Charles Schwab today announced a new launch aimed at helping independent advisors open their own registered investment advisory (RIA) firm.
The fee-based program, named the Schwab Advisor ProDirect, will begin in July and is targeted towards advisors with $50 million to $300 million in assets under management (AUM). It will cost advisors $5,250 a quarter, or $21,000 annually, with a one-year initial membership that is renewed quarterly afterwards.
Schwab says the platform will help small advisors, or those moving on from broker-dealer firms, to break through the RIA space. While the firm has its Schwab Advisor Services (SAS) model, that platform is generally targeted towards larger advisors. However, the Schwab Advisor ProDirect solution will be available as a complementary add-on to the SAS platform.
“With client demands evolving rapidly, many advisors see the RIA model as their best path forward, but they face a complex array of choices for every aspect of their business,” said Brad Losson, head of enterprise solutions at Schwab Advisor Services, in a statement. “That complexity can hold them back. “Schwab Advisor ProDirect is our answer: a program built to ease their journey, optimize their operations, and help them thrive over the long term.”
Advisors enrolled in the program will have access to a consulting team aimed a “strengthening growth potential,” along with a “like-minded” advisor community,” and is built for “growth-oriented advisors,” said Shawnette Gauer, managing director of Enterprise Solutions at Schwab Advisor Services.
“This program provides firms with the support needed to help elevate their strategy, brand, and client experience from day one,” Gauer added.
According to the firm, advisors who join the Schwab Advisor ProDirect program will participate in a structured, four-phase approach to developing their firms:
- Phase I – Launch: High-touch help to streamline business and operations planning as they go independent
- Phase II – Learn: Dedicated Schwab consultants who bring expertise, focus and ongoing mutual accountability to the relationship
- Phase III – Connect: Exclusive membership in a community of growth-focused peers plus curated solutions from Schwab and third-party providers
- Phase IV – Grow: Continuous coaching and support to implement the Guiding Principles for Advisory Firm Success, developed through nearly 20 years of learnings from Schwab’s RIA Benchmarking Study research
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