Frustrated by years of bickering about how advisors should be regulated, TD Ameritrade's institutional brokerage unit has decided to gather its own facts and come up with its own conclusions.
Charles Schwab reported decent bottom line numbers yesterday, but drilling down into the revenue and asset mix reveals that the second quarter was kind of slow for the massive discount brokerage and custody firm.
Charles Schwab has apparently gotten about 300 inquiries but no firm sign-ups yet from established RIAs curious about its controversial new franchised advisory office network.
Charles Schwab seems sensitive to advisor concerns that they will lose business to their own custodian, but at the end of the day it looks like RIAs compete with Schwab at their own risk.
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