Person
Founder of Nexus Strategies, a consulting firm advising registered investment advisors; a former Schwab employee turned industry commentator.
Schwab will block AI agents that log in with client credentials or browser automation, CEO Rick Wurster said on its earnings call. American Banker reports a view that billions in cash-sweep interest revenue is the real fear.
Reality
Fidelity will require RIAs already on its custody platform to hold at least $100 million there by June 30, 2027, or leave. AdvizorPro data counts about 1,150 firms below that line, The Daily Upside reported, while Fidelity puts the number at a few hundred.
Reality
Fidelity has set a $100 million asset minimum for RIA clients, whose median firm already runs $328 million, according to AdvizorPro. Advisers below the line can pool assets through a consolidator, move to another custodian or grow, and each route has a cost.
Reality
Save opened Market Savings, a cash product that risks only the interest, to more than 16,000 RIAs that use Schwab as custodian. Schwab takes part of the advisor fees on that cash, though a $100,000 minimum keeps the product small next to its $485.7 billion in sweep balances.
Reality
The higher marginal rate reaches only clients joining Schwab Wealth Advisory from October 1, which puts the increase where a consolidated client is hardest to move and leaves the entry price alone.
Reality
The pitch that landed in one advisor's voicemail offered help growing his practice rather than a cheaper custody bill, and Schwab's own referral minimum has moved from $500,000 to $5 million in a year.
Reality
The custodian's second minimum increase this year takes the Schwab Advisor Network floor from $500,000 to $5 million in twelve months. The lead count is the symptom, not the problem.
Reality