In line with its decision to sell U.S. Trust to Bank of America, Charles Schwab is no longer going to pursue the top 0.5% of the wealthy, that is, those with more than $2 million to invest, Registered Rep reports. Instead, the company will focus on those with between $50,000 and $2 million.

But the firm isn’t walking away from trust services; Schwab is about to launch a personal trust business, to be followed by corporate trust. Many advisers are glad that Schwab is divesting itself of U.S. Trust, for they feared that it would poach their customers. “We appreciate that Schwab is setting up a friendly trustee that will not compete with us for asset management,” said Michael Kossman, COO of Kochis Fitz, a financial planning firm that serves the high-net-worth.

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