Wealth Advisers Set Up Shop With a Shared Back Office
RisingWorld
2017-07-18
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Wealth Advisers Set Up Shop With a Shared Back Office
“The channel has been growing so quickly.”
Founded on the principle of providing low-cost stock trades to individual investors, Charles Schwab’s growth in recent years has been propelled by its adviser
segment, which offers a wide array of custodial services to registered investment advisers as well as access to the Schwab mutual fund supermarket.
Just a click on any type of screen connects a Ritholtz adviser to Charles Schwab or TD Ameritrade, where a team of operations experts
keeps a hawk’s eye on the rapidly growing $532 million in client assets managed by Ritholtz Wealth, an independent financial adviser.
Now, sitting on more than $4 trillion in assets, registered investment advisers are posing a direct threat to the old model of huddling with brokers from Merrill Lynch or Morgan Stanley
and following their advice — for a hefty fee, usually — about which stocks, bonds or mutual funds to buy.
“The channel has been growing so quickly.”
Founded on the principle of providing low-cost stock trades to individual investors, Charles Schwab’s growth in recent years has been propelled by its adviser
segment, which offers a wide array of custodial services to registered investment advisers as well as access to the Schwab mutual fund supermarket.
Just a click on any type of screen connects a Ritholtz adviser to Charles Schwab or TD Ameritrade, where a team of operations experts
keeps a hawk’s eye on the rapidly growing $532 million in client assets managed by Ritholtz Wealth, an independent financial adviser.
Now, sitting on more than $4 trillion in assets, registered investment advisers are posing a direct threat to the old model of huddling with brokers from Merrill Lynch or Morgan Stanley
and following their advice — for a hefty fee, usually — about which stocks, bonds or mutual funds to buy.
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