Charles Schwab, one of the largest full-service investment services firms with more than $2.3 trillion in client assets, announced it has reached an important threshold with half of its total client assets now enrolled in an ongoing advisory relationship through its Investor Services businesses and the 7,000 independent Registered Investment Advisors (RIAs) it serves through Schwab Advisor Services.
Walt Bettinger, Schwab president and chief executive officer (Photo: Business Wire)
“We take pride in the role Schwab and the advisors we serve have played in making high quality investing accessible and affordable for investors over the last 40 years. Costs and convenient access will forever matter and be a core part of our story. The steady growth we’ve made into wealth management reflects a transformation in our firm that has been driven by the needs and demands of investors as so many of them accumulate significant assets over the course of their lives and increasingly look for professional help,” said Walt Bettinger, Schwab president and chief executive officer, when announcing the milestone in an employee communication today from the company’s headquarters in San Francisco.
Schwab provides investors access to wealth management services directly through its retail business as well as supporting independent RIAs with the wealth management services they offer their clients through its decades-long support of the RIA industry where it has been a leader since first launching its Advisor Services business in 1987. “Today’s investors decide what type of relationship they want based on their own specific needs and preferences,” Mr. Bettinger said. “Many find appeal in the nationally branded, wealth management services of a large firm, like those available through our financial consultants in our retail business, while others seek the highly customized and local expertise offered by independent RIAs. Together, we are reaching a large and growing pool of investors looking for an alternative to the traditional wirehouse brokerage model; which we believe continues to lose favor among investors today.”