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August 31, 2009 at 08:00 PM
Schwab Advisor Services said that a “persistent undercurrent of uncertainty” at the wirehouses was prompting many wirehouse brokers to take the independent route. Supporting that claim, Schwab reported August 27 that in the first six months of 2009 74 advisor teams had joined the RIA custody arm of Charles Schwab & Co., compared to 48 advisory teams that had cast their advisory lot with Schwab in the same period of 2008.
In a prepared statement, the Schwab executive in charge of its Advisors Turning Independent (ATI), initiative, Barnaby Grist, said the advisors making the move believed the RIA model allowed them to provide better service to clients and provided a better chance for the advisors themselves to enjoy “greater long-term financial success.”
Grist, managing director of strategic business development for SAS, said that Schwab had released a new report–A Case for Starting or Joining a Registered Investment Advisory (RIA) Firm–to help advisors do just that.
