Tag Archive for: Schwab

Schwab Prunes 200 TD Ameritrade Branches

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Following up on comments made last month by Schwab senior executive vice president Joe Martinetto, a spokeswoman confirmed that with the closing of approximately 200 TD branches, the new footprint of the combined firm will include “over 400 Schwab and TD Ameritrade offices across the United States, one-third of them shared offices available to clients of both firms.”

“At present, nearly 90% of Schwab and TD Ameritrade branches are located within 10 miles of one other,” said Schwab’s Alison Wertheim.

“Addressing that considerable overlap will enhance our efficiency, enable us to continue to enhance services and keep costs low for clients,” she said.

The ultimate plan for the consolidation that is expected to take more than 18 months to complete will include more than 150 stand-alone Schwab branches, and about 140 shared branches with Schwab and TD professionals serving their respective clients.

In those shared branches, Wertheim said, “clients will see signage that reflects the availability of both Schwab and TD Ameritrade’s professionals and services.”

There will also be nearly 50 stand-alone TD branches that will continue to serve TD clients.

The 70 Schwab franchise offices will continue to serve Schwab clients. And there are three more franchise offices planned by the end of 2020, Wertheim explained.

“Going forward, there will be a branch within 25 miles of approximately 90% of clients,” she said. “We are confident these are the right steps to build a strong branch network for the future.”

Read the article at InvestmentNews.

SEI Expands Virtual Advisor Educational Programs

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John Anderson, director of practice management solutions at SEI, is all-in when it comes to
digital solutions. “Advisors no longer have to get in the car, drive to the office, find a place to
park, and sit in the office for hours,” he stated in a press release earlier this week.

SEI is trying to lead by example when it comes to digital engagement. They’ve implemented a
shorter meeting format for training and offer it exclusively online. They’ve even gone so far as
to replace the inhouse meal they previously offered with free UberEats delivery.

Surprisingly, many advisors turn down the free meal. UberEats offers that are not redeemed
are donated. SEI has given over $200,000 this year to local food banks.

“This is happening at a client level also,” Anderson claims. “Zoom and WebEx meetings are
shorter and more meaningful. Advisors now have the ability to set meetings where they’re not
just dumping data. They can be more engaging to their clients that way.”

It doesn’t stop there. The new mindset extends to recruiting. Prior to the pandemic, SEI did a
two-day in-house training seminar for new recruits. That’s been changed to a “Discovery Day”
that lasts sixty to ninety minutes in an online format.

For current advisors, SEI runs “Webinar Wednesdays,” offering practice management training
and planning tips for both brick and mortar and virtual advisors.

Schwab Offers Full Time Positions to Virtual Summer Interns

Like most financial firms, Schwab moved their summer internship program into virtual mode
this year. Elizabeth King, the SVP for enterprise learning and talent management, reports that 240 interns in over 130 cities went through the program this summer.

“Everyone’s been working in their kitchens and bedrooms,” King said in an interview with
Business Insider this week. “Many of these interns are aspiring seniors in college who will be
offered full-time jobs at Schwab in the upcoming weeks.”

According to Schwab policy, those offers should number over one hundred, roughly half of the
current class of their Intern Academy Program. The positions will be in finance, investor
services, corporate risk management, and technology.

Goldman Sachs Goes Virtual but shortens Internship Program

Goldman Sachs delayed their virtual internship program this summer, choosing to shorten the
program and start July 6th instead of back in June. It typically takes ten weeks of training, hands-on working, and networking with management to cultivate a top-quality analyst prospect.

With the abbreviated time frame and lack of personal contact, the Wall Street investment bank
is experiencing uncertainty over what the internship program will produce this year.

Citi also ran a shortened five-week virtual internship program this summer. Unlike Goldman,
they are being pro-active about hiring. Earlier this week, the bank guaranteed full-time offers to
interns in New York, London, Hong Kong, Singapore, and Tokyo.

Competing banks and private equity firms started much earlier and are also making hiring
decisions. Morgan Stanley was one of the first to offer a virtual summer internship this year.

“Once we realized what the timeline was for Covid-19, it was an easy decision,” stated Jeff
Brodsky, chief human resources officer at Morgan Stanley. “It’s all about execution now. We’re
preparing to make our full-time job offers in the next few weeks.”