Charles Schwab, a leading financial services company, is introducing new services specifically designed for their retail clients who have account balances exceeding $1 million. As part of this initiative, these clients will receive access to a dedicated financial advisor at no additional cost. This move aims to cater to the needs of Schwab’s affluent clientele and keep them from seeking the services of full-service advisors at rival firms.
In addition to personalized financial guidance, Charles Schwab is offering a range of exclusive benefits to their high net worth clients. These perks include special deals at Schwab’s bank, such as mortgage discounts, as well as expanded lending options. Furthermore, these clients will have access to experts in various areas of wealth management, including tax planning, trusts, and estate planning.
By providing top-notch service and addressing the distinct needs of their wealthy clientele, Charles Schwab is seeking to maintain their position as a trusted and comprehensive financial partner.
Market Outlook for 2023: Expert Insights
This week, we asked a group of seasoned advisors for their outlook on the market for the remainder of 2023. After the challenging market conditions experienced last year, the current double-digit percentage gain of the S&P 500 is certainly refreshing. However, there are differing views among experts regarding the market’s trajectory for the coming months.
Some advisors are optimistic about solid gains in the second half of the year. They believe that the Federal Reserve will significantly slow down the pace of interest-rate hikes, which will likely fuel growth. On the other hand, there are those who hold a more cautious stance. They point to signs of slowing economic growth at a time when inflation levels remain above the Fed’s target.
Keeping a close eye on these factors will be crucial in navigating the market and making informed investment decisions for the rest of the year.
Raymond James Settlement: Rectifying Overcharging Allegations
In recent news, brokerage firm Raymond James has agreed to pay $13 million to settle allegations that it overcharged retail clients on smaller stock trades. The association representing state securities regulators stated that Raymond James had a lower commission for equity sales with a principal amount of $300 or less. However, the firm’s systems occasionally defaulted to a higher commission of $75 for smaller trades, and this error went unnoticed by Raymond James.
To rectify this issue, the firm is taking steps to correct the system and ensure that affected clients receive reimbursement for the excess commission amounts, along with interest. By addressing these concerns and taking responsibility for their mistakes, Raymond James aims to maintain its reputation as a reliable and transparent player in the financial industry.
Merrill Lynch Fined
Merrill Lynch, a well-known brokerage firm, has agreed to pay two $6 million fines to the Securities and Exchange Commission and Finra. The fines are a result of allegations that Merrill Lynch failed to properly file Suspicious Activity Reports for more than a decade. The regulators claimed that Merrill Lynch used a higher threshold of $25,000 for reporting suspicious activity, which is applicable to national banks, instead of using the correct threshold of $5,000 for broker-dealers. This settlement was announced on the same day that the Consumer Financial Protection Bureau fined Merrill Lynch’s parent company, Bank of America, $150 million for various unfair practices.
New Leadership at Merrill Lynch
After the departure of longtime leader Andy Sieg earlier this year, Lindsay Hans and Eric Schimpf have taken over as co-heads of Merrill Lynch. They both equally share the responsibility of leading one of the nation’s largest wealth managers. In a recent interview with ‘s Advisor, Hans and Schimpf discussed their vision for the business, their shared responsibilities, and their plans to address advisor attrition.
Maximizing the Value of Internships
A Q&A with Samira Arikat of Wells Fargo
In this week’s Q&A, we had the pleasure of speaking with Samira Arikat from Wells Fargo. Arikat, who previously worked as an interior designer, now manages $1 billion in partnership with her husband from their office in Scottsdale, Arizona. She discusses the interesting parallels between being a financial advisor and an interior designer and shares her plans to double the size of her practice in the next five years.
Enjoy your weekend!
