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Rating:Schwab Institutional Creates Service to Counsel Newly Emacipated Advisors Not Rated 5.0 Email Routing List Email & Route  Print Print
Thursday, June 07, 2007

Schwab Institutional Creates Service to Counsel Newly Emacipated Advisors

News summary by MFWire's editors

Schwab Institutional has created a new advisory council designed to help ensure that advisors transitioning from traditional financial services companies to start independent firms have all the resources they need for success. All members of the council have been through the transition process within the past several years and will be available to consult with advisors who are considering starting or joining an independent investment advisory business.


As increasing numbers of advisors choose to leave traditional financial services companies and start independent firms, Schwab Institutional has created a new advisory council designed to help ensure that transitioning advisors' needs are being met. All members of the council have been through the transition process within the past several years and will be available to consult with advisors who are considering starting or joining an independent investment advisory business. Council members will also provide insight and feedback on Schwab Institutional's current services and potential future offerings.

"Simply put, those who have lived it are the best resource for advisors considering a transition, and we believe they will be instrumental in helping us fine-tune our offering," said Barnaby Grist, managing director of strategic business development for Schwab Institutional. "The average new advisor at Schwab Institutional has more than $100 million in assets and grows at about 30% in the first year. With that kind of successful business at stake, there is a real premium on getting it right the first time."

Advisory council members will serve two-year terms beginning May 2007. The 2007-2009 council members are:

John Burns, Burns Advisory Group, Oklahoma, OK Jeff Flohr, Lakeside Capital Management LLC, Seattle, WA Michael Hebert, First National Corporation, Rockland, MA John M. Krambeer, Camden Capital Management LLC, El Segundo, CA Felipe Luna, Concert Wealth Management, Inc., San Jose, CA Bill Spiropoulos, Corestates Capital Advisors, Newtown, PA

Council members cite technology and compliance as most time-consuming elements of transition

At the first meeting of the new council last month in Austin, TX, council members cited technology implementation as the most time-consuming part of their transition. Among the services that Schwab Institutional offers in this area are technology consultants who can help advisors select the right technology for their firms and share best practices based on Schwab Institutional's 20 years of working with advisors. The second most time-consuming transition element was activity relating to legal and compliance requirements. Schwab Institutional will be hosting a webcast on this topic on June 26 at 1:00 pm eastern time. Interested advisors can register at: http://www.visualwebcaster.com/Charles_Schwab/39111/reg.html.

In the past year, Schwab Institutional has introduced a number of other new services designed to help advisors transitioning to independence. These include a relationship with Cambridge Investment Research that provides advisors with an integrated solution for managing both their fee-based and commission-based assets, financing capabilities to help new advisors with start-up expenses, and new partnerships to provide real estate services and errors and omissions insurance. In addition, Schwab has created dedicated service teams to help ease the transition process. In 2006 alone, this service team assisted in opening approximately 20,000 new accounts on behalf of advisors.

In addition to visiting http://www.schwabinstitutional.com/public, interested advisors can call 877-687-4085 to speak to a Schwab Institutional representative or to ask to meet a member of the new advisory council or another advisor who has completed a successful transition.

About Schwab Institutional

Schwab Institutional is a leading provider of custodial, operational and trading support for independent fee-based investment advisors. This year marks Schwab Institutional's 20th anniversary serving the independent investment advisor industry. Since 1987, Schwab Institutional has supported independent investment advisors by offering support and services to help grow their businesses and help their clients reach their financial goals. As of March 31, 2007, client assets custodied with Schwab Institutional stood at $524.5 billion. These assets, managed by the approximately 5,000 independent advisor firms Schwab Institutional currently serves, represent approximately one-third of total client assets custodied with The Charles Schwab Corporation. Brokerage products offered by Schwab Institutional are not FDIC insured, are not guaranteed deposits, and are subject to investment risk, including the possible loss of principle invested. Schwab Institutional is a division of Charles Schwab & Co., Inc.

About Charles Schwab

The Charles Schwab Corporation is a leading provider of financial services, with more than 300 offices and 6.8 million client brokerage accounts, 1,117,000 corporate retirement plan participants, 154,000 banking accounts, and $1.3 trillion in client assets. Through its operating subsidiaries, the company provides a full range of securities brokerage, banking, money management and financial advisory services to individual investors and independent investment advisors. Its broker-dealer subsidiary, Charles Schwab & Co., Inc. (member SIPC, http://www.sipc.org/), and affiliates offer a complete range of investment services and products including an extensive selection of mutual funds; financial planning and investment advice; retirement plan and equity compensation plan services; referrals to independent fee-based investment advisors; and custodial, operational and trading support for independent, fee-based investment advisors through its Schwab Institutional division. The Charles Schwab Bank, N.A. (member FDIC) provides banking and mortgage services and products. More information is available at http://www.schwab.com/. (0607-0830)

The mention of the above advisors and their firms is not and should not be construed as a recommendation, endorsement or sponsorship by Schwab. They are not affiliated with or an employee of Schwab. You must decide whether to hire any firm or individual and the appropriateness of their services for you or your firm. Schwab does not supervise third party firms or individuals and takes no responsibility to monitor the services they provide to you.

Schwab Institutional and Cambridge Investment Research are independent and unaffiliated firms providing this service through a joint business arrangement. Charles Schwab 

Edited by: Erin Kello


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