Charles Schwab just took the broker wars to the next level by pulling the plug on a nearly $100 billion program that sold rivals’ ETFs (SCHW)
|01/17/2020||Posted by BusinessMediaguide.Com under General World News||
- Charles Schwab has shuttered a program used to sell products from third-party firms like State Street and BlackRock for zero commissions.
- The move underscores the difficult spot asset managers have found themselves in following the major brokerages’ decisions to eliminate online trading fees late last year.
- The wealth management and brokerage firm said in its fourth-quarter earnings results on Thursday that the move came “as a result of the elimination of online trading commissions for US and Canadian-listed ETFs.”
- The program also promoted the ETFs in the program to its thousands of RIAs, but asset managers that spoke with Business Insider said read more >>>