No Sign Of Franchise Revenue In Schwab's Latest Earnings
- Created: Tuesday, 18 October 2011 07:00
Schwab's overall client assets -- including advisory accounts -- came in at $1.58 trillion at the end of the third quarter.
That represents 7% growth over the last year but a 5% contraction from the second quarter.
And in terms of net flows, neither the retail brokerage side of the company nor the institutional unit reported any meaningful expansion whatsoever.
Growth there was "not meaningful," Schwab says.
The RIA channel was the company's primary bright spot in the quarter. Schwab's RIA affiliates picked up 33% more new assets in the quarter than they did a year ago, even though grim markets left them with only 5% more AUM to work with.
They did not mention the controversial "independent branch services" program, which would theoretically set up advisory "offices" under the Schwab umbrella to work with middle-market clients.
This Website Is For Financial Professionals Only
- Bravo! A4A Previews The Advisor Portal TD Ameritrade Institutional Will Launch In 4Q2015
- What Do Charles Schwab, Personal Finance, And Rap Music All Have In Common?
- Charles Schwab to Host Live Online Educational Event for Active Traders
- TD Ameritrade Institutional Hires Jim Dario Away From Pershing Advisor Solutions, Where He Led RIA Business Development And Advisor Recruiting