Schwab Advisor Services has been making a splash this month by announcing that it will soon provide financing for junior advisors looking to buy out their retiring colleagues. But the other custodians are right in step.
Schwab says it will finalize its program in the first quarter, at which time they'll give advisors a way to make generational succession plans happen.
Despite critics, it turns out that TD Ameritrade is also working on a financing option and it is also aiming at the first quarter to make it go live.
Fidelity and Pershing already do it on a case-by-case basis.
But in formal terms and in the eyes of the industry, Schwab is still the nominal leader here. Let's see what the next few months bring.