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smalladvisorsunite
Oct 30, 20211 min read

Schwab Pressures Small RIA’s

Updated: Nov 15, 2021

Schwab announced yesterday they will require all RIA’s to obtain Errors and Omission Insurance which must contain cyber and social engineering protection. They attribute this mandate to an “uptick” in claims. Do you believe that? Do you believe there has been an “uptick” in claims? Schwab being the broker dealer custodian for their contracted RIA’s would be named in any lawsuit where assets were stolen from accounts. So would the RIA. That would not change under this mandate. What will change is small RIA’s profit margins. They are getting squeezed again. This is part of a continuing process that is planned and deliberate. Schwab has a history of terminating small RIA’s.

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hjkk
Nov 26, 2022

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Broker Dealers seem quite casual, if not indifferent, to informing RIA clients that they have terminated the contract with their advisor. Almost like telling a motorist he left his car lights on. Broker Dealers refer to these individuals as account holders, while RIA's refer to them as clients. If you ask a compliance person at a Broker Dealer how the recipients of the notice of termination are likely to "feel" after receiving notice, they will show you that they have not given the matter much thought, and really don't care. 

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