Schwab hones in on millionaires

Schwab Institutional expects to have more than $1 trillion in client assets by 2010, according to a Reuters report.
Charles Goldman, executive vice president of the division of San Francisco-based Charles Schwab Corp., told the news service that independent advisers are becoming popular with clients with liquid assets of at least $1 million and want personalized financial advice.
“Registered investment advisers are beholden to no one,” Mr. Goldman said, explaining Schwab’s growing popularity.
“They design their own approach and work in the community, so they have local knowledge.”
“With many Americans reaching retirement age, there is a nearly $8 trillion opportunity to manage their money,” Mr. Goldman said, according to the report.
Schwab Institutional has contributed one-quarter of Schwab’s total revenue of $4.3 billion last year and nearly half of its total assets, according to the report.