Discover and read the best of Twitter Threads about #Schwabitrade
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Woa. BIG industry news! Schwab hiring former TDA Institutional pioneer Tom Bradley to lead its "Core" <$100M AUM segment.
Should be a big relief for small RIAs fearing Schwab will abandon them. (Unclear how far below $100M Schwab will go, though?)
bwnews.pr/38f1Fdu
Should be a big relief for small RIAs fearing Schwab will abandon them. (Unclear how far below $100M Schwab will go, though?)
bwnews.pr/38f1Fdu
For "smaller" (<$100M) RIAs that have been fearful that Schwab would shut the door on them after the #Schwabitrade merger closed, this should be a huge relief. Schwab isn't hiring @TomBradley_USA to abandon small RIAs. It's hiring Bradley to build with small RIAs.
Strategically, this makes a lot of sense for Schwab. One thing Schwab has always consistently done is use its size and scale to push downmarket and expand access. And so with the new #Schwabitrade pushing $2.5B of RIA assets, going 'downmarket' to small RIAs isn't surprising.
Mega news this week is prospective merger of Schwab & Ameritrade. Getting a lot of questions, so wanted to share thoughts on what #Schwabitrade may mean for advisor community & from advisor's perspective...
Charles Schwab Holds Talks to Buy TD Ameritrade on.wsj.com/35mZF0v
Charles Schwab Holds Talks to Buy TD Ameritrade on.wsj.com/35mZF0v
Schwab was/is already the #1 player in the RIA custody space, having effectively created the independent RIA platform by launching Schwab Advisor Services in 1993. TD Ameritrade was their longest standing competitor, but much smaller (relatively speaking) in the RIA channel.
RIA custodians hold their cards close to their vest, but the estimate is that Schwab serves 7,000+ RIAs while TD Ameritrade serves about 6,000 of them. However, Schwab has almost $2T in RIA assets compared to TD's ~$600M.
