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Barron’s Advisor Staff
Beginning next year, Charles Schwab will only refer clients with $5 million or more in investible assets to external financial advisors. That threshold is more than twice the current minimum of $2 million and is the second recent increase to minimum account size for the Schwab Advisor Network, or SAN, a program that refers clients to third-party registered investment advisors who use Schwab as a custodian. Earlier this year, the minimum account size jumped from $500,000 to $2 million. The latest change comes as increasingly wealthy clients are taking advantage of the program, Schwab says.
