Walt Bettinger sugarcoats nothing to TD Ameritrade RIAs about re-papering or technology and he calls ‘modest’ the importance of RIA revenues to Schwab
November 25, 2019
Louis Diamond Quoted
By Lisa Shidler
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.
The Schwab CEO told Wall Street analysts this morning (Nov. 25) on an hour-long conference call that he could not calm RIA fears about the possible need to repaper accounts, starting with resigning clients to contracts.
The uncertainty about repapering, is a big deal, says Louis Diamond, principal of Diamond Consultants in an email.
“Repapering is always a major disruption for advisors and is often the reason they forgo a transition to a new firm or model in the first place,” he says.