What Schwab’s free trade move means for RIAs
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.
