A little over three weeks ago, Charles Schwab switched to a subscription model for customers using Schwab Intelligent Portfolios Premium, formerly Schwab Intelligent Advisory. The flat-fee service, charged on a monthly basis, also includes unlimited access to remote, CFP professionals.
While some advisors may be worried that Schwab is encroaching on their turf, others are confident that their offerings will stand out when compared with the new service. Schwab emphasized that the service should be seen as purely a retail move. In an exclusive interview with WealthManagement.com, Tim Oden, senior managing director of advisor services for the firm, reiterated Schwab's intention to steer clear of competition with its advisors.
He also explained how advisor-client interactions have transitioned over the past decade and what role technology had taken in those changes, as well as describing what risks Schwab's business faces.
