Highlighted in Charles Schwab's monthly activity report Friday was an $11.6 billion outflow from what a company news release termed a "planned resignation from an advisor services cash management relationship."
That's a big number, even for Schwab, which reported total client assets by February's end had reached a record $2.53 trillion, up 10 percent from this time last year.
Which firm, or firms took that much business elsewhere?
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
