Months after the launch of its controversial "advisor franchise" program, Charles Schwab is laying out a few more details on how these offices will relate to existing RIAs.
Schwab now confirms that once it gets some of its independent branches up and running, those advisors will need to respect affiliated RIAs client lists.
This means no grabbing "friendly" accounts by playing on the confusion between Schwab as a custodian and Schwab as an independent financial intermediary in its own right.
A similar rule against prospecting known RIA clients currently applies to Schwab's in-house branch staff.
It would've been nice for worried RIAs to get this kind of detail earlier.
Meanwhile, the firm has apparently gotten about 200 queries from advisors looking at the program in the last month, but still no concrete sign-ups.