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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.

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

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

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

Robinhood gets 'brilliant' upper manager -- and a spare CEO -- by nabbing TD Ameritrade's ex-thinkorswim top exec, hopefully to throw a lifesaver to Robinhood's sinking stock

The Menlo Park, Calif., firm nabbed Steve Quirk as first-ever chief brokerage officer to 'bridge the gap between academia and reality.'

January 6, 2022 at 10:33 PM

See more related moves

Mentioned in this article:

TD Ameritrade
Asset Custodian
Top Executive: Tom Nally

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