Booming Growth for Independent Investment Advisors Served by Schwab Institutional
20 January 2005 - 5:13AM
PR Newswire (US)
Booming Growth for Independent Investment Advisors Served by Schwab
Institutional Client Assets Custodied with Schwab Institutional
Increase to $348 billion SAN FRANCISCO, Jan. 19
/PRNewswire-FirstCall/ -- Client assets associated with Schwab
Institutional, a leading provider of custodial, operational and
trading support for independent fee-based investment advisors,
increased 21 percent to $348 billion between December 2003 and
December 2004, while the number of individual client accounts
associated with Schwab Institutional increased six percent to 1.3
million. "This has been an incredible growth year for independent
investment advisors of all sizes, as they continue to gain market
share and provide formidable competition for banks and wirehouses,"
said Deborah McWhinney, president of Schwab Institutional. "We are
gratified that advisors have entrusted us with their clients'
assets and are committed to delivering the right platform, products
and services to help them sustain their success." In the past year,
Schwab Institutional introduced a number of tools to help advisors
manage the growth of their businesses. The new offerings included
Career Opportunities, an online job posting service; Profiles, an
online client information tool; improved online compliance
resources; and the latest in the series of Schwab Market Knowledge
Tools(TM) reports, "Best Management Practices of Independent
Advisory Firms: The Path to Profitable Growth." In addition,
advisors gained access to resources available through partnerships
with other enterprises within The Charles Schwab Corporation,
including PortfolioCenter, a scaleable desktop portfolio management
system from Schwab Performance Technologies; private banking
services from U.S. Trust; a new pledged asset mortgage product from
Schwab Bank; and a new individual 401(k) product from Charles
Schwab & Co., Inc.* Through its subsidiaries, The Charles
Schwab Corporation gathered $50.3 billion in net new assets in
2004. Schwab Institutional represented more than 50 percent of this
total, and its total client assets represented just under one-third
of The Charles Schwab Corporation's $1.081 trillion in total client
assets. About Schwab Institutional Schwab Institutional, a division
of Charles Schwab & Co. Inc., is a leading provider of
custodial, operational and trading support for independent
fee-based investment advisors. Client assets custodied with Schwab
Institutional increased 21 percent to $348 billion between Dec. 31,
2003 and Dec. 31, 2004. These assets, managed by the approximately
5,000 independent advisor firms Schwab Institutional serves,
represent approximately one-third of total customer assets
custodied with The Charles Schwab Corporation as of Dec. 31, 2004.
About Charles Schwab The Charles Schwab Corporation (NYSE:SCH)
Nasdaq, through its operating subsidiaries, provides securities
brokerage and financial services to individual investors and the
independent investment advisors who work with them. With over 7
million individual investor accounts and more than $1 trillion in
client assets, The Charles Schwab Corporation is one of the
nation's largest financial services firms. Its subsidiary Charles
Schwab & Co., Inc. (member SIPC) provides a complete range of
investment services and products, including an extensive selection
of mutual funds; financial planning and investment advice;
retirement plans; referrals to independent fee-based investment
advisors; and custodial, operational and trading support for
independent fee-based investment advisors. Its subsidiary Charles
Schwab Bank, N.A. (member FDIC and Equal Housing Lender) provides
banking products and services. The Corporation's other operating
subsidiaries include U.S. Trust Corporation (member FDIC) and
CyberTrader(R), Inc. (member SIPC). These companies' Web sites can
be reached at http://www.schwab.com/, http://www.schwabbank.com/,
http://www.ustrust.com/, and http://www.cybertrader.com/.
(0105-00087) * Investment products offered by Charles Schwab &
Co. Inc. are not FDIC insured, not a guaranteed deposit or
obligation of Schwab Bank, and are subject to investment risk.
DATASOURCE: Charles Schwab CONTACT: Alison Wertheim of Charles
Schwab, +1-415-636-5812, or Web site: http://www.schwab.com/
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