Company
Wealth management consulting firm founded by Tim Welsh, advising RIAs on responses to custodian policy changes.
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
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