Schwab officials used speaking slots on the official schedule to reassure advisors that the firm is a partner, not a competitor.

The firm unveiled new services for advisors and a new strategy of packaging products under a wealth management umbrella. David Pottruck responded to one advisor's question about competition between Schwab's US Trust unit and advisors by explaining that Schwab does not have the fee structure to offer what advisors provide clients.

"$29.95 does not allow you to sit down with a client for an hour," Pottruck explained. He added that "We do not manage their money for them," in reference to the role played by advisors in the audience.

Schwab provides the brand that brings investors into the door, but does not plan to compete directly with firms such as Merrill Lynch by building a costly infrastructure.

Rather, he intends the broker to use its partnership with advisors to keep a lower cost structure and more flexible offering for investors.

Schwab's Dan Leemon told attendees at a closing speech that the firm is working on improving the brokers Advisor Source referral program. He admitted that their is room for improvement, but that the firm is learning from experience. He noted that half of referrals lead to closings in the most successful offices, but that figure is only 15 percent to 25 percent at some other branches.

Pottruck also revealed that traffic to the firm's Web site had fallen dramatically. He added that self-directed trading has dropped "precipitously" since the height of the market. Use of the Web site is down 40 percent from its peak, which is inline with the decline in use of other sites and even viewership on CNBC, said Pottruck. 

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE