Over 900 advisers have helped Schwab grow its separately managed accounts (SMA) business by 28% to over $15 billion. The number of individual client accounts rose by 16% to over 21,000, with over 900 advisers selling SMAs through Schwab.
"Independent advisers are increasingly meeting their high-net-worth clients wealth management needs through managed accounts," said Deborah McWhinney, president of Schwab Institutional. "Managed accounts help advisors outsource selection of securities to some of the best-known institutional money managers. They give managers the ability to diversify their offering and can allow them to effectively compete with Wall Street firms and large banks."