Cream of the crop

Financial Planning, July, 2008 by Marion Asnes

Troubles on Wall Street have spelled opportunity for independents. Big banks and wirehouses are bleeding reps who have become disenchanted or been downsized. Now, the race is on among independent broker-dealers and custodians to capture the cream of the breakaway crop. As the largest custodian in the RIA space, Schwab Institutional is taking steps to ensure that it captures advisors' attention. In fact, in the first six months of 2008, the San Francisco-based custodian is on track to bring in $9.2 billion in new client assets-as much as came in during all of 2007.

"We're in an interesting market right now," says Trish Cox, who became chief operating officer of Schwab Institutional in February. "A lot of advisors are looking at the safety and security of Schwab."

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