Texas Tech University

Schwab: RIAs Ascending, but $23 Trillion Is There for the Taking


December 1, 2015

ThinkAdvisor - In its most recent quarterly earnings release, Charles Schwab reported it held $1.1 trillion in RIA assets at Schwab Advisor Services (SAS). But at its 25th annual Impact conference in Boston in mid-November, the head of SAS, Bernie Clark, encouraged RIAs to think even bigger, saying Schwab was committed to helping advisors gather more of the estimated $23 trillion in affluent client assets that live outside the RIA channel (affluent defined here as client accounts with $500,000 or more in investable assets).

Clark estimated that assets in the overall RIA channel totaled $4 trillion, held by 14,000 RIA firms with 32,000 employees. Clark argued that attracting, training and "retaining talent will be critical to your future success." He then outlined the ways that Schwab is helping RIAs meet the human capital challenge, including its existing Executive Leadership and intern programs; RIA Talent Advantage, a program designed to help advisors build a more diverse workforce; and a new initiative it is working on with Deena Katz at Texas Tech University for high school students.

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