Schwab Boosts Advisor Referral Program AUM Level to $500M

Core Viewpoint - Charles Schwab is modernizing its client referral program for registered investment advisors (RIAs) by increasing the asset under management (AUM) threshold from $250 million to $500 million, aiming to better align with the current market standards and client needs [2][3]. Group 1: Program Changes - The Schwab Advisor Network (SAN) has raised the minimum AUM requirement for participation from $250 million to $500 million, effective earlier this year [2]. - The previous threshold of $250 million had been in place for many years, and the increase reflects a shift to meet the evolving needs of wealth management [3][4]. - The new AUM minimum will not affect existing firms in the program or the total number of firms participating [2]. Group 2: Market Context - The increase in the AUM threshold aims to align with the typical minimums set by advisory firms, which often range from $1 million to $3 million [4]. - The referral program is seen as a valuable tool for RIAs to enhance organic client growth, with many large RIAs participating in both Schwab and Fidelity's referral programs [5]. Group 3: Leadership Changes - Julian Lopez has been appointed as the new head of enterprise solutions for Schwab Advisor Services, effective January, succeeding Brad Losson [6].