A Decade That Reshaped Wealth Management:
Downward pressure on advisor fees + The rise of subscription pricing for financial advice
Trends Intro Paragraph
Before drawing the curtain on the past decade, let’s look back on the past 10 years and reflect on the many momentous developments in the financial services and wealth management industry. Perhaps the most significant 10-year span the industry has seen, advancements were led by technological capabilities and competitive pricing reductions. With a new year and new decade off and running, we asked leaders at Schwab to offer their perspectives on the most significant changes in the past 10 years and their impacts on investors.
Trend 3: Walt
Wealth Management Trend: Walt Quote
"Ever since our debut as a discount broker back in 1975, we’ve fought hard against price as a barrier to investing, so that benefits of participating in our markets are available to anyone, whether an experienced investor or someone just starting on the investing path. When it comes to investing, price really does matter. "
Walt Bettinger, Chief Executive Officer, Charles Schwab
Trend 4: Cynthia
"Subscription pricing helps deliver on the simplicity, transparency and value that today’s investors expect from their wealth manager and every other part of their life. We made the move as a direct result of client feedback, and it struck a chord: within a few months of the new pricing, Schwab Intelligent Portfolios Premium added $1 billion in new assets under management."
Cynthia Loh, Vice President of Digital Advice and Innovation, Charles Schwab & Co.
• Part 3 of a series: Consumer expectations around fee transparency + The rise of automation in 401k plans
Part 2 of a series