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Financial Planning > UHNW Client Services

Schwab Buys Membership Network for UHNW Firms

By Jeff Berman

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What You Need to Know

  • Family Wealth Alliance is a membership network for firms serving ultra-wealthy clients and families.
  • FWA members serve over 25,000 North American households and advise on about $500 billion of collective assets.

The Charles Schwab Corp. has acquired The Family Wealth Alliance, a provider of resources to advisory firms serving ultra-high net worth clients, the companies said Tuesday.

Chicago-based FWA’s members have a total of about 20,000 employees, serve over 25,000 North American households and advise on “upwards of half a trillion dollars of collective assets,” the firms said.

FWA was founded in 2003 and is a membership organization that serves multifamily advisory firms, single-family offices, RIAs, professional services firms and specialty providers.

FWA members receive a customized experience that the companies said is aligned with each member firm’s unique goals. Membership includes access to research and educational content, exclusive events and leader roundtables, and curated connections.

FWA CEO and founder Tom Livergood, FWA president Rachel Hyman and their entire team have joined Schwab as part of the acquisition, which closed Monday, according to Jon Beatty, COO of Schwab Advisor Services.

“Our long-standing relationship with FWA is anchored in a shared understanding of the importance of community for helping advisors learn, share, and grow together as they serve the evolving and complex needs of the ultra-high net wort client segment,” Beatty said in a statement provided to ThinkAdvisor. “We are committed to providing a consistent experience to all existing members and to expanding the range of value-added knowledge and resources available to them.”

Financial terms of the acquisition weren’t disclosed.

“While we can’t disclose the specifics of the deal, I can say that Schwab has been a loyal Platinum Partner of The Family Wealth Alliance for years, with an intimate understanding of our community philosophy and respect for our deep relationships in this space,” Livergood said in the statement.

The combined Schwab Advisor Services and FWA “will deliver the collective capabilities of industry-wide relationships, thought leadership resources, and connections, along with technology to drive growth and success for professionals and organizations focused on ultra-high net worth clients,” the firms said.

(Image: Shutterstock)

Jeff Berman

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