Schwab Expands Wealth Advisory to 30 Markets as It Targets $37 Trillion Opportunity
Updated
Updated · Wealth Management · May 28
Schwab Expands Wealth Advisory to 30 Markets as It Targets $37 Trillion Opportunity
1 articles · Updated · Wealth Management · May 28
Schwab will add 10 Schwab Wealth Advisory offices this year, taking the retail wealth unit to 30 markets from 20 as demand for advice grows.
Jon Beatty said the expansion should not clash with Schwab’s 16,000 RIA custody clients, arguing the firm and independent advisors rarely compete directly for the same assets.
The company framed the push as support for both channels: Schwab says its retail advisors can refer clients internally or through Schwab Advisor Network, and Beatty said he received just one conflict complaint in the past 12 months.
Rival Axos Bank called the move a strategic shift rather than a pilot, warning more in-house advisory capacity could divert referrals from independent RIAs.
Schwab paired the rollout with a broader advisor-services pitch, highlighting strong uptake for UHNW support programs and new AI tools spanning advisors’ tech stacks.
As Schwab builds its own advisory army, can it remain a trusted partner to the 16,000 RIAs on its platform?
Will Schwab's new AI 'super-agent' empower independent advisors or give its own team an unbeatable competitive edge?