Bernie Clark, leader of Schwab Advisor Services, asked
independent advisors today: “Are we driving change or being driven
by it?” and urged them to challenge themselves and resist the
temptation to think “this is working just fine” given the
extraordinary growth and success that the independent model has
seen in the last decade.
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INFOGRAPHIC: The Federal Reserve today
vs. one decade ago (Schwab)
Speaking to a group of 170 independent advisor clients for the
firm’s annual EXPLORE conference in Avon, Colorado, Clark
encouraged attendees to elevate their thinking and consider what’s
next for their firms and the industry. Clark also led a
thought-provoking discussion with former Federal Reserve Chair
Janet L. Yellen, and the event included keynote addresses from
David Edelman, former special assistant to the President for
Economic and Technology Policy on the topic of big data, AI and the
Global Economy; Luke Williams, professor, NYU Stern School of
Business on disruptive leadership; and, Ian Bremmer, founder,
Eurasia group on geopolitics.
As advisors stare down a volatile market environment, concern
among clients is apparent. According to the Schwab Advisor Services
Independent Pulse released today, close to two thirds (64%) of
advisors report that their clients are concerned about ongoing
market volatility and, with each market swing, almost half of
advisors (46%) say clients become more concerned. More than 40% of
advisors say it will be difficult to achieve their clients’
investment goals in this market environment, a sentiment not seen
at this level since 2016.
However, market gyrations are not changing the risk tolerance
related to business bets advisors are willing to make. The majority
say they are continuing unabated to make technology improvements,
hire and develop talent, pursue M&A opportunities, and invest
in marketing.
“When you have seen success and watched every type of market
condition play out over the years it can be easy to assume you have
seen it all. But industries are disrupted, markets change, and we
need to continue to get better and smarter. What got you where you
are today is not sufficient to get you where you want to be
tomorrow,” Clark said.
Guiding Principles for Advisory Firm Success
At EXPLORE, Schwab unveiled its Guiding Principles for Advisory
Firm Success, a new framework that helps advisors address the
complexities of growing their firms. The principles are based on
Schwab’s hands-on consulting experience and a decade of Schwab’s
RIA Benchmarking data, which reveal factors that are actively
demonstrated in successful firms across the industry.
“Firms that experience incredible growth over time are coming
back to these guiding principles year after year,” said Clark.
“These firms are also the ones that are vigilant about the need to
move from a ‘what is’ state to a ‘what could be’ state.”
The Guiding Principles are foundational to all Business
Consulting & Education programs, including advisor consulting
engagements.
Schwab advocates for advisors on Capitol Hill
As the EXPLORE conference got underway, a contingent of Schwab
representatives and independent advisors simultaneously travelled
to the nation’s capital for the Investment Adviser Association’s
(IAA) 11th Annual Advocacy Day. The group met with lawmakers to
highlight important issues that impact independent advisors and
their clients, including the Securities & Exchange Commission’s
proposed investment advice rule. According to Schwab’s Independent
Pulse, the top two areas where advisors believe regulation could
benefit investors are fiduciary advice (31%) and cybersecurity
(24%), followed by cryptocurrencies (13%), elder fraud (12%) and
personal data usage (10%).
About the Schwab Advisor Services Independent
Pulse
The Schwab Advisor Services Independent Pulse is an online
poll conducted for Schwab Advisor Services by Koski Research. Koski
Research is not affiliated with nor employed by Charles Schwab
& Co., Inc. The study has a +/- 3.2 percentage point sampling
error at the 95% confidence level. All data are self-reported by
study participants and are not verified or validated. The study was
conducted from April 26 to May 8, 2018.
Detailed findings can be found
at www.aboutschwab.com/press/research.
About Charles Schwab
At Charles Schwab we believe in the power of investing to help
individuals create a better tomorrow. We have a history of
challenging the status quo in our industry, innovating in ways that
benefit investors and the advisors and employers who serve them,
and championing our clients’ goals with passion and integrity. More
information is available at www.aboutschwab.com. Follow us on
Twitter, Facebook, YouTube and LinkedIn.
Schwab maintains an active presence in Washington, D.C., by
studying policy issues and speaking out on behalf of independent
advisors regularly. For more on the IAA Advocacy Day activities,
visit @Schwab4RIAs on Twitter; to learn more about Schwab’s latest
policy views and advocacy initiatives, visit
advisorservices.schwab.com.
Disclosures
Through its operating subsidiaries, The Charles Schwab
Corporation (NYSE: SCHW) provides a full range of securities
brokerage, banking, money management and financial advisory
services to individual investors and independent investment
advisors. Its broker-dealer subsidiary, Charles Schwab & Co.,
Inc. (member SIPC, www.sipc.org), and affiliates offer a complete
range of investment services and products including an extensive
selection of mutual funds; financial planning and investment
advice; retirement plan and equity compensation plan services;
compliance and trade monitoring solutions; referrals to independent
fee-based investment advisors; and custodial, operational and
trading support for independent, fee-based investment advisors
through Schwab Advisor Services. Its banking subsidiary, Charles
Schwab Bank (member FDIC and an Equal Housing Lender), provides
banking and lending services and products. More information is
available at www.schwab.com and www.aboutschwab.com.
Schwab Advisor Services™ serves independent investment advisors
and includes the custody, trading, and support of Schwab.
Independent investment advisors are not owned by, affiliated
with or supervised by Schwab.
For informational purposes only.
0618-8UYX
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Schwab Corporate Public RelationsRob Farmer ,
415-920-3816rob.farmer@schwab.comorThe Neibart GroupMayrav Weiss,
718-801-8864sas@neibartgroup.com
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