Which Indy is best for me?

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Mar 21, 2008 12:36 pm

I am going into retirement, but I still want to hold on to about 10 million dollars worth of family and friends. Most of the money will be managed in mutual funds, annuities, and individual bonds. (RIA)I need a firm with a wide platform of institutional mutual funds and state of the art online access for clients. I do not want to set up my own office, maybe just work from home or rent an officespace that has a receptionist. I also have a CFP, so financial planning for a fee is important to me as well.

Does Charles Schwab have an indy arm?
Mar 24, 2008 5:03 pm

Unfortunately,



Charles Schwab doesn't have the indy capabilities you are looking for. If you have a personal email address, I would like to forward you some information. May have a fit for what you are looking for.
Mar 25, 2008 6:13 pm

Hi  I just went INDY with similar needs thru Union Capital which uses RBC Correspondent Services...nice services, good online access, 90% payout, fee based platform available,

etc Additional info if u need it.
Mar 27, 2008 5:06 pm
AdvBD:

Unfortunately,



Charles Schwab doesn't have the indy capabilities you are looking for. If you have a personal email address, I would like to forward you some information. May have a fit for what you are looking for.


That is a misleading response. 

Many RIA's who custody assets at Schwab Institutional (or Fidelity or other custodians, for that matter) also choose to maintain a broker/dealer affiliation in order to continue doing commission based brokerage business.  These are sometimes referred to as hybrid or dual registered RIAs.  This type of firm could easily handle everything you mentioned, even if it requires a combination of a custodian (like Schwab) and a B/D.  That's why this answer strikes me as misleading - it may be true as far as it goes, but it omits an 'inconvenient truth.'

Presumably AdvBD works for an independent B/D who can also accommodate the types of business you ask about, but it comes with a price tag.  Just recognize he may be more interested in selling you on his B/D than in informing you of other options.


Mar 27, 2008 5:21 pm

Morphius,

 
Since when has Schwab allowed brokers to work from home??  A majority of the Charles Schwab Advisors are call center reps. Most don't even own their book of business, if they leave... everything is on the table. To question my comment is not the best use of your time.
Mar 27, 2008 5:44 pm

AdvBD,



I'm not sure why you choose to focus on the Schwab retail advisors
(reps) in call centers when the question specified RIA and planning fees, and indeed is posted in the "RIAs, Independents" section of the forum:

moneymom:

I am going into retirement, but I still want to hold on to about 10 million dollars worth of family and friends. Most of the money will be managed in mutual funds, annuities, and individual bonds. (RIA)I need a firm with a wide platform of institutional mutual funds and state of the art online access for clients. I do not want to set up my own office, maybe just work from home or rent an officespace that has a receptionist. I also have a CFP, so financial planning for a fee is important to me as well.

Does Charles Schwab have an indy arm?


Apparently you are not familiar with Schwab Institutional - an entirely different animal from the retail side.  You do at least understand what an RIA is, right?  I'm not sure why you would feel inclined to offer someone advice on going independent on the RIA side if this is unfamiliar territory to you, other than to try and make a sale, which is not what this board is for.