The $26 billion deal, if approved, would put Schwab on equal footing with the wirehouses, and put pricing pressure on the upper levels of wealth management. Smaller advisors beware.
The brother/sister duo are forming High Note Wealth after leaving Northwestern Mutual, where they collectively managed $500 million in client assets.
With rumors of a TD Ameritrade acquisition by Schwab, some fear a potentially stifling impact on advisor technology.
A deal would create a firm with roughly $5 trillion in combined assets, consolidating an industry under pressure from a price war that escalated when Schwab last month announced plans to eliminate commissions for U.S. stocks, exchange traded funds...
PIMCO follows others in the industry working to make alternatives more accessible via technology.
Peter Mallouk of Creative Planning, after years of growing organically, makes his third purchase so far this year, but says the firm will avoid going down the private-equity funded, roll-up path that other national RIAs are pursuing.
Clients opened 142,000 new trading accounts in October, bringing total brokerage accounts to 12.2 million.
