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After Vanguard instigated commission war in June, Charles 'Chuck' Schwab steps up to challenge in brilliant counterstroke that paints bull's eye on custody rivals in zero-sum showdown

The Schwab Chairman and Founder signs off on the $400-million write-off of revenues in a move the size of his legacy. After being booted in 2017 by TD Ameritrade for not playing the pay-for-play game, Vanguard went hard zero in June forcing Schwab to act but perhaps not this big

Author Oisin Breen October 10, 2019 at 4:49 PM
no description available
Charles 'Chuck' Schwab: Eliminating commissions ensures my ultimate vision is realized.



RIA Custodians

Brian Murphy

Brian Murphy

October 10, 2019 — 7:15 PM
As of today, Fidelity announced to RIA clients that commissions are going to zero.
Brian Murphy

Brian Murphy

October 10, 2019 — 7:25 PM
Consumer-facing products are dead as competitive differentiators for the various brokerages at this point. What's next? Services.
Jeff Spears

Jeff Spears

October 10, 2019 — 8:07 PM
Wall Street survived a dramatic decease in commission s after the Global Settlement. Custodians can learn from Wall Street. Net interest margin has become the leader again. Same as it ever was.


October 11, 2019 — 1:26 AM
no coverage of the ken fisher calamity on here? or are you going to do a more in depth dateline to catch a predator style piece 2 weeks from now?
John Karayan

John Karayan

October 11, 2019 — 8:54 PM
Very interesting article, albeit I had a bit of trouble figuring out some of the acronyms
brooke southall

brooke southall

October 11, 2019 — 9:07 PM
John, We are against acronym confusion. Sorry about that. -Brooke

Related Moves

July 23, 2019 at 4:30 AM

A canary in the coal mine, Amy Richardson left Charles Schwab & Co. for an RIA -- before the 2,000 layoffs -- now a robust job market is saving the Schwab diaspora, she says

The former Schwab director wants former colleagues to know life exists after Schwab and good job opportunities are plentiful in the financial services sector.

December 20, 2023 at 1:52 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

Biz Briefs: Schwab puts checks for $52 million in mail to robo-RIA customers allegedly misled about cash allocations • BlackRock blacklisted (again) • iShares beats NZAM-exiter Vanguard • Fidelity makes first acquisition in eight years • CFP board realizes Moms don't like CFPs

BlackRock gets Kentucky coal in stocking, and Vanguard keeps skating; iShares inches above -- by 2.8% -- Vanguard's annual net new ETF asset haul; Fidelity takes "natural next step" for stock plan business; new CFP chair outlines plans and the DOJ is set to become a major Robinhood shareholder..

January 13, 2023 at 3:01 AM

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