Charles Schwab

As AI threatens firms' lucrative business managing uninvested cash, Schwab gives its RIA partners a new way to keep clients' cash holdings sticky.

Anthropic lined up some of the biggest names in the industry for the rollout of Claude for Financial Advisors. But whether the tool is "revolutionary" or "just another integration," the hard work is just beginning for the AI firm and for its sole custody partner, Schwab Advisor Services.

Fee increases Charles Schwab is adopting for its in-house advisory business will keep a cheaper alternative for high net worth clients while helping to plug revenue holes.

RIAs who work with Charles Schwab have long worried Schwab competes with them for business. Could Vanguard's pending purchase of Altruist put Altruist RIAs in the same position?

Industry consultants recommend steps RIAs in Schwab's referral network can take if they're worried about competition for clients.

Schwab directly or indirectly manages only 2% of the $37 trillion in U.S. wealth that could be in the hands of advisors, according to CEO Rick Wurster. The size of the opportunity means there is no need to compete with the firm's RIA clients.

Head of Schwab Advisor Services Jonathan Beatty maintains there's more than enough wealth management business for everyone to share. But at least one critic says Schwab is clearly seeking a bigger piece of the pie.

Schwab services 16,000 RIAs with 2,000 different fee structures. According to the industry's largest custodian, the exact costs come down to "a very personalized negotiation" with the firms.

Dynasty accuses Merrill of acting in distorting the court record in its attempt to force a dispute over a giant breakaway team before FINRA arbitrators.

Full-year revenue growth was 4%, surpassing the 3% to 3.5% guidance the firm gave in December. Charles Schwab expects revenue to increase by 13% to 15% this year.

The firms paid $60 million to settle the claims without admitting to or denying the regulator's allegations. 

The change, one among several at the firm's top, follows on a year that executives have deemed one of the firm's most difficult in decades.

The company reported $4.74 billion in net revenue in the first quarter, down 7.3% from a year earlier but exceeding analysts' estimates of $4.71 billion.