The $26 billion deal, if approved, would put Schwab on equal footing with the wirehouses, and put pricing pressure on the upper levels of wealth management. Smaller advisors beware.
The investment bank has been quietly building out a retail wealth management strategy. The acquisition of United Capital, for $750 million in cash, turns up the volume and announces its position as a major player in the retail space.
The combined firm, with 11,500 advisors and over $450 billion in assets, will be one of the largest independent brokerage firms and may accelerate Advisor Group's efforts to roll out an RIA-only platform.
Americana Partners' advisors join Dynasty Financial from Morgan Stanley; it is the largest single team to join Dynasty and the largest breakaway of the year.
