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Schwab Shoos $25 Billion of Client Assets Out the Door as It Calls the Bluff of Employers with Lopsided 401(k) Contracts
RIABiz Link to more items from this source
Mar. 2, 2014
"In a move that reflects the changing economics of the advice and retirement business, The Charles Schwab Corp. fired several big 401(k) clients with a combined $25 billion of assets.... Because the employers bar Schwab from, in effect, soliciting its clients thus thwarting its efforts to win rollover dollars in sufficient numbers, Schwab saw no room for these clients in its business plan going forward, according to Steve Anderson, executive vice president of retirement plan services at Schwab. Schwab wants the freedom to e-mail and hold meetings with participants of 401(k) clients."

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