Thursday, July 9, 2009

Schwab Offers No Commission Trades for RIA Clients

Schwab recently announced that for new clients of registered investment advisers (RIA's) who open an account between July 1, 2009 and December 31, 2009, they will receive commission free trades through June 30, 2010. In addition, they will reimburse any fees to transfer your account from another firm.

See this article for full details:

http://www.investmentnews.com/apps/pbcs.dll/article?AID=/20090628/REG/306289971/1009/TOC&ht=

There is no disputing that Schwab is the number one custodian for registered investment advisers. They are also the leader and with this move, they are leading by example.

Of course, I have a soft spot in my heart for Schwab since I am an ex-Schwabbie. Currently, because we custody our client's accounts with Schwab Institutional, any new clients that come to our registered investment advisory firm, Marian Financial Services, Inc. can take advantage of this no commission offer.

Sweeeeeet!!