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.