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."

The growth of SMAs at Schwab has outpaced that of the industry, with 47% compound annual growth over the last six years, as opposed to 21% for the industry as a whole.

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