Schwab, Fidelity and Pershing custody chiefs square off in Vegas but not before a private meeting in San Francisco
Fresh off a Schwab-hosted meeting to find common ground, Bernie Clark, Mike Durbin and Mark Tibergien each gave a two-minute pitch on their company and hashed out robo-advisors
Marty Morua
Awareness and Education
Yes, it was rather nice to see the Schwab, Fidelity and Pershing custody chiefs agreeing on some things in support of the RIA community.
Marty Morua
Jeffrey McClure
I would love to see the major custodians offer a robo-adviser option to its existing RIA clients as a low-cost way we could serve the lower net worth investor. The strenuous and high standards expected of an independent RIA almost preclude being able to serve those people. If they could offer an alternative service that could be branded by the RIA, along with appropriate disclosure for the differential tier of service it would be a great boon.
It will take an or some organizations with a lot of resources to pioneer this type of operation as it would be effectively breaking new ground with the SEC and states. The custodians, by providing it as a service to be offered by their existing RIA clients would bring in a much greater asset base than by blind marketing, at least in my opinion.
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Tim Oden departed Schwab after 37 years and was flooded with industry offers, but Shirl Penney made one he couldn't refuse -- a seat at the table
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See more related moves
Fidelity
Asset Custodian
Top Executive: Sanjiv Mirchandani
Pershing Advisor Solutions
Asset Custodian
Top Executive: Mark Tibergien
