It didn't take long for Allgen Financial Services Inc., a registered investment adviser, to seize on The Charles Schwab Corp.'s offer to waive electronic stock commissions through next June 30 and reimburse account transfer fees for any new-to-Schwab client that RIAs sign on by yearend.
In another barometer of the continuing pain that fee-based financial advisers are experiencing, The Charles Schwab Corp. has reported that net new assets in its adviser services businesses fell 47% in the second quarter to $7.7 billion, from $14.5 billion a year earlier.
The Charles Schwab Corp. today reported a 31% decline in second-quarter earnings from the year-earlier period, citing low interest rates, restructuring charges and still-weak equities markets.
Late last year, CLS Investments LLC and RegentAtlantic Capital LLC began laying off employees in anticipation of a drawn-out revenue slough.
When Ben Marks set up shop as an independent registered investment adviser in November, he wasn't ready to give up the commissions that helped support him for more than a quarter century at large brokerage firms.
Even though independence is losing its stigma as a sign of failure among wirehouse brokers, they continue to move at only a moderate pace to independent broker-dealers and registered investment advisory firms, a panel of experts said last week.
The Charles Schwab Corp., which promised to spell out details of its plan to help advisers move alternative assets from its platform this month, has nearly met its deadline.
The Charles Schwab Corp. is dipping into its deep pockets to help independent advisers capture business from full-service brokers.
In a move that could create a price war among custodians of registered investment advisers’ assets, Charles Schwab Corp. said today it will waive commissions on electronic equity trades and reimburse account-transfer fees to new clients of independent investment advisers whose assets are held in custody at the San Francisco-based firm.
