Charles Schwab has apparently gotten about 300 inquiries but no firm sign-ups yet from established RIAs curious about its controversial new franchised advisory office network.
Part of the problem might be that while Schwab is offering established advisors the weight of its national brand -- and matching funds for local advertising and outreach -- the recruiting message is a bit confused.
Schwab nominally wants to court "experienced financial professionals" who already have their own books of business.
Great so far, but the company's new recruiting site keeps referring to the franchised branches as an advisor's "new" business stocked with existing Schwab clients to tide advisors over in what the company explicitly calls "the early years."
Which is it?
Even Chuck Schwab's exclusive video commercial on the site seems a little tone-deaf.
There's plenty of talk about how great this could be for Schwab and how eager Schwab clients are to get more face-to-face time, but not much left for the advisors he's theoretically wooing to the brand.
As they say, "We're building on our history of innovation by creating a franchise opportunity, accelerating our expansion into communities like yours."
A lot about Schwab and how fast it's expanding. But if anything, this is more of a threat: we're coming to our town, so join up.