PLATFORMS: Schwab vs. LPL vs. Fidelity

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Jun 1, 2006 11:21 pm

I've been talking to these three, any thoughts on best platform to go indy with?

Jun 1, 2006 11:38 pm

When I did my due diligence last summer, I was told that LPL and Raymond James were the 800 pound gorillas of the independent industry.  Commonwealth was mentioned as a smaller, but good alternative choice.  The only folks I heard talking about Schwab and Fidelity were those who had their own RIA...the real do-it-yourselfers.


I'm repeating myself, but I chose LPL and have been well satisfied with their setup.

Jun 2, 2006 12:36 am

According to your prior posts you don't have near enough assets to get decent treatment at Schwab.

Jun 2, 2006 1:29 pm

How does it work at Schwab anyway? I don't hear much about them as they closed the branch here in our town.


I thought Schwab was more like call center than one on one service?

Jun 2, 2006 2:04 pm

Apparently they have a side for Indy.  Not sure of all the
details, but it's not Schwab on the door.  Institutional side...

Jun 2, 2006 2:58 pm
Ready2Jump:

Apparently they have a side for Indy.  Not sure of all the
details, but it's not Schwab on the door.  Institutional side...



They use their existing infrastructure plus a few more bells and whistles to custody assets for independent RIA's.  This is RIA-only and they cannot(to my knowledge) handle traditional commission-based brokerage business for an indy adviser.  From what I understand you need to bring them about 25 mil in assets to get on the radar.