WASHINGTON--(BUSINESS WIRE)--Schwab Advisor ServicesTM takes its advocacy effort to Capitol Hill today, as Jonathan Beatty, Senior Vice President of Schwab Advisor Services, and Jeff Brown, Senior Vice President and Head of Schwab’s Office of Legislative and Regulatory Affairs, meet with members of Congress to discuss regulatory issues impacting independent advisors. Schwab is joined by independent advisors for the meetings – held in conjunction with the Investment Adviser Association’s annual Lobbying Day – to allow legislators an opportunity to hear directly from constituents about critical issues impacting the registered investment advisor (RIA) industry. The group will discuss implications stemming from the Department of Labor’s (DOL) fiduciary rule announced in April, the Securities and Exchange Commission’s own potential fiduciary guidelines, advisor examinations, and cybersecurity.
“It’s vitally important that advisors have this opportunity to share their voice in Washington, which is why we’re proud to be involved again this year in the Lobbying Day effort,” said Beatty. “The independent advice industry continues to thrive, but a range of pending and potential regulations could put undue strain on this business model and disrupt independent advisors’ ability to serve their clients. We are having conversations with lawmakers to help them understand how some regulation could impact independent advisors as small business owners in local communities.”
Topics being discussed at today’s meetings with legislators include the SEC’s reported plans to revisit its own uniform fiduciary standard, on the heels of the DOL’s Fiduciary Rule. Schwab actively supported RIAs when the SEC previously pursued this topic, by supporting the SEC’s proposed adoption of a uniform standard of care for investment advisors and broker-dealers, while opposing any additional rule harmonization that would treat independent RIAs like broker-dealers resulting in potentially negative consequences for the RIA industry.
Beyond advocating with and on behalf of advisors in Washington D.C., Schwab Advisor Services – the largest custodian for independent advisors – provides resources and support in other areas important to RIAs. Schwab works to generate awareness of the RIA model and helps fuel the pipeline of talent though grants and formal programming. Recent activities include:
- Announced sponsorship of the Texas Tech University Financial Planning Academy, a summer program for high school students designed to generate early interest among teenagers in careers as financial advisors.
- Launched the RIA Talent Advantage™ Program to help increase diversity in the industry, and in the past year released the RIA Talent Advantage™ Recruitment Playbook to help firms attract and retain diverse talent.
- Created the Registered Investment Advisor Summer Internship Program, an immersive program to help prepare college students for careers at RIA firms.
- Established the IMPACT Awards® to honor high-achieving firms who find innovative ways to serve their clients and are advocates for the industry.
About Charles Schwab
At Charles Schwab we believe in the power of investing to help individuals create a better tomorrow. We have a history of challenging the status quo in our industry, innovating in ways that benefit investors and the advisors and employers who serve them, and championing our clients’ goals with passion and integrity.
Through its operating subsidiaries, The Charles Schwab Corporation (NYSE:SCHW) provides a full range of securities brokerage, banking, money management and financial advisory services to individual investors and independent investment advisors. Its broker-dealer subsidiary, Charles Schwab & Co., Inc. (member SIPC, www.sipc.org), and affiliates offer a complete range of investment services and products including an extensive selection of mutual funds; financial planning and investment advice; retirement plan and equity compensation plan services; compliance and trade monitoring solutions; referrals to independent fee-based investment advisors; and custodial, operational and trading support for independent, fee-based investment advisors through Schwab Advisor Services. Its banking subsidiary, Charles Schwab Bank (member FDIC and an Equal Housing Lender), provides banking and lending services and products. More information is available at www.schwab.com and www.aboutschwab.com.
The third party firms mentioned and independent investment advisors are not owned by, affiliated with or supervised by Charles Schwab & Co. Inc. (“Schwab”).