Charles Schwab snaps up The Family Wealth Alliance

Financial services provider Charles Schwab has purchased The Family Wealth Alliance (FWA), which offers various resources to family wealth firms that cater to ultra-high net worth clients.

FWA, which was established in 2003, is a membership establishment that serves the family wealth management sector that comprises multifamily advisory firms, single family offices, registered investment advisors as well as professional services firms and specialty platforms.

Members of FWA can avail updated research and educational materials along with exclusive events and leader forums, among others.

As part of the latest deal, FWA founder and CEO Tom Livergood, president Rachel Hyman in addition to the entire staff have become part of Charles Schwab.

The deal also allows Schwab Advisor Services, which caters to independent investment advisors, and FWA to provide joint offerings to multifamily and single-family wealth firms.

Financial and other terms of the deal were not divulged.

Schwab Advisor Services chief operating officer Jon Beatty said: “The Family Wealth Alliance is a remarkable organisation that has curated a thriving member community while also making a significant impact on the ultra-high net worth space and the firms who serve this market.

“We have both built our businesses through the eyes of our clients, which means strong alignment in the way FWA serves its members and how Schwab focuses on helping advisors grow and succeed.”

The latest acquisition comes shortly after Charles Schwab announced that it would pay $187m to settle a regulatory probe carried out by the US Securities and Exchange Commission (SEC).

“Charles Schwab snaps up The Family Wealth Alliance” was originally created and published by Private Banker International, a GlobalData owned brand.

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