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."
Policy reviews only work if you actively approach your clients. Find out how to initiate the conversation today.
These articles from the Investments & Wealth Monitor focus on what's ahead for the new normal, investment management in the new normal, and a forward-looking...
To learn how succession planning can help increase your practice value, download LPL's white paper, "Protect & Unlock Your Value through Succession Planning".
Aug 27, 2015
Hear from industry experts regarding the best ways to incorporate Social Security benefits into overall retirement planning. Learn about early withdrawal penalties and what is...
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.