank Rizza
Just as any true fiduciary would… Er, wait a minute, they’re not a fiduciary. So they can put profits ahead of clients who think they’re looking out for them.
The term “Idle Money” has been an oxymoron since Sandy Weill broke Glass-Steagall when Citi acquired Salomon. Net Interest Margin is the only game they play… But I’m sure Chuck will share the revenue with “clients” once the fed hikes the rate a quarter point…
Another fine article… thanks for your vigilance.
E*TRADE ESDA program accommodates $1,250,000 in cash FDIC insured by using seven banks for its cash sweeps.