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Charles Schwab & Co. brings 'start-up'-style disruption to the $20 trillion mutual fund industry by zeroing out free fractional-share trade ticket charges

'We are on the offense at Schwab,' says San Francisco-based CEO Walt Bettinger, who may be leaving his own firm's margins undefended as he hands free fractional shares to friction-free blaze of disruption.

Author Oisin Breen
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Walt Bettinger: I'd suggest it will play an important role in our company's future both on the retail side and potentially on the RIA channel.

Related Moves

Walt Bettinger axes current and former Schwab retail chiefs, Terri Kallsen and Andy Gill; funnels responsibilities to Jonathan Craig, for now

The Schwab CEO is 'restructuring,' which includes cutting the Chairman's Club program that sent 200 top performers to Hawaii on a free junket

July 24, 2019 at 12:53 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

Fidelity Investments is paying 2,000 employees to hasten their corporate exits, including high-profile RIA overseer, Sanjiv Mirchandani, as part of its shift to a digital future

The Boston giant offered voluntary buyout packages and the 4% of staff who accepted will leave by June 30 to give other staff room to grow careers and make room for hires.

June 24, 2021 at 5:39 PM

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Peter Giza

Peter Giza

October 22, 2019 — 1:51 PM
Brooke/Jason, Can we get some data on this comment? "For the typical RIA it will cost 10x more for the software than the savings over ETFs and whole shares (unless the software is free)" Inquiring minds... Pete Pete Giza | CPO | AdvisorPeak
Ron A Rhoades

Ron A Rhoades

October 23, 2019 — 3:00 PM
Schwab reported $139 million in order-flow revenue in 2018, according to one recent article I read. It has always seemed to me that "payment for order flow" prevents best execution from occurring, and is a practice that should be banned by the SEC. Perhaps someday payment for order flow will be banned, as it is a non-transparent cost that investors don't understand and interferes with BD's duty of best execution. Then commissions for trading would return, although bid-ask spreads would decline at the same time.

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