After a summer time break, the Advisor Improvements podcast is again. Within the new season’s inaugural episode, David Armstrong, director of editorial methods at Informa Join’s Wealth Administration Group, is joined by Rick Wurster, the president of the Charles Schwab Corp., together with Bernie Clark, managing director and head of advisor providers. The dialog was held on the eve of the agency’s IMPACT convention, and weeks after the ultimate Labor Day marker which concluded the conversion of $1.3 trillion in TD Ameritrade property, together with these from some 7,000 advisory companies, into Charles Schwab, making the agency the dominant custodian to unbiased advisors.  

Rick and Bernie discuss how they considered the mixing as a problem to convey collectively the “better of each worlds,” together with including the prized buying and selling options of TD Ameritrade Institutional’s buying and selling expertise into Schwab’s Advisor Companies platform, whereas integrating Schwab’s bigger breadth of advisor providers in banking and assist for HNW shoppers, a rising focus of the agency’s advisor assist providers. 

Particularly, Rick and Bernie focus on:

• How the aggressive panorama has developed since Schwab made its announcement 4 years in the past, together with the arrival of Goldman Sachs and Envestnet as custodial opponents.
• How M&A within the RIA trade could also be down, however “joins,” or advisors transferring to an unbiased advisory agency underneath totally different employment fashions, are on the rise. 
• What advisors want to grasp about Schwab’s cash-sweep accounts.
• How extra subtle banking providers, like its just lately unveiled digital securities-based lending platform, are serving to its advisor shoppers preserve extra property contained in the agency. 
• What motivated Schwab’s vital funding in Dynasty Monetary Companions, and the way they’re open to creating extra investments in companies or platforms that assist develop the RIA channel—together with potential alternatives in financing next-generation advisors. 

Assets:

Advisor Improvements Podcast

Join With David Armstrong:

Join With Rick Wurster & Bernie Clark:

About Our Visitors:

Rick Wurster

Rick Wurster was appointed President of The Charles Schwab Company in October 2021. In his position, Wurster oversees Investor Companies, Advisor Companies, Office Monetary Companies, Digital Companies, Schwab Asset Administration, Third-Celebration Platforms, and Investor Recommendation Options.  

Wurster joined Schwab in early 2016. He was most just lately head of Schwab Asset Administration Options which supplied cash administration and portfolio recommendation options, wealth administration providers, monetary analysis, and market insights. He beforehand served as CEO of Charles Schwab Funding Advisory, Inc. (CSIA), in addition to CEO of ThomasPartners, Inc. and Windhaven Funding Administration, Inc. previous to their integration into CSIA.

Earlier than becoming a member of Schwab, Wurster was employed at Wellington Administration and McKinsey & Firm the place he was a pacesetter of the asset administration apply and an Affiliate Principal.

Bernie Clark

Bernard “Bernie” J. Clark is Managing Director, Head of Advisor Companies and a member of Charles Schwab’s Govt Committee. He oversees the enterprise that gives custodial, operational, and buying and selling assist to just about 15,000 unbiased funding advisory companies with $3.67 trillion in property underneath administration. Along with custody providers, Schwab Advisor Companies supplies apply administration and consultative assist to assist unbiased advisors begin, construct, and develop their companies. A acknowledged trade chief, Clark has been named as one of many “IA 25” by Funding Advisorjournal, which yearly ranks the 25 most influential folks within the trade.

Clark has greater than 30 years of economic trade expertise serving particular person and institutional buyers. He started his profession at Schwab in 1998 as Senior Vice President of Buying and selling and Operations for Schwab Institutional. He later labored on the retail enterprise as chief of the consumer providers group earlier than returning to the advisor enterprise to guide the gross sales and relationship administration group. He took on his present position as head of Schwab Advisor Companies in 2010.

Previous to becoming a member of Schwab, Clark was with the London workplace of Deutsche Morgan Grenfell. There he held the place of managing director in control of international gross sales assist, hedge fund operations, and expertise, together with managing consumer service assist in Asia, Europe, and the U.S. He additionally spent 13 years with Salomon Brothers as a member of the manager committee chargeable for North American operations.