Wealth and Asset Management
Charles Schwab plans to keep or self-refer all sub-$2-million accounts in 'seismic' shift for many RIAs — and 'gloves off' for Schwab's wealth management evolution
Schwab CEO Rick Wurster is pulling out all the stops to build an upmarket wealth business, in a “seismic” and one-sided shift that could could kill referral flow for RIAs serving the mass affluent. Schwab will no longer refer most eligible accounts to RIAs. Instead, the Westlake, Texas, brokerage will…
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