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Schwab Plans to Ramp Up, Expand RIA Lending Capabilities [Yahoo! Finance]

Forge Global Holdings, Inc. (FRGE) 
Company Research Source: Yahoo! Finance
Charles Schwab CEO Rick Wurster said Wednesday that the firm will continue to ramp up its lending capabilities for registered investment advisors to offer clients. Wurster's comments came during an earnings call reporting full-year results. He said in his annual conversations with “hundreds of advisors,” their top ask is for more banking and lending options from the country's largest RIA custodian. He called the firm's pledged asset line, which allows borrowing against non-retirement assets, a “starting point” that has seen 85% growth in originations in the last year. “I think, in the years to come, we will find other ways to bank and lend to the clients of RIAs,” Wurster said. “You put yourself in a position of an RIA—they're a fiduciary, they're bringing that independence to the client relationship, and clients love that aspect of it.”  Wurster said that, as RIAs compete with wirehouses, they are seeking lending capabilities to stand out with clients. “I think the wirehouse Show less Read more
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