Clearinghouses/custodians

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.

Charles Schwab is in early stages of its plans for the future of TD Ameritrade’s advisor division.

The newly combined firm is expected to transform the independent marketplace in terms of technology, talent and RIA choice.

The firm is consolidating its broker-dealer and standalone RIA custody units into one division.

It’s a big decision, and getting it right the first time around can avoid a lot of headaches, experts say.

Three out of the top four RIA custodians compete directly with their RIA clients through their networks of branch offices and call centers.

The firm’s National Financial Services allegedly failed to deliver certain basic information to clients in five public offerings of shares in a fuel cell technology company.

The custodian’s NetX360 desktop now supports biometric authentication.