The national office of the AFL-CIO has persuaded Waddell & Reed to join Edward Jones in withdrawing from a lobby group that supports President Bush's proposal to reform Social Security through private accounts, and now the organized labor giant has set its sights on Charles Schwab.

Waddell & Reed officials told the AFL-CIO in a letter that the firm chose not to renew its membership in the Alliance for Worker Retirement Security based on its "history of listening to its clients and being sympathetic and supportive of their issues."

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.