Louis Diamond Quoted – By Lisa Shidler, RIABiz – Walter Bettinger is making almost no promises to TD Ameritade RIAs about their new life as Charles Schwab & Co. clients — and, in fact, warned today that the impact on revenues may be a “modest” concern relative to direct-to-consumer retail.
Louis Diamond Quoted – Citywire video – shares his thoughts on Charles Schwab’s recent change to zero fees, and his thoughts on what 2020 looks like for advisors making the transition to independence.
By Louis Diamond, Citywire – Charles Schwab’s announcement on Tuesday to eliminate trading fees on stocks, ETFs, and options sent waves through the media and soon after pushed competitors TD Ameritrade and E*TRADE to follow suit. The industry still awaits news on the other two largest RIA custodians – Pershing Advisor Solutions and Fidelity Custody & Clearing Services – and how they will respond to Schwab’s strategy. Yet many in the wealth management space – regardless of channel affiliation – are left wondering what this really means for their businesses.
