Charles Schwab

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.