Clearinghouses/custodians

Among the new hires is Scott Collins, former head of brokerage independence and institutional sales consulting. He is one of many ex-TD Ameritrade alums seeking new employment after Charles Schwab acquisition’s of the firm.

BNY Mellon’s custodian is growing, even as it loses some major clients amid industry consolidation.

The firm’s new business highlights the beginnings of a shift in the custody marketplace due to a series of consolidations.

The deal underlines the bank’s focus on Folio's clearing and custody capabilities, as well as its 450 RIAs.

The custodian is upping the number of scholarships set aside for women and people of color.

More clients are also looking for financial advice within the custodian’s retail channel, which offers a robo advisor and full-service wealth management arm.

Advisors will face a drastically changed industry landscape and Schwab, already an industry leader, will play an even more outsized role in the marketplace.

As the Federal Reserve strives to help the economy, wealth managers’ revenue takes a hit.

“Platforms like this you would typically see at the larger broker-dealers and maybe the wirehouses,” says Gary Gallagher, the firm’s head of investment and managed solutions.

Executives provided advisors an update. The company has separately said it cut more than 200 retail branches at the end of last month.

From the fate of Veo One to account openings, here’s what Schwab’s leaders had to say.

Wealthy clients are the fastest growing segment of the company’s retail division.

The firm will use its warchest to expand its technology stack and make acquisitions.

The company said no additional layoffs would take place this year, but it left the door open to future staffing changes at the newly combined enterprise.

BNY Mellon’s CEO also sees a distribution opportunity for the company’s proprietary funds.

New ownership of the popular platform could open the door for new tech leadership, but don’t count Schwab out yet.

The acquisition established a $6 trillion-giant operating as a mutual fund company, RIA custodian, bank, retail brokerage and national wealth management firm.

Among those leaving is Tom Nally, president of TD Ameritrade’s RIA division. He’d been with the company for 26 years.

The No. 1 IBD’s 2,500-advisor bank channel will add 285 more reps when two massive investment programs affiliate next year.

The custodian had been a key player in the growth of the independent channel.