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Booming Growth for Independent Investment Advisors Served by
Schwab Institutional
Client Assets Custodied with Schwab Institutional Increase to $348 billion
SAN FRANCISCO, Jan. 19 /PRNewswire-FirstCall/ -- Client assets associated with
Schwab Institutional, a leading provider of custodial, operational and trading
support for independent fee-based investment advisors, increased 21 percent to
$348 billion between December 2003 and December 2004, while the number of
individual client accounts associated with Schwab Institutional increased six
percent to 1.3 million.
"This has been an incredible growth year for independent investment advisors of
all sizes, as they continue to gain market share and provide formidable
competition for banks and wirehouses," said Deborah McWhinney, president of
Schwab Institutional. "We are gratified that advisors have entrusted us with
their clients' assets and are committed to delivering the right platform,
products and services to help them sustain their success."
In the past year, Schwab Institutional introduced a number of tools to help
advisors manage the growth of their businesses. The new offerings included
Career Opportunities, an online job posting service; Profiles, an online client
information tool; improved online compliance resources; and the latest in the
series of Schwab Market Knowledge Tools(TM) reports, "Best Management Practices
of Independent Advisory Firms: The Path to Profitable Growth." In addition,
advisors gained access to resources available through partnerships with other
enterprises within The Charles Schwab Corporation, including PortfolioCenter, a
scaleable desktop portfolio management system from Schwab Performance
Technologies; private banking services from U.S. Trust; a new pledged asset
mortgage product from Schwab Bank; and a new individual 401(k) product from
Charles Schwab & Co., Inc.*
Through its subsidiaries, The Charles Schwab Corporation gathered $50.3 billion
in net new assets in 2004. Schwab Institutional represented more than 50
percent of this total, and its total client assets represented just under
one-third of The Charles Schwab Corporation's $1.081 trillion in total client
assets.
About Schwab Institutional
Schwab Institutional, a division of Charles Schwab & Co. Inc., is a leading
provider of custodial, operational and trading support for independent
fee-based investment advisors. Client assets custodied with Schwab
Institutional increased 21 percent to $348 billion between Dec. 31, 2003 and
Dec. 31, 2004. These assets, managed by the approximately 5,000 independent
advisor firms Schwab Institutional serves, represent approximately one-third of
total customer assets custodied with The Charles Schwab Corporation as of Dec.
31, 2004.
About Charles Schwab
The Charles Schwab Corporation (NYSE:SCH) Nasdaq, through its operating
subsidiaries, provides securities brokerage and financial services to
individual investors and the independent investment advisors who work with
them. With over 7 million individual investor accounts and more than $1
trillion in client assets, The Charles Schwab Corporation is one of the
nation's largest financial services firms. Its subsidiary Charles Schwab & Co.,
Inc. (member SIPC) provides a complete range of investment services and
products, including an extensive selection of mutual funds; financial planning
and investment advice; retirement plans; referrals to independent fee-based
investment advisors; and custodial, operational and trading support for
independent fee-based investment advisors. Its subsidiary Charles Schwab Bank,
N.A. (member FDIC and Equal Housing Lender) provides banking products and
services. The Corporation's other operating subsidiaries include U.S. Trust
Corporation (member FDIC) and CyberTrader(R), Inc. (member SIPC). These
companies' Web sites can be reached at http://www.schwab.com/,
http://www.schwabbank.com/, http://www.ustrust.com/, and
http://www.cybertrader.com/. (0105-00087)
* Investment products offered by Charles Schwab & Co. Inc. are not
FDIC insured, not a guaranteed deposit or obligation of Schwab Bank,
and are subject to investment risk.
DATASOURCE: Charles Schwab
CONTACT: Alison Wertheim of Charles Schwab, +1-415-636-5812, or
Web site: http://www.schwab.com/