The predictable result is that custodians, and even some mutual fund companies, are keen on getting closer to clients. Schwab, Fidelity and Vanguard Group have all made a big push into the advisory business in recent years. While hard numbers are hard to track down, Kitces estimates that those firms now account for “a material slice of the overall market for financial advice and a huge portion of the cumulative growth of advisory assets over the last four years.” Custodians are likely to win. They have the expertise to navigate the dizzying array of mutual funds and ETFs sold to investors, plus the size and reach to undercut advisers’ fees and the resources to build technology advisers can only dream about. That doesn’t mean independent financial advisers will disappear

https://www.bloomberg.com/opinion/articles/2019-10-03/schwab-commission-free-trading-means-disruption-for-advisers?cmpid=BBD100319_CUS&utm_medium=email&utm_source=newsletter&utm_term=191003&utm_campaign=closeamericas