Articles tagged "Schwab Advisor Services"
Schwab CEO tells Wall Street threat of TD Ameritrade RIAs bolting ended months ago, with potential defectors holding fast to avoid repapering headaches
Walt Bettinger says he 'feel(s) exceptionally good' that 'all' RIA defections landed over the summer, and TDA RIAs have since been 'rewarding us with ... loyalty.'
October 17, 2023 at 2:13 AM
Fresh wave of TD Ameritrade RIAs are speaking out 30-days after Schwab Advisor Services merger, complaining about more red tape and problems befalling clients -- stress levels high
Not just social media savvy RIAs, but principals of smaller, classic, all-TDA shops are listing a litany of issues -- the tip of an iceberg, according to small RIA custodians.
October 7, 2023 at 6:13 AM
Some TD Ameritrade RIAs are voicing misgivings -- faint compared to the loud attaboys -- about life at Schwab post-conversion, mostly centered on losing Veo system; an advisor says 'it's like 'going back in time 10 years'
The TDA conversion itself 'overdelivered' for 'seamlessness and communication,' but severed relationship with beloved Veo system left some RIAs with postpartum feelings about Veo that could increase as the dust settles, insiders say
September 18, 2023 at 10:46 PM
Schwab's agonizingly long, methodical process to absorb near 8,000 TD Ameritrade RIA custody accounts into its own system is odds-on to yield a sweet result over Labor Day
Schwab Advisor Services still faces the stiff challenge of cultural assimilation but would-be detractors (like trade publications and even competitors) see little possibility it'll bungle Labor Day's switchover and its worst-case scenario on RIA attrition of 5% seems like a 'major win'
September 1, 2023 at 2:23 AM
Schwab 'proactively resigns' TD Ameritrade RIA custody clients, which accounts in part for July's $20-billion net new asset [from June] hiccup
The Westalke, Texas company's chief financial officer said his firm took the action on the 'atypical custodial relationships' to stay 'consistent'
August 15, 2023 at 2:04 AM
'Schwabitrade' RIA assets leap $107 billion in NNA to $3.75 trillion in first half of 2023, and just 20% of TD Ameritrade RIAs have yet to 'credentialize'
The RIA assets of TD Ameritrade Institutional and Schwab Advisor Services grew an incredible $514 billion for the 12 months ended June 30, but the real conversion looms on Labor Day.
July 22, 2023 at 1:38 AM
Envestnet will roll out RIA custody by 2024, disputing Bernie Clark's lean Schwab profit math, by citing average 15-basis-point margins
The Berwyn, Pa. company says Schwab's own public disclosures Clark's 'nine basis point' claims, though Envestnet will likely need to hand over as much as half the take to FNZ, a competitor says
May 13, 2023 at 1:03 AM
With a 'loud' RIA custody outburst under ex-Schwabbie, SEI piles onto a mob effort to break Schwab/TDA RIA custody stranglehold
Gabe Garcia is not alone seeing Schwab's ballooning scale as something to pop-- with Envestnet, Altruist, Goldman, LPL, TradePMR and AssetMark all working on new delivery models.
May 5, 2023 at 3:44 AM
A $3 billion TD Ameritrade RIA pulls assets out of Schwab --after it cut services for TDA RIAs, and got sticker shock -- ahead of merger date
Anthony "Tony" J. Mazzali, CEO of CG Advisory Services, is shifting the bulk of its assets to LPL Financial to curb the assymetric power in his custody relationship with Schwab.
May 2, 2023 at 3:26 AM
Manish Khatta gives Schwab and Fidelity 'A' grade -- and a backseat -- after Altruist gets A+ to win the RIA inflows to his $750-million TAMP
After Fidelity discontinued DocuSign API and uncertainties rose at Schwab, Potomac Fund Management's CEO spent nine months vetting RIA custodians
March 28, 2023 at 4:44 AM
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
In rare form, Schwab's Bernie Clark calls out rivals -- not least Fidelity, Goldman Sachs and LPL -- by name and warns them about challenging Schwab's prohibitive custody business domination
The head of RIA custody says 85% of RIA firms work with his unit, but rival custodians have knives drawn to poach advisors when TD Ameritrade merger wraps.
January 28, 2023 at 2:50 AM
Shirl Penney lands hot cash in cold market, raising $100 million (says source) to 'charge onto the offensive' as competitors 'hunker down' under debt
The CEO and co-founder of Dynasty Financial Partners salves IPO pain by cobbling cash from existing backers, a Boston private equity firm, Abry, and even RIA custody partner, Schwab, at valuation near $500 million.
December 20, 2022 at 2:37 AM
Schwab Advisor Services fired TD Ameritrade RIA as client after its owner charged a 5% fee on his wife's account, but what it did afterward enraged him
The Westlake, Texas RIA custodian followed up by writing a letter to clients raising 'billing practices' as a concern for something regulators often forgive, experts say.
December 14, 2022 at 2:12 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.