Charles Schwab has launched a new program called Advisor ProDirect to help smaller advisory firms transition to an independent business model. The program is designed for advisors managing between $50 million and $300 million in assets. Advisor ProDirect is a fee-based program that will cost $5,250 per quarter or $21,000 annually.
It will provide operations planning and in-house consulting support to advisors looking to establish their own independent practices. “With client demands evolving rapidly, many advisors see the RIA model as their best path forward, but they face a complex array of choices for every aspect of their business,” said Brad Losson, head of enterprise solutions at Schwab Advisor Services. “That complexity can hold them back.
Schwab Advisor ProDirect is our answer: a program built to ease their journey, optimize their operations, and help them thrive over the long term.”
The program will complement Schwab’s existing custody offerings and is expected to offer a streamlined pathway for advisors seeking greater control over their practice.
Schwab’s program for independent advisors
Advisors enrolled in the program will have access to a dedicated consulting team and a community of like-minded advisors.
According to Shawnette Gauer, managing director of Enterprise Solutions at Schwab Advisor Services, an entrepreneurial mindset and openness to coaching are considered more crucial than the specific assets under management for advisors joining the program. Schwab Advisor ProDirect will follow a structured, four-phase approach to help advisors develop their firms:
Phase I – Launch: Streamlining business and operations planning as advisors go independent. Phase II – Learn: Access to dedicated Schwab consultants who bring expertise, focus, and ongoing mutual accountability.
Phase III – Connect: Exclusive membership in a community of growth-focused peers plus curated solutions from Schwab and third-party providers. Phase IV – Grow: Continuous coaching and support to implement the Guiding Principles for Advisory Firm Success, based on nearly 20 years of insights from Schwab’s RIA Benchmarking Study research. The launch of Advisor ProDirect comes amid significant developments in the advisory industry, including leadership changes at major firms like Orion Corporation, Fidelity, and Atria Wealth Solutions.
The program is set to begin in July, with a one-year initial membership and quarterly renewals thereafter.