A $30-a-month charge for advice by one of the industry’s giants could upend the advisory business
That’s the subheading of the InvestmentNews article. An excerpt:
Vance Barse, a wealth strategist at Manning Wealth Management, agrees that advisers who charge full-service prices while only providing portfolio management could lose some accounts to the subscription fee model.
However, Mr. Barse is concerned that people with complex needs may be wooed by lower costs and end up being underserved.
“Are these CFPs working alongside the client’s CPA and estate planning attorney?” Mr. Barse asked. “This news leaves me with more questions than answers, and I am inclined to open an account to evaluate first-hand how evolved these planners are and what the client experience is like.”
See Schwab moving to subscription fees could be watershed moment for advice industry in InvestmentNews.