This is very basic question for someone that’s been in the game, but for me, with no industry experience, I’m having the hardest time finding the answer to this simple question. I’m registering an RIA and I want to offer some sort of portfolio management to my clients. I have no AUM, so I don’t qualify to use the big brokerages as my custodian and I dont want too much control over client’s accounts to avoid the perception of having custody myself. So I prefer to have clients open an account at the brokerage of their choice (or come to me with accounts already established) and I can just take over management. I’ve researched several other advisors and found that lots of them follow this model. My question is: How?? Surely, most advisors don’t have relationships with every brokerage to be able to trade for clients under their own institutional relationship. And, I was told by a representative at Schwab that while a LPOA can be used to give me access to client’s retail account, advisors should not be trading on retail accounts, i.e. the practice is low key prohibited. So, I’m really lost as to how small advisors are providing portfolio management services for clients whose accounts are with random custodians. Also, how are they getting paid? I’ve seen that advisors have their fees directly debited from client’s accounts, but the guy at Schwab told me they dont do that on retail accounts. I have a feeling that the guy I spoke to gave me some incorrect info, but I couldnt challenge it. If someone could be so kind to lay out how it all works, I’d really appreciate it. I’ve searched and searched and just cannot piece together the entire picture. Thanks in advance!