SAN FRANCISCO, Aug. 21 /PRNewswire-FirstCall/ -- Schwab Institutional,
a leading provider of custodial, operational and trading support for
independent fee-based investment advisors, has published a book chronicling
the history of the independent Registered Investment Advisor (RIA) industry
titled "The Age of Independent Advice: The Remarkable History of the
Independent Registered Investment Adviser Industry."
The history book is being published for advisors in celebration of
Schwab Institutional's 20th anniversary serving the independent investment
advisor industry. Each of the more than 5,000 firms that work with Schwab
Institutional will receive a copy of the book. The book will also be posted
on Schwab Institutional's public web site at
http://www.schwabinstitutional.com/public/anniversary.shtml.
"Schwab and the RIA industry have grown up together, and the evolution
has indeed been remarkable," said Charles Goldman, executive vice president
of Schwab Institutional. "This book commemorates the successes of the past
and conveys the promise of a very exciting future."
The book, which spans the 1920s through today and features archival art
and a detailed fold-out historical timeline, is dedicated to "all
independent investment advisors who through entrepreneurial spirit,
integrity and passion, have dedicated their lives to helping clients
achieve their financial goals and dreams." It takes an objective, decade by
decade look at the people and events that influenced the industry's
formation, growth and evolution. Among the highlights is a foreword by
Charles R. Schwab, in which he gives a personal salute to the industry and
acknowledges the entrepreneurial spirit and values he shares with
independent advisors.
Chapter Summaries:
Chapter 1 - Investing with a Difference: This chapter uses the lessons
learned as a result of the market euphoria of the late '90s tech-driven
boom and bust to introduce the reader to independent advisors, and their
client- centric service model.
Chapter 2 - Birth of a Profession (1920s - 1940s): The founding of the
independent advisor profession through the convergence of events and
influences is explored: the 16th Amendment and the national income tax, the
issuance of bonds for World War I, and the 1920s U.S. economic recovery.
The chapter also introduces the early pioneers of the industry, the
formation of the first industry association, and the events leading up to
the Investment Adviser Act of 1940.
Chapter 3 - Stirrings Beneath the Surface (1940s - 1970s): These
decades saw the formation of a regulatory structure and the early seeds of
the financial planning profession taking root. World War II helped
stimulate the end to the Great Depression however, little changed for
investors and advisors, as the stock market remained the province of the
very wealthy.
Chapter 4 - Dark Clouds with a Silver Lining (1970s - 1980s): While
this was an era marked by stagnant business activity, rising unemployment
and inflation, there were a few bright spots that set the foundation for
the emergence of independent advisors as an important force in financial
services: tax reform, the first money market fund, and changes in
retirement laws.
Chapter 5 - An Industry Comes of Age (1980s - 2000s): As Baby Boomers
entered their prime earning years, the U.S. economy experienced dramatic
changes, including the start of the longest bull market in American
history. The economic and demographic booms drove an unprecedented
expansion in market participation and fueled the growth and evolution of
independent advisors.
Chapter 6 - At the Crossroads (Today and Looking Forward): The turn of
the century signaled a period of extraordinary growth for the independent
advisor industry, making it one of the fastest growing sectors in financial
services. Technological advancements, the growing demand for advice, Baby
Boomer retirement, the global expansion of the financial planning
profession, and regulatory changes are shaping the industry for tomorrow.
Schwab Institutional's annual event for independent investment
advisors, IMPACT(R) 2007, will be the culmination of a year-long
celebration of advisors' efforts and progress over the past two decades.
The event will be held October 28-31 at the Mandalay Bay Convention Center
in Las Vegas, Nevada. More information on IMPACT 2007 is available at
http://www.impact.schwab.com.
About Schwab Institutional
Schwab Institutional is a leading provider of custodial, operational
and trading support for independent investment advisors. 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 June 30, 2007, client assets custodied
with Schwab Institutional stood at $556 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 6.9 million client
brokerage accounts, 1,169,000 corporate retirement plan participants,
187,000 banking accounts, and $1.4 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. CyberTrader(R), Inc. (member SIPC, http://www.sipc.org) is an
electronic trading technology and brokerage firm providing services to
highly active, online traders. More information is available at
http://www.schwab.com. (0807-1177)
SOURCE Charles Schwab
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Related links:
http://www.schwab.com
CONTACT:
Alison Wertheim of Charles Schwab,
+1-415-636-5812, alison.wertheim@schwab.com
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