Schwab Promises Franchised Advisors Won't Compete With Existing RIA Affiliates Hot

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. 

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