4/8/2024 0 Comments Charles schwab plan sponsorRick Meigs: I cannot imagine any vendor looking to shed themselves of any substantial number of clients. But this is Schwab’s way of saying that we don’t want to be a recordkeeper who is behind the scenes that none of the participants know anything about.” See: CAPTRUST wakes up the 401(k) industry by buying $1-billion advisor/recordkeeper that adds the 'magic’ to its arsenal. “I cannot imagine any vendor looking to shed themselves of any substantial number of clients,” he says. ![]() I personally made the call and explained our thinking.”ĭespite the logical rationale for Schwab’s move, industry observers like Rick Meigs, president of the based in Portland, Ore., expressed shock that it actually happened. ![]() We made the decision and notified these clients that we’re going to resign our services. There’s no interaction between Schwab and their employees. “The employer has their own call center and we don’t get to speak to their participants. “Everything we do is in the employer’s brand and Schwab shows up nowhere,” Anderson continued. See: DOL tells employers when they must fire advisors to 401(k) plans. “We want to engage them in a meaningful way and to connect with them and ideally create retail clients,” Anderson said on the call, adding that many of the 401(k) participants of these giant firms don’t even know that Charles Schwab is the recordkeeper for the plan. ![]() Schwab wants the freedom to e-mail and hold meetings with participants of 401(k) clients.
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