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January 01, 2010 at 02:00 AM
As of September 30, 2009, 126 teams moved to an independent model with Schwab, according to Barnaby Grist, senior managing director of Schwab Advisor Services. “This is an increase from 123 teams in all of 2008,” he says.
That number should grow through the end of 2009, judging from the number of prospective advisors attending Schwab’s industry conference Impact ’09, held in mid-September in San Diego.
About 2,700 individuals attended the event, including 42 prospective advisors, most of whom now work for major wirehouse or national broker-dealers.
Net new asset flows into the firm’s Advisor Services business was $11.1 billion in the third quarter, Schwab says. This is 44 percent higher than net new asset inflows in the second quarter, and 16 percent higher than the net new asset flows into the Advisor Services business in the first quarter of this year. Nearly 85 percent of these assets came in from new clients.
And the company says it does attribute at least part of these new assets to its Make the Move campaign, which offered clients moving onto the Schwab platform by December 31, 2009, free electronic equity trading through June 2010, no transfer-of-asset fees and asset-based pricing.
“Schwab’s Make the Move program [for investor clients] aims to help RIAs grow their business. It does help our prospects, too, as they bring hundreds and thousands of clients to Schwab in one fell swoop,” explains Grist. “It shouldn’t be a significant factor in an advisor’s decision, but it is nice for them to share with their clients.”
