Will Schwab’s New Hybrid Platform Steal Clients From Schwab RIAs?
March 14, 2017 By Janet Levaux, ThinkAdvisor It's possible that the new offering could lure advisor clients away, argues one recruiter, while another disagrees Charles Schwab unveiled its anticipated hybrid advisory service, Schwab Intelligent Advisory, on Tuesday. Investors seeking both human and digital advice can sign up for the service, which charges an annual fee of 0.28% to manage at least $25,000 of assets (including a quarterly maximum fee of $900). For the fee, investors will receive a specific financial plan, ongoing advice and input from veteran planning consultants, as well as an automated portfolio. The rollout comes six weeks after robo-advisor Betterment launched its own hybrid offerings. “Robo-advisors are now upping their game by providing access to financial advisors in addition to their firm’s automated investment offerings. That [hybrid offering] is a potent combination...