Members to counsel peers and act as sounding board on Schwab offering
SAN FRANCISCO, June 6 /PRNewswire-FirstCall/ -- 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 (Nasdaq: SCHW) 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.
SOURCE Charles Schwab
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Related links:
http://www.schwab.com
http://www.sipc.org
http://www.schwabinstitutional.com/public
CONTACT:
Lindsay Tiles of Charles Schwab,
+1-415-667-3997, Lindsay.Tiles@schwab.com
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