Core Insights - Charles Schwab has doubled the entry point for its Schwab Advisor Network (SAN) to $500 million, impacting smaller Registered Investment Advisors (RIAs) [1][2] - The change is seen as a move to focus on larger, well-established firms, potentially pushing smaller firms out of the market [2][3] - Schwab is also increasing the client asset minimum to $2 million from $500,000 starting in 2026, alongside a 5% increase in ongoing asset-based fees [5] Group 1 - The entry point for Schwab Advisor Network has been raised to $500 million, which may limit access for smaller RIAs [1] - Participation in SAN typically ranges from 100 to 150 RIAs, and the higher AUM minimum has not affected the number of firms already in the program [2] - Some industry experts view the increase in minimums as a formalization of existing standards aimed at larger firms [2] Group 2 - The changes could either drive smaller firms out of business or create opportunities for new firms to cater to the needs of smaller RIAs [3] - Schwab's increase in client asset minimums to $2 million is set to take effect in 2026, indicating a shift towards servicing wealthier clients [5] - Ongoing asset-based fees have been increased by Schwab, ranging from approximately 26 basis points on the first $2 million to 10.5 basis points above $10 million [5]