Our role, says Charles Goldman, is to "provide safety and soundness of clients' assets" for the advisors who custody those assets at Schwab Institutional (SI). Speaking on September 25, Goldman, the executive VP who runs Schwab Institutional and oversees its 3,500 employees, said that beyond being "safekeepers" for Schwab's retail, corporate, and RIA assets, the custodial arm of Charles Schwab is "focused on serving RIAs and helping them grow their business; if we do, they'll be rewarded, and we will, too." Noting that $10 billion in net new assets were brought to SI in 2007 from advisors turning independent--aka, breakaway brokers--"this year, we've beaten that already," and Goldman expects to see continued "very significant growth" from that segment of brokers with an entrepreneurial streak. The average broker coming over has $100 million in assets, he said, joining the 5,700 RIAs who already custody at SI. In the aftermath of the crisis, Goldman expects the regulatory environment to "change dramatically," though he would think it "unfortunate" if broker/dealer regulation in the form of FINRA compliance is applied to RIAs, which are "so distinct."
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This collection of articles from IMCA's Investments & Wealth Monitor focus on retirement planning.
Jul 09, 2015
In this session we’ll discuss whether or not factor investing is truly active management, and how to define and test whether a factor exists.
Jun 30, 2015
Join ThinkAdvisor & Wells Fargo in this webcast to learn a dynamic four criteria approach and how to gain portfolio flexibility.
Jun 09, 2015
Join ThinkAdvisor for this live, interactive webcast and hear from the winners of the 2015 SMA Mangers of the Year on impact investing strategies and...