Clearinghouses/custodians

For wealth management to achieve sustainable organic growth, the industry needs to boost the number of households served by financial advisors and firms, consultant Gavin Spitzner says in an episode of Financial Planning’s Invest Podcast.

The firm, which already closed 260 branches, now has 100% of its staff operating virtually.

The firm is experimenting with new, virtual capabilities to permit staff to work remotely amid an unprecedented health crisis.

The company has asked employees on the impacted floor to work from home until March 23.

The custodian is introducing a subscription fee and zero-commission model for advisors.

RIAs already on the platform can stick with the old pricing model or transition to the new one.

For planners who embrace the potential to provide these services, it can be a natural next-generation service offering.

The major custodian lost its second arbitration case — with even more filings likely — over the services it provided to a brokerage later proved to be engaged in massive fraud.

The custodian’s Liberty platform and “intimate” service are now likely to rest in the hands of a wirehouse.

Schwab’s new executive explains his split with TD Ameritrade and his commitment to his new employer’s 4,500 sub-$100 million advisors.