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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.

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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: 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

Oisín's snippets: Charles Schwab brand goes up on Omaha's TD Ameritrade stadium, home of college baseball world series • Interactive Brokers lands an RIA custody insider, Charlie Latimer, to climb the custodian ladder

The TDA brand lives on until the techies figure out how to make two systems into one, but change is in the air in Omaha, while Interactive Brokers gets a leg up in the custody business with a new hire.

December 27, 2021 at 9:58 PM

See more related moves

Mentioned in this article:

TD Ameritrade
Asset Custodian
Top Executive: Tom Nally

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

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