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Schwab Reassures Advisors on Subscription PricingSchwab Reassures Advisors on Subscription Pricing

Charles Schwab's Tim Oden explains what advisors need to know about the firm's new subscription model, risks to its business and more.

Samuel Steinberger, Senior Technology Editor

April 23, 2019

A little over three weeks ago, Charles Schwab switched to a subscription model for customers using Schwab Intelligent Portfolios Premium, formerly Schwab Intelligent Advisory. The flat-fee service, charged on a monthly basis, also includes unlimited access to remote, CFP professionals.

While some advisors may be worried that Schwab is encroaching on their turf, others are confident that their offerings will stand out when compared with the new service. Schwab emphasized that the service should be seen as purely a retail move. In an exclusive interview with WealthManagement.com, Tim Oden, senior managing director of advisor services for the firm, reiterated Schwab's intention to steer clear of competition with its advisors.

He also explained how advisor-client interactions have transitioned over the past decade and what role technology had taken in those changes, as well as describing what risks Schwab's business faces.

About the Author

Samuel Steinberger

Samuel Steinberger

Senior Technology Editor, WealthManagement.com

Samuel Steinberger is Senior Technology Editor for Informa Connect’s WealthManagement.com. In his role, Mr. Steinberger provides the publication’s wealth and financial technology coverage.

Mr. Steinberger’s editorial insight and familiarity with technology accelerates Informa’s growth within the financial advisor and wealth management communities, providing in-depth news for advisors and financial professionals.

Before joining Informa Connect, Mr. Steinberger produced documentaries with former CNN anchor Soledad O’Brien at Soledad O’Brien Productions (formerly Starfish Media Group). He specialized in research, shooting and editing, as well as finding distinct voices to explain topics like mental health, poverty and racial divide.

Prior to joining Soledad O’Brien Productions, Mr. Steinberger managed multi-departmental technology projects for global legal technology leader Transperfect Legal Solutions. After obtaining his graduate degree in journalism from Columbia University, he completed his transition from technology management to media.

Mr. Steinberger is an award-winning journalist, author and researcher who has written, edited and reported for a number of publications, including The New York Times, Financial Planning, American Banker and PBS. He is founder of beverages publication Give Me Weird Drinks.

Mr. Steinberger’s technology analysis and insight has been featured in several books on virtual and augmented reality. Mr. Steinberger has received awards and recognition for his reporting and research, including the American Business Media's prestigious Jesse H. Neal Award for editorial excellence.

Follow on Twitter: @slsteinberger

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