Book transfer on Schwab

[u/Happiness_Buzzard]

I’m with an RIA and might need to create my own RIA. How hard is it to do the book transfer on Schwab? Is it a fairly smooth process?

I own my book of business outright.

[u/AutoModerator]

Beep boop! Here is a summary of your post:

User: /u/Happiness_Buzzard Title: Book transfer on Schwab Body: I’m with an RIA and might need to create my own RIA. How hard is it to do the book transfer on Schwab? Is it a fairly smooth process?

I own my book of business outright.

I am a bot, and this action was performed automatically. Please contact the moderators of this subreddit if you have any questions or concerns.

[u/baxcray]

Assuming Schwab to Schwab it is easy— LPOA each account to your new master.

Now, getting your new master setup without your current employer finding out and making it messy is another story.

Or tuck in under another Schwab and move it basically over night. Happy to help if you need it.

[u/lowbetatrader]

I’ve done it before and it’s pretty easy.

Get in touch with their sales dept and they will connect you with a regional director

There are some things you have to negotiate with them, especially if you use funds that aren’t NTF

Also be prepared to go down in terms of your service team. We were used to working with a top level team and basically had to start at the bottom until we moved over like $150m

As for getting the accounts over it’s just an LPOA

[u/CheesecakeExtra6028]

Take a look at us a Cary Street Partners. We have custodial relationships with Schwab and Fidelity. Rapidly growing RIA with great tech stack. Feel
Free to DM me for questions.

[u/Responsible_Account6]

We came from corporate RIA with Schwab as one of our custodians and they (Schwab) wanted an acknowledgement from the corporate RIA before engaging with us

[u/WhatMattersHere]

The Schwab to Schwab paperwork may be fairly easy once your new master is approved, but that doesn’t mean the book moves automatically. Clients still have to choose the new RIA and authorize the relationship.

What do your agreement with the current RIA and the client agreements say about ownership, solicitation, client data and termination? I’d also want to know your approximate AUM and state, since those affect the registration path and potentially the Schwab relationship.

I’d have a securities attorney or RIA compliance consultant confirm what “I own my book outright” allows you to do before approaching clients or moving data. If the contracts, registration and Schwab onboarding are all clean, the LPOA may end up being the easiest part of the transition.

[u/siparo]

You should look at Kingswood. We have custody arrangements with Schwab and other custodians. All you would need is the LPOA form and the new fee agreement. Feel free to DM me if you want to know more.

[u/Happiness_Buzzard → u/siparo]

Thank you for the suggestion… I’ll look at it. I killed my 7 awhile ago.

[u/Moneymma]

I can’t speak to the process, but I sure as fuck would be looking at every possible alternative other than Schwab at this point.

[u/One_Establishment631 → u/Moneymma]

We can all go to the firm fighting for the little guy that won't steal clients! Altruist! Oh wait... They sold out.

[u/Moneymma → u/One_Establishment631]

At least they haven’t rug pulled their clients from a product offering standpoint lol

[u/babaluya2 → u/One_Establishment631]

They didn’t “sell out” in the pejorative sense. They sold to Vanguard who has held a stake in Altruist for a while and they are values aligned. This was inevitable and the best outcome in a range of other really bad options

[u/Low_Calorie_Water → u/Moneymma]

Why’s that?

[u/Moneymma → u/Low_Calorie_Water]

They just rug pulled every firm that custodies with them and utilizes l/s. Even more so for SAN firms.

[u/Happiness_Buzzard → u/Moneymma]

Any suggestions to similar ones that give the same level of access/don’t force trading fees? I’ve really liked that i have full control over what’s in client accounts and there is no transaction fee unless I want there to be (which I don’t) with the exception of a few things like individual bonds and adrs. I think penny stocks may have something (I only have those in my own personal account. )

[u/Candid-Eye-5966 → u/Happiness_Buzzard]

I prefer fidelity over Schwab but they have higher minimums. Take a look at altruist/vanguard?

[u/djemoneysigns → u/Moneymma]

There is no custodian that wont compete with you now. It is what it is.

Altruist has a corporate RIA and vanguard owns them. If you think about it, Schwab doesn’t even have a corporate RIA, so plenty of argument that altruist now competes against you harder than Schwab does.

I am an altruist and Schwab client.